Do you realize that nurse practitioners are becoming the back bone of the American medical system? We are being utilized more and more within general medical care such as primary care, urgent care, woman’s health and emergency care.. Where does healthcare start? In these settings. We are becoming the driving force of medicine in this country.
Yet, we are still grouped into this “mid level provider” category. We are grouped as 2nd class providers. Many nurse practitioners simply accept this and just roll with it…
To many nurse practitioners undervalue themselves professionally. Many become stuck in the nursing mindset which is often times submissive and passive. This is not always the case, but it is a prevalent phenomenon. The result is a group of professionals not leveraging and utilizing their true power.
Consequently, nurse practitioner salaries are stagnant or have even decreased in many parts of the country as the market becomes more and more saturated. Desperate nurse practitioners are accepting insulting salaries or fail to negotiate the salary during the initial job process. This results in business owners, physicians, and administrators pocketing the money of your hard work. This should PISS YOU OFF.
Let’s run some hypothetical numbers. Let’s say Sally Jane NP applies to a new job and is offered the position at $94,000 a year. She fails to negotiate because she fears she will insult her new employer. She also doesn’t understand the power she actually yields in terms of revenue generation. She takes the position while the manager/owner laughs their ass off to the bank. What the owner actually knows is that Sally Jane NP will generate revenue that far exceeds her salary. Yes, there are expenses, but the owner will be profiting SIGNIFICANTLY.
Sally Jane NP ends up averaging about 20 patients a day, 5 days a week over a period of 48 weeks in her first year of employment. For simplicity purposes let’s say each visit reimburses $100. Her hard work generates $480,000 over the year for the clinic.
$480,000 – $94,000 – $100,000 overhead (This estimate is very exaggerated for one provider) = $286,000 profit that goes into the pockets of others.
What does the owner, supervising physician or the administrators actually do? Very little… Don’t be fooled… They just made $286,000 off your hard work, liability, sleepless nights, and stress.
Do you see how much financial power you have as a nurse practitioner? Far more than you think. The numbers are even worse for nurse practitioners in busy urgent cares, emergency departments, minute clinics, and specialty practices. Some nurse practitioners generate close to $1 million yet only make 10-15% of that revenue! This should PISS YOU OFF.
Here is another hypothetical scenario just as realistic as the one above. Jenny Elite NP owns 2 side practices that she spends about 10 hours a week each on while working a 1099 part time job to pay for her personal expenses. She owns a small aesthetic practice and another hormone replacement clinic. She sees about 10 patients a week in between these 2 businesses. Nothing crazy, nice and steady. Each encounter generates approximately $250. Over a period of 48 weeks she generates $120,000 working 10 hours a week (These numbers are being very modest by the way.)
$120,000 – $40,000 overhead = $80,000 profit. PART TIME!
If Jenny Elite NP owned a full-time practice where she was seeing 20+ patients a day, the profit would easily hit $300,000 or more. If she was smart, she would hire other nurse practitioners and expand further even making more money with little effort.
So, $94,000 or $300,000 a year for the same amount of work? It is a no brainer. This is why owning your own part time practice/business is such an awesome goal to strive for!
If you do not want to start your own side practice, which you really should consider, but want to negotiate a higher salary then consider the above numbers. Asking for another $10,000 a year from your employer should not be a burden to them, it is simply greed on their part if they do not want to give you a raise. If you are productive, then it shouldn’t be an issue. Show your current employer how much you generate. Show them how your extra work generates significant revenue to the practice!
If you are somewhat aggressive and demanding, they will fear you will leave and negotiate with you. Trust me.
If you are negotiating a salary for a new job, run the numbers by your potential employer. Ask them why they believe only giving you 15-20% of collections is reasonable considering you are the one in control of patient workflow and billing?
YOU ARE THE MAJOR REASON WHY THAT PRACTICE GENERATES MONEY. REMEMBER THAT!
The license you hold to practice advanced nursing as a nurse practitioner is VERY powerful. You can personally generate hundreds of thousands of dollars a year. Some generate close to a million. Yet so many in our profession bend over and take it? Why?
Why accept a position where you are given the left-over peanuts?
Why work your ass off with such little recognition?
Why stress yourself out to the max for such little in comparison to what others make?
WHY MAKE OTHER PEOPLE RICH?!
You are worth far more than you think! You have an ability that so many other entrepreneurs in other fields would kill for. You can diagnose and prescribe. THAT IS HUGE!
What power does some dime a dozen MBA have compared to you? Not much. They simply “manage” and “administrate” the medical practice. BIG DEAL! As do I with my practices. It takes 5 hours a week! It is not hard.
These people are sharks. The physician supervisor who does nothing yet makes tens of thousands of dollars off you is a shark. The person who owns your practice that has no medical experience is a shark.
They are using my fellow colleagues by the truck loads to unfairly richen their lives. This should PISS YOU OFF.
You are a nurse practitioner. You have a tremendous amount of economic power. Far more than many realize! Once you truly digest this, you will become aggravated knowing you are making others rich. You are the one bringing in the money, everyone else is disposable.
Without you, the practice shuts down!
Without you, the practice wanting to hire you cannot generate more money.
Without you, the medical system in this country would be overwhelmed!
You are important. You are valuable. You are powerful. Repeat this to yourself before a job interview or job negotiation. Repeat this to yourself before you go into your boss’s office and ask for a raise. Repeat this to yourself while your hesitating on starting that first side business. YOU ARE WORTH IT.