Revenue generated is definitely important to any business or practice however, it is not the only factor that contributes to the NPs worthiness. Other factors that contribute to an NPs worthiness include leadership skills, improving patient satisfaction, improving patient retention, and facilitating a decrease in patient no-shows (Blazek, 2014). Patient referrals directly influence revenue as do follow up visits, especially if the patients request to see the NP again at their follow up. Leadership, patient satisfaction, and patient retention, which can all be related to compassionate care and effective communication skills, also influence a practices’ profitability. According to Buppert (2015), leadership skills and patient satisfaction can lead to more desirable working conditions and patient relationships. Both attributes influence the performance and most importantly, the reputation of the practice. Even though all of the information above is import and should be considered when evaluating an employee’s worthiness, they indirectly affect the practices’ bottom line and therefore they may not be accurately associated with an employee’s value/worthiness. My worthiness to the practice is definitely dependent on my ability to generate revenue. With that being said, other factors should also contribute and I do believe they are important aspects employers consider when evaluating employees. However, the NP should keep track of all the ways, other than monetarily, that they contribute so they can easily present them at negotiation time. Blazek, N. (2014). How to negotiate a fair NP contract. Clinical Advisor. Retrieved from - contract/article/356496/ Buppert, C. (2015). Nurse practitioner’s business practice & legal guide (5 th ed.) . Retrieved from
Medicare = 85% reimbursement rate for NPs or if employed by MD can be 100% IF all “incident” rules required are met (Buppert, p. 303). “incident” is particular to Medicare. Legal definition is “services furnished as an integral, although incidental, part of the physicians personal professional services in the course of diagnosis or treatment of an injury to illness” (Buppert, p. 303). These services must be done in the doctor’s office and under direct supervision to qualify. Medicaid pays NPs 70-100% “Health care providers should also be prepared to articulate nonmonetary contributions to the practice, such as improvements in patient satisfaction, increases in repeat customers and declines in no- show appointments. Patient testimonials can be a great way to demonstrate added value.” Blazek, N. (2014). How to negotiate a fair NP contract. Clinical Advisor. Retrieved from - np-contract/article/356496/ PART 3: Establishing a salary can be a challenge for NPs. Deducting 40% of the NP’s gross generated income for overhead expenses (rent, benefits, continuing education, supplies, malpractice, lab expenses, and depreciation of equipment) leaves $104,280 for the 15-patient-per-day NP and $166,925 for the 24-patient-per-day NP. Further deducting 15% of that figure to pay a physician for consultation services leaves $88,638 in salary for the 15-patient-per-day NP and $141,887 in salary for the 24- patient-per-day NP. Deducting 10% for employer profit leaves $79,775 in
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- Fall '15