PsychNP's- Salary Negotiation Thoughts & Pearls

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Hello All:

I am new to the board. I will be completing my PMHNP program this spring. I am about to enter into contract negotiations. I am unsure about a few things and thought I would ask those of you have completed this process if you have any thoughts or pearls of wisdom to share.

An office that I have been completing clinicals at is interested in having me join them after I complete my degree. This is a wonderful, well-regarded mental health practice in our community and I can't think of a better practice to join. I would essentially be entering into (group) private practice. They are insurance/cash only - no medicare/medicaid. As far as working environment goes, this is my dream facility and dream people to work with. I live in a rural area in the west; population ~60,000 with a population draw area >200,000 people.

They have asked me to put together a proposal. However:

1. I am having a hard time determining what is too little and what is too much to ask for.

2. I will not be provided benefits until I reach a F/T salaried status.

3. I will be the ONLY PMHNP in our area.

4. This area has a shortage of mental health prescribers - there are only 6-7 psychiatrists in this area. These psychiatrists are not affiliated with the organization I would join.

5. I will (essentially) be the only prescriptive/medical provider at this facility. Should I be concerned about this - or overjoyed?

6. Their preference is that I start out on a 'x" reimbursement basis and, when my practice builds to transition to a salary. X reimbursement could be: % of billings, or a higher % of collected receipts, or to determine a 'patient hour' reimbursement rate.

7. Based on my calculations, my "average" hour of work with (using a composite of visit types and figures provided from insurance contract amounts) is about $200/hr.

Questions:

A) What are any of your initial thoughts?

B) What do you all feel is a better reimbursement schedule: % of billings, % of receipts, or an hourly rate?

C) If my billable hour is roughly worth $200 - what is fair/reasonable to ask for?

I think it is difficult to find accurate PMHNP salary data. The few sources I have found (payscale.com, salary.com) do not seem accurate to me. If they are - as PMHNP's we are getting screwed - the estimates at those sites range from 73K-97K. I feel that is too low. I think a reasonable salary expectation is 120K-140K. Am I off-base?

What have you guys found in your career? Any salary pearls of widsom?

Thanks in advance.

PMHNP2B

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as a new grad?

If you can do it great; but 120-140k is the salary that the 90 percentile of Psych NPs are making. Ofcourse this may be regional to your specific region but if you get anything close to that, consider yourself quite lucky. Many don't get to such a salary with decades of experience (many do, but the majority don't). From what I've seen throughout several regions, the norm is 80-85k on average for new grad PMHNPs.

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I'm a psych np student so I'm quite interested to see what people think...keep us posted!

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What area of the country is the op in? Will she be expected to write scripts for the other providers? How many hours a week will you be starting out at? Will there be training? bonus?

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Also, talk to your instructors regarding realistic salary, they should be able to guide you for appropriate salary for your position and area.

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I am interested in replies to this as well. I work in Psych. now for the past year. Prior to that I worked in primary care for about 3 1/2 years, took some time off in between.

so I am not a new grad but newish to Psych.

I am paid based on my billing. Its all insurance and each code is assigned units, which translate to hours, so I have an hourly rate.

so for instance if I see 5 patients each having a code worth 2 units, that is 10 units = to 5 hours of work.

my rate is $40 and hour. which honestly I think is on the low side.

I asked about a raise at my 1 yr evaluation and was told no one in the company is getting an increase because of medicare/medicaid reimbursements being down.

I would like to know what my billing is worth in dollars though, I don't know how to find out that information, does anyone know?

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I am interested in replies to this as well. I work in Psych. now for the past year. Prior to that I worked in primary care for about 3 1/2 years, took some time off in between.

so I am not a new grad but newish to Psych.

I am paid based on my billing. Its all insurance and each code is assigned units, which translate to hours, so I have an hourly rate.

so for instance if I see 5 patients each having a code worth 2 units, that is 10 units = to 5 hours of work.

my rate is $40 and hour. which honestly I think is on the low side.

I asked about a raise at my 1 yr evaluation and was told no one in the company is getting an increase because of medicare/medicaid reimbursements being down.

I would like to know what my billing is worth in dollars though, I don't know how to find out that information, does anyone know?

If they are using RVUs each Medicare RVU is worth around $31. Private insurance will usually pay a bit more. So the answer depends on your Payor mix.

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I think that Salary expectation is laughable at best!! My best friends wife is head of HR at a large hospital not in a rural area about 400K live in the city.

Family Practice MD are making 130-140K! Granted this is a hospital enviroment, but unless you are seeing a million patients a day 120-140K no way!!

NP's here are making 85-100K DOE

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I think that Salary expectation is laughable at best!! My best friends wife is head of HR at a large hospital not in a rural area about 400K live in the city.

Family Practice MD are making 130-140K! Granted this is a hospital enviroment, but unless you are seeing a million patients a day 120-140K no way!!

NP's here are making 85-100K DOE

I was looking at some stats on advance NP and FYI, the median salary for new grad NPs is currently 76k. Just something to take into consideration when you talk to potential future employers.

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I was under the impression that psych np's are among the highest and that making 6 six figures is the norm

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This is what I have heard also!

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Specializes in trauma ICU,TNCC, NRP, PALS, ACLS.

I have heard the same thing, the salaries mention in the above posting seem really low. the PMHNP that I know all make 6 figures.

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