Thank you Christine Blazek, N. (June 16, 2014). How to negotiate a fair NP contract. The Clinical Advisor Retrieved from - 2014/how-to-negotiate-a-fair-np-contract/article/356496/ Buppert, C. (2015). Nurse practitioner’s business practice & legal guide (5th ed.). Retrieved from Show Less
Instructor Romeo reply to Christine Skidmore 3/16/2017 8:36:27 AM RE: Negotiations Hi Christine, Since the owner of the practice has voiced the concern for the need to increase revenue what would be one specific strategy, other than seeing more pts. per day, to increase revenue? Thanks, Dr. Romeo Show Less Melissa Heath 3/14/2017 8:17:58 PM NR 510 APRN Contract Negotiation Dr. Romeo and class, A contract negotiation is a conversation between the APRN and the organization that allows the APRN an opportunity to convey his/her value as an integral member of the team. Prior to entering the negotiation an APRN must be prepared. It is optimal to negotiate as an
individual unless the organization offers a standard package to all APRNs (Buppert, 2015). In the latter case it is more appropriate to negotiate as a group for more leverage. APRNs must be well versed in the operational costs of their organization and their generated revenue allowing one to determine their profitability. One must know how to calculate appropriate salary by calculating income based on NP billings and then subtracting 10% for unpaid bills, 20-50% for practice expenses, 10-20% for physician consultation, and employer profit (Buppert, 2015). Costs related to malpractice insurance, benefits, and collaborative practice agreements must also be factored into negotiations (Buppert, 2015). It is also valuable to articulate nonmonetary contributions such as patient satisfaction, increases in return patients, and declines in missed visits. A decline in inability of the organization to provide adequate follow up due to lack of provider availability should be a focus as well. Data should be collected regarding quality initiatives, patients visits, services billed, and revenue received prior to the initiation of the negotiation process (Buppert, 2015). Credentialing carries weight within professional organizations. One way to increase revenue would be for the APRN to obtain hospital privileges if working in a rural area in which primary care providers still administer care to their hospitalized patients (Pickard, 2014). This could assist in allowing the physician to see more patients in the office or by increasing the APRN’s patient load as one’s patients would appreciate the continuity of care through the continuum. Considerations would be focused around state and federal governing laws, insurance regulations, hospitalist availability, and hospital policy. Expenses such as application or annual fees may apply and lost wages as reimbursement rates may be lower at this level of care should also be considered (Pickard, 2014).
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