A Nurse Practitioner’s Complete Guide to Getting a Raise
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Over the past few years, the growing need for nurse practitioners has skyrocketed in tandem with the demand for primary care providers in the United States. In fact, the Bureau of Labor Statistics (2021) projects that there will be a 52 percent increase in the demand for NPs nationwide between 2020 and 2030, adding 114,900 fresh positions during that timeframe. Not surprisingly, salaries for NPs are also increasing rapidly, with the average annual wage at $114,510 in the United States (BLS May 2020).
With an aging population and an increase in access to primary care because of the Affordable Care Act, there will be an unprecedented request for NPs over time. The NP salaries will have to rise to keep up with that demand.
Instead of jumping ship to another position, an NP should be confident in requesting a raise at their current place of employment. Every raise, no matter how small, can impact the salaries of future generation NPs.
Don’t Be Afraid to Ask for a Raise
With 90 percent of nurse practitioners being women, there is already a wide reluctance in negotiating a salary. Only 10 percent of women negotiate their salaries, in comparison to 57 percent of men. Women often feel awkward initiating a conversation about their salary, and are worried that they will sound greedy. Instead, they rely on their employer to notice their hard work and offer them a raise. This strategy is highly unsuccessful and can leave people earning far less than they could be receiving had they only spoken up.
Asking for more money can be scary, but the worst that can happen is your boss tells you “no.” NPs are used to being patient advocates, but they need to be advocates for themselves as well. Most supervisors expect their employees to ask for a raise eventually. In fact, they deal with salaries all of the time. A raise is not a favor; it is a way for an employer to keep a good employee around and pay fair market value for their work.
You will never get something that you do not ask for. As long as an NP stays positive and polite, their employer will not be offended by their request for a raise. Moreover, consider the value of non-cash benefits, such as more vacation days, fewer working hours, or bonus plans.
The Timing of a Salary Negotiation
Remember that everyone’s boss is human with normal human emotions. The NP should not talk to them about their salary when they are having a bad day. Instead, they should schedule a specific time to discuss a possible raise with them. They can send a brief email requesting a meeting with them to review their performance and goals. Make sure this meeting is not the first thing on a busy Monday morning, or right after a stressful work event.
One of the best times to ask for a raise is during an NP’s annual performance review. Be prepared with a list of accomplishments, copies of patient satisfactory reviews, and productivity statistics to support the ask for a raise. Make sure an increased pay is asked as a result of performance and not just based on longevity of work. Performance that goes above and beyond expectations will support the request to be paid more.
If it is known that the place of employment is struggling financially, this would not be a good time to ask for a raise. For instance, during the Covid-19 epidemic in 2020, many medical facilities that provided non-emergent services had to cut back on hours and staff to accommodate the shortage of patients and procedures. Asking for a raise during a time of impending budget cuts is not ideal.
Set Expectations
It is essential to do some research to see what the average nurse practitioner’s salary is. The American Association of Nurse Practitioners (AANP) conducts a national survey each year to assess the income of nurse practitioners across multiple specialties. NPs can use this salary information to prepare before going into a meeting with their supervisor.
Before an NP starts negotiating their salary with their employer, they must be familiar with the average compensation for their NP specialty and practice setting. Conducting salary research provides a sense of what to expect or ask for. A respectable company will value their employees and pay accordingly. According to Melnic, NP salaries have been increasing by 2 to 3 percent each year. The NP should remind their employer that they should be eligible for annual raises based on inflation and merit.
In addition, remember that salary ranges can be affected by one’s level of education and experience in the field. Calculate how many patients per day are seen by the individual provider, and how much income the facility is receiving for each patient. This will give a nice picture of how much income the NP is generating for the practice. Then the NP will have to be realistic and consider overhead costs such as rent, supplies, and support staff salaries. This will need to be deducted from the income produced to calculate net profit.
When asking for a raise, it is best to leave the amount in the boss’s court. They might come back higher than is expected. If the employer comes back with a lower offer than expected, name the figure you had in mind. Be open to possibly meeting in the middle. There is a famous saying when it comes to negotiating salary: “(S)He who gives a number first, loses.”
Explain Your Value
When asking for a raise, it is important to be prepared with the value the NP provides to the practice. This can be an increased amount of patients seen per day, or an offer to cover calls over the weekend. Perhaps their contributions have led to lower hospital visits for the group’s patients. Have they learned any new procedures or earned any extra certifications? Have they taken any additional responsibilities such as leading staff meetings? Maybe they have a plethora of years of experience. Or perhaps they have brought new patients into the practice and helped facilitate growth.
Maybe they deserve a raise because they recently acquired a doctor of nursing practice (DNP) degree, which allows them to advance the application of nursing knowledge for the purpose of improving healthcare. Holding a DNP allows NPs to develop and manage innovative health services to improve quality and health outcomes. It can help NPs develop and test new models of care that address the complex health needs of patients. Additionally, a DNP degree facilitates the examination, implementation, and evaluation of evidence-based health services, systems, and policies. The NP may explain how this degree makes them a strong and innovative provider.
Is the NP technologically savvy? The NP can verbalize that they finish all their patient notes on time and even offer to help other providers that struggle with navigating the electronic health record.
The NP will need to detail their accomplishments. They should offer their employer copies of patient surveys and reviews, such as their net promoter score. A net promoter score is a customer loyalty metric that measures a patient’s willingness to return to the practice and to recommend their provider to their family or friends. Healthcare is a business, so you need to be able to deliver exceptional customer service, even to the most difficult types of patients. If the NP takes good care of the customers, then they are not going somewhere else.
The NP can highlight that they are an effective communicator and problem solver. They can emphasize that they are a leader—one not merely coming in to complete their tasks but who does their role well and elevates the entire team. Be sure to avoid comparing yourself to other nurse practitioners in your practice. This can come across as immature and does not prove that you are a team player.
The relationship between an employer and employee should be based on a shared benefit. Keep this balance in mind when discussing salary with an employer.
Prepare to Offer More
Employers are more compelled to give raises to someone that goes above and beyond their job role. If the NP’s request for higher pay is initially declined, they can try to negotiate to acquire additional responsibilities to support their request.
Perhaps there are metrics they can work to meet to improve their performance. Or they can offer to train the new nurse practitioner that is joining the practice. They can even suggest adding two more extra patients to their schedule per day, which ends up being ten extra patients per week. This would help with the facility’s productivity, which means more income coming in.
Make sure to show gratitude and enthusiasm in the workplace. After you have worked really hard for six months to one year, it is time to revisit your request for a raise with your supervisor. It is in the company’s best interest to keep you if you are a good employee. Do not make the negotiation personal. Adhere to the value you have added to the practice and how you plan to do even more with continued employment.
Sophia Khawly, MSN
WriterSophia Khawly is a traveling nurse practitioner from Miami, Florida. She has been a nurse for 14 years and has worked in nine different states. She likes to travel in her spare time and has visited over 40 countries.
Being a traveling nurse practitioner allows her to combine her love of learning, travel, and serving others. Learn more about Sophia at www.travelingNP.com.