to productivity. For the state of Ohio the average medium salary for a private practice nurse practitioner is only $95,363, however the salary of a CNP working in a specialty office may go as high as $125,000 (Salary.com, 2016). This is all of course based on years of experience and the financial well-being of the practice. The physician is looking for ways to produce more revenue. To add to the productivity incentives offering bonuses and including the CNPs in on negotiations that affect their pay rate will increase their involvement and help to boost productivity (Pickard, 2014). References Pickard, T. (March, 2014). Calculating your worth: Understanding productivity and value. Journal of Advanced Practitioner in Oncology . Retrieved from Salary.com (2016). Nurse practitioner salaries in Lima, Ohio. Retreived from ml Show Less
Kasey Shipp 7/25/2016 12:23:43 AM Week 3, Part 3 As stated in part 2, in order to increase revenue, the Nurse Practitioner should increase hours. If increasing hours to a 12 hour work day, the Nurse Practitioner could see the 24 patient per day load, which would increase revenue. Therefore, I would propose $127, 699 as the salary for the Nurse Practitioner. Chamberlain College of Nursing, Week 3, Lesson 3. Show Less Nicole Cassedy 7/25/2016 1:51:51 AM Part Three Building upon my post in Part Two of this week's discussion, I will consider my example of total revenue brought in by the nurse practitioner (NP) based upon the 2016 physician fee schedule (Centers for Medicare and Medicaid (CMS), 2016b). The total amount billed for NP visits based on seeing 20 patients per day in an equal distribution of simple, moderate and high complexity office visits yielded $426,512 yearly, with $383,860.80 in accounts receivable at a collection rate of 90%. This amount was based upon the non-facility prices of $73.40, $108.13 and $145.72 for simple (99213), moderate (99214) and high (99215) complexity office visits averaged to $109.08 if the practice sees an equal distribution of these visits, and the fact that nurse practitioners are paid at 85% of the physician price (CMS, 2016b; CMS, 2016a, p. 2). If the total accounts receivable for the NP was $383,860.80 and 40% of the gross income was deducted to cover overhead expenses; 15% of the remaining amount paid to the physician for consultation; and an additional 10% paid for employer profit based on the example from Buppert (2011),
this NP's salary would be $176,192.11 (p.319). If the example of the total revenue brought in by the nurse practitioner who sees 20 patients per day with 100% being billed as simple complexity (99213) visits, the total revenue after 90% collection rate would be $258,294.60. Again using the example from Buppert (2011), if 40% of this gross accounts receivable was deducted for the overhead expenses; an additional 15% of the remaining gross income was paid to the physician for consultation fees; and another 10% was deducted from that amount for employer profit, this NP's yearly salary would be $118,557.22 (p. 319).
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