Nurse Practitioner Entrepreneurship

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Sometimes, I regret coming on this site looking for encouragement between studies. I am currently pursuing a PMHNP degree. I know that I have a different mindset from most nurses because at my place on employment i make ingenuitive ideas for change as opposed to complaining. I wholeheartedly would like to connect with NPs that have an entrepreneurial mindset. I say this because there are loads of complaints about the standard low to mid six figure paycheck but the fact remains that we are reimbursed at 85% of MD payout. What does that mean to me? That means I am entitled- with sound competence of course- to earn 85% of what an MD makes. Did not invest in 10 to 15 years of schooling so I am ok with that. I am always hearing autonomy as a benefit to becoming an NP but rarely do I see NPs take the plunge into starting a private practice. I intend to specialize in addiction medicine and start my own practice. Are there any likeminded NPs or prospective NPs that feel the same? Either way I intend to be a trailblazer in creating a sound NP business practice model in psychiatry and addiction medicine. Funny thing is formulating my business plan, it makes perfect sense why these salaries are being offered. Maximizing profit on initial investment. if you can afford to pay be between 100k to 200k that means that i am worth significantly more than that.

TheCommuter, BSN, RN

226 Articles; 27,608 Posts

Specializes in Case mgmt., rehab, (CRRN), LTC & psych. Has 17 years experience.

Your thread has been moved to our Nurse Practitioners forum where it is more likely to be viewed by other NPs and APRNs. We wish you the very best of luck.

roser13, ASN, RN

6,504 Posts

Specializes in Med/Surg, Ortho, ASC. Has 17 years experience.

Not sure why you're posting on a nursing forum. You seem very dismissive of the practice of nursing.

Good luck in earning your true worth.

Cwoods

60 Posts

Has 5 years experience.
Not sure why you're posting on a nursing forum. You seem very dismissive of the practice of nursing.

Good luck in earning your true worth.

Are you kidding?! The OP isn't dismissive at all. If by dismissive you mean anticipating the elevation of the profession, then yes.

OP, I applaud you. In fact, I am seeking the same thing as well. I fully anticipate the FNP (primary/urgent care) equivalent of your dream.

Disclaimer* I am not a Practitioner yet, so I may be nieve. I just want the OP to know there are like-minded folks.

traumaRUs, MSN, APRN, CNS

164 Articles; 21,189 Posts

Specializes in Nephrology, Cardiology, ER, ICU. Has 31 years experience.

Very interesting concept. Do you live in a state where you have independent practice?

IH0718718

5 Posts

Thank you! I really appreciate interacting with optimistic individuals. I will be the first to admit that I am inexperienced in private practice business models. I always seek to connect with others that have the experience or those with interest because I gain alot of insight from sharing. We went to school for nursing not business so naturally we would have to learn the business aspect of coding, reimbursement, human resource management, legal issues etc. I am currently a venture capitalist as an RN and I have learned it really takes seeking mentorship from experienced individuals and tons of research . I feel that making money doing what you love is even more valuable then investing in the typical areas that generate stable cash flow such as real estate. I am open to making money off of entities I am not truly passionate about so I feel that my investment would be even more exponential if I am ACTUALLY passionate about the population. I agree that nursing and business are not typically regarded as interrelated entities. Historically, "making money" from caring for people has been dismissed as counterintuitive. I understand why this would ruffle some feathers. But to have the gift of both is not something that she be shunned. I should be used to it by now, I study psychology for christ sakes, "the bottom" of the nursing hierarchy :) . Have a great night and keep this fire. We need more people that are "naive" and wide-eyed to the world of opportunity outside of conventional ideas of what society feels nursing should look like. The NP profession in itself has ruffled some feathers but we are doing awesome in lobbying for increased autonomy and i am optimistic that there will be an increase in NP established private practices!

IH0718718

5 Posts

Thank you !I do, I live in New York.

Jules A, MSN

8,863 Posts

Specializes in Family Nurse Practitioner.

Ignore the naysayers especially if they aren't even NPs. There is a definite market for those who are interested in opening their own practice. Without a business background it is worthwhile to hire someone with experience to manage it for you and even with a business background there are so many nuances to running a safe practice and maximizing your reimbursements that it is worth it to have someone take care of that aspect. Something to keep in mind is that reimbursement rates vary and in some instances it might make financial sense to hire a MD. In my field having one onsite is necessary for billing some insurances when a LCPC is providing therapy and having a MD to add as supervising NPs allows billing at 100% which is a huge increase in gross receipts.

I have kicked around the idea of opening a cash practice especially as more and more NPs graduate and flood the market which is already driving wages down. In my area there is an established niche for boutique practices. It would also insulate me from dealing with the insurance hassles and uncertainty. Patients can submit your bill to their insurance company for reimbursement but they pay you in full at time of service. Even with this type of set-up it is crucial to have a team unless someone wants to do it all 24/7. Best wishes with your future endeavours.

traumaRUs, MSN, APRN, CNS

164 Articles; 21,189 Posts

Specializes in Nephrology, Cardiology, ER, ICU. Has 31 years experience.

Agree with Jules. However, I think it is important that APRNs do HAVE a business sense as that is a better indicator of our worth - what do we bring in monetarily to the practice, hospital, facility, etc.

We need to know billing, how much is overhead, what do you pay non-clinical staff, what to pay a collaborating MD if needed in your state?

All things to think about and an MBA or business classes might be the way to....just an idea

Riburn3, BSN, MSN, APRN, NP

3 Articles; 554 Posts

Specializes in Internal Medicine. Has 16 years experience.
Agree with Jules. However, I think it is important that APRNs do HAVE a business sense as that is a better indicator of our worth - what do we bring in monetarily to the practice, hospital, facility, etc.

We need to know billing, how much is overhead, what do you pay non-clinical staff, what to pay a collaborating MD if needed in your state?

All things to think about and an MBA or business classes might be the way to....just an idea

So much this. It's crucial to know what your most common billing codes are going to be, what insurances you will be working with, and what kind of overhead you can expect (supplies, staff, etc). The hourly rate of an MA alone swings heavily between different markets. Physician's aren't taught any of this information either, they are just more likely to go into private practice, so they have more resources and services tailored to them when they're just starting up. I know several physicians that have their MBA just because medical school and their residency/fellowship didn't prepare them for the business side of medicine.

I would imagine an advantage of working in psych is that your overhead is likely going to be much lower since you aren't going to be performing procedures and doing tests in the same capacity as primary care offices would be. You won't have fridges and cabinets full of medications and medical supplies. Maybe just some comfortable furniture and soothing art.

Jules A, MSN

8,863 Posts

Specializes in Family Nurse Practitioner.
You won't have fridges and cabinets full of medications and medical supplies. Maybe just some comfortable furniture and soothing art.

Lol correct just panic buttons and a file cabinet with blank EP paperwork all ready for the 911 call. :D Seriously though the Social Worker/LCPC component is a considerable expense although more economical than paying NPs or MDs to do therapy.

Specializes in ER, Public Health, Community, PMHNP. Has 21 years experience.

Great thread OP. I am also doing my clinical in my PMHNP program currently. I also want to start my own business. I was looking at starting a Telepsych business that will be able to treat individuals in various NP friendly states. I am just in the planning stages of my business endeavours. I wish you best of luck in your endeavours.