What's the Going Rate for Nurse Practitioners?
More than ever before, healthcare organizations are turning to Nurse Practitioners to provide patient care. The number of licensed NPs has more than doubled since 2007, according to the American Association of Nurse Practitioners. The Bureau of Labor Statistics projects that the number of Nurse Practitioners will grow 36 percent by 2026.
How much can you expect to pay in salary for a Nurse Practitioner? The mean annual wage for Nurse Practitioners in 2017 was $107,480, according to the BLS. Of course, the Nurse Practitioner’s experience and your type of facility are important factors in determining salary.
Nurse Practitioner Median Wage by Employment Type
General Medical & Surgical Hospitals - $111,850
Outpatient Care Centers - $111,690
Other Health Practitioner Offices - $106,670
Physician Offices - $105,730
Colleges, Universities & Professional Schools - $100,040
The shortage of Primary Care physicians and other specialists fuels this growth. The nation struggles to find enough doctors – nearly 84 million Americans live in Health Professional Shortage Areas (HPSAs).
America is also experiencing a Psychiatrist shortage, and only 32.5 percent of the country’s mental health care needs are met. Psychiatric Nurse Practitioners can diagnose mental health conditions, counsel patients and their families and administer prescriptions under the supervision of a Psychiatrist. They serve in acute care settings, hospitals and mental health facilities, mitigating the effects of the Psychiatry shortage for these organizations and their patients.
Nurse Practitioners can perform many of the same duties as a physician, especially as regulations loosen in response to current demand. Areas with fewer licensed physicians rely on Nurse Practitioners to provide desperately needed care.
You can see that Nurse Practitioners offer great patient care that is cost-effective. But the right support staff also provides a better environment for your physicians by reducing their stress and combating burnout, ultimately becoming an integral part of your recruitment and retention plan. Nurse Practitioners will play a more critical role in healthcare than ever before. Is your facility ready?
How Much Should You Pay Psychiatrists?
Stay competitive in the market and ensure your patients have adequate mental health coverage. Click to learn more about current Psychiatry compensation rates.