What are Psych NP/CNS's looking for in Salary/Benefits

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I'm trying to hire a psych NP or CNS at my practice and having a really hard time. I don't know if it's because what I'm offering doesn't seem high enough or there is something lacking in benefits. I would like to get people's feedback about what they felt was important when looking for a position. The position I'm offering is in the North East (I don't want to be specific because this is not a job post) I just want feedback. I'm offering 120-125K base plus commission (which could inc salary by as much as 20-30k a year). I'm offering the best health insurance in the state, dental, 401k with match after a year, flexible scheduling, direct deposit, employee assistant program, and an employee discounts program (for services, products, tickets etc). I'm asking for only 1 year experience although I'd consider a well trained person with 6 mo who needed some mentoring. What am I doing wrong here? I feel like this is a good offer. I provide, office, admin, technology, all software, malpractice, credentialing EHR, phone. Is there something specific that would sweeten this deal and make it more appealing? Also I'm only requiring them to see 2 patients an hour (or 1 new patient). No crazy and unsafe 3-4 patients an hour.. but still no dice. I've posted on linked in, indeed, and zip recruiter. I'm thinking about monster but it's like 300 bucks to post for a month and I did a trial search and found like 1-2 possible candidates and they last updated their resumes like 7-12 months ago. Plus I've already spent a good amount of money on these other job sites.

Thanks!

-D

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Hmm. Your offer doesn't seem terrible, but that salary is a bit low, especially if you're unwilling to take a new grad. Experienced psych NPs can easily make 150k+ base. Perhaps try increasing the base salary and nixing the commission for the first year, then once the candidate has been working for a year and has a decent following you can add in commission? Also, frankly, psych NPs are just hard to find, especially experienced ones. We tend to get snapped up rather quickly and in my experience employers will do a lot to prevent us from leaving. There's a huge shortage in most areas in the country. Do you offer PTO? Sick leave? CME money and time off? Do you cover licensing fees, DEA, etc? Those are pretty much industry standards for most psych NP positions and if you're not offering it, it could be turning people away... Hope this helps.

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Specializes in Family Nurse Practitioner.

In the Baltimore/DC area psych NPs should be making $150k as new grads and around $180-190k for experience. Everything else looks good but your rate is too low. You could probably do away with the bonus offering unless the person you are interviewing is interested because unfortunately in many cases NPs aren't especially business savvy or motivated by productivity models. Consider requiring inpatient psychiatric RN experience which isn't 100% but a decent weed out to ensure the person you bring in can discern bipad from bpd.

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Specializes in Nephrology, Cardiology, ER, ICU.

CME? PTO?

My practice (I'm not psych) offers :

4 weeks PTO

Paid health insurance for the employee

1 week of CME + $1500

16% of base salary into SEP IRA

This is in addition to the benefits you listed

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Hi Thanks for your reply. I'm actually offering more bc I'm offering 5 weeks PTO and Simple Sep has a cap of 5,500 a year total so that is the most they could add to that a year. The 401K is not limited to that and my match goes up to close to 10K a year. plus health (best plan in the state) and dental paid mal practice and I'm fine paying for some CME and licenses. Also 5 weeks paid PTO. When I look at glassdoor and jobs that list pay on the forum for my area it does not match what you guys are saying. People are reporting the average base at 125k on glassdoor. and the ads I find that list salary most are lower than what I am offering. The highest I saw was 150k. These are big corporations with a lot of money. https://www.glassdoor.com/Salaries/boston-psychiatric-nurse-practitioner-salary-SRCH_IL.0,6_IM109_KO7,37.htm

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That doesn't seem to match what people are reporting on glass door or what ads for NP jobs are offering. https://www.glassdoor.com/Salaries/boston-psychiatric-nurse-practitioner-salary-SRCH_IL.0,6_IM109_KO7,37.htm

I was a new grad 12 years ago and wasn't offered anything like that. Even as an experienced NP after 5 years I had to fight for $60 an hour. My city is supposedly higher paying than most cities for NP so I'm confused about the discrepancy in what many are saying here and what I'm finding online (and in my own experience).

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Hi Myelin,

Yes I'm offering 5 weeks paid PTO , paid malpractice (I'm fine paying some licensing and dea too). I'm also offering 401K match valued up to 10k a year. I'm offering the best health insurance in the state and dental. When I look at glassdoor or other job ads for NP's They are not typically offering 150k. It's usually between 90 and 125K I found one ad for 155K. I don't understand the discrepancy between what you all are saying and what I'm finding online (And in my own experience as an NP in my area).

As I mentioned to someone else, just 7 years ago I had to fight for $60 an hour somewhere with 5 years experience. https://www.glassdoor.com/Salaries/boston-psychiatric-nurse-practitioner-salary-SRCH_IL.0,6_IM109_KO7,37.htm

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I work for a large national company. Their advertised salary for NPs (of all stripes) is about 95k. They probably don't get that many applicants.

As soon as you prove you can carry a reasonable work load, you'll make 150k. Some people make 200k.

That is why I left my government job 2 years ago, where you top out at 110k. Above average benefits, sure, but hard to live on it.

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Specializes in Family Nurse Practitioner.
That doesn't seem to match what people are reporting on glass door or what ads for NP jobs are offering. https://www.glassdoor.com/Salaries/boston-psychiatric-nurse-practitioner-salary-SRCH_IL.0,6_IM109_KO7,37.htm

I was a new grad 12 years ago and wasn't offered anything like that. Even as an experienced NP after 5 years I had to fight for $60 an hour. My city is supposedly higher paying than most cities for NP so I'm confused about the discrepancy in what many are saying here and what I'm finding online (and in my own experience).

So if its not the rate what could it be? You know what we bill and how much it would cost to hire a psychiatrist so I would reconsider what we are saying although it sounds as if our experiences aren't what you wanted to hear. I wasn't offered a high rate for my first job either and had to insist on what I knew other NPs were making. It is unfortunate you were working for $60 an hour especially 5 years ago when opportunities far out weighed supply.

You can search here to find other's reports of their salaries as there have been many threads over the years if you need more anecdotal information. In my experience for psychiatric NPs the generic salary estimates and surveys are not even in the ballpark. I am making $100 an hour at a place that advertises $125,000 a year so there's that. Every once in a while they have hired someone who blindly accepts their meager offering and in those instances the employer has gotten what they paid for.

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Thanks,

It's not that I don't like it. I actually increased the salary based on what you guys said here. Just as a small business owner I'm trying my best to stay competitive without not being able to afford to keep them. I don't want to force people to see 3 or 4 people an hour. Both for their own sanity and for the quality of care of the patient. I also want to provide great insurance and benefits. I'm just really surprised based on what I'm seeing on the adds online. Are you getting $100 an hour plus full benefits and paid time off? How many patients are you expected to see an hour? Do you get paid for no-shows?

Thanks for your input.

Best,

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Specializes in Family Nurse Practitioner.

Are you plugged in with your state's NP organization and local psych NPs? That is really where you will get your best first hand information and contacts. Find out how much they are making, how much is a good rate that would be attractive and entice someone to consider a job change. I wouldn't put too much stock in how much the well known teaching hospitals are paying because usually its pathetic and they attract NPs with other agendas.

I am getting $100 an hour with benefits. I do 60:30 minutes with 1/2 hour paid lunch but no admin time. I share an assistant who basically does everything except diagnose and prescribe for me. I am paid for no-shows of which there are few due to it being a private practice. If you bring in an excellent NP, with a prescribing style compatible with yours, it can reduce your liability and allow you to hire multiple therapists which is where you will make your money. You could also offer the option of higher rate with less benefits depending on the person's needs.

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Specializes in Med/Surg.
Hi Myelin,

When I look at glassdoor or other job ads for NP's They are not typically offering 150k. It's usually between 90 and 125K I found one ad for 155K. I don't understand the discrepancy between what you all are saying and what I'm finding online (And in my own experience as an NP in my area).

As I mentioned to someone else, just 7 years ago I had to fight for $60 an hour somewhere with 5 years experience. https://www.glassdoor.com/Salaries/boston-psychiatric-nurse-practitioner-salary-SRCH_IL.0,6_IM109_KO7,37.htm

For the record, it seems that Glassdoor estimates are always a little lower than what you'd typically find. However, you know your area better than anyone else.

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