nurse practitioner productivity bonus formula

Alaska average nurse practitioner salary: $122,880. It is that simple. Think about how hard you want to work and whether you can increase your efficiency and your revenue generation. Sometimes the practice manager will tell you but more times than not, this will have to be a rough estimate on your part. A high functioning nurse practitioner who is very productive can generate. The taxes on those bonuses are like a punch to your stomach. If it is busy and you are working your tail off, you will be financially compensated for it. The $347,282 break-even amount will be the minimum threshold for our bonus incentive calculation. The nurse made a healthy profit, and I didn't quite break even. How much should the percentage be? So if youre saying Im generating a value to the practice of $32 per RVU, if I hit 2656 RVUs per year (my salary of $85k / $32 per RVU) then every RVU over 2656 should be received in a form of bonus at $32 per RVU? $15 per RVU is a slap in the face. Thanks so much for all the information. They are now offering 78,780 with RVU at $15 per. If you are productive, you should be able to pull $150k a year. So if you offer them a compensation package of $118,076 you should expect that they will produce at least $347,282 in net receipts. Your email address will not be published. You need to negotiate in your contract a salary that is paid regardless of production. Yes, contracts typically are vague but you need to ensure the pay is outlined clearly!!!!! 2. Now that you know what the collections need to be in order to break-even, you can create an incentive bonus plan for whenever collections exceed this amount. There are a million reasons a patient no-shows for an appointment, or calls right before their scheduled appointment to c Do you know what blockchain is? You earn $32 per RVU, once your base of $129k is met, every $32 RVU earned after that is then paid out as a bonus. Required fields are marked *, Nurse Practitioner Productivity Payment: Part 2- Translating RVUs Into a Paycheck. So, that is the situation I am in, working in internal medicine in a rural clinic, and I could not survive on just RVU bonus, as my numbers are still fluctuating, but I do want to renegotiate my rate. California average nurse practitioner salary: $133,780. Relocation allowance - offered in 98% of searches. 1. In my opinion, you should ask for $32 per RVU during job negotiations. The 2018 Review found the most frequently offered incentives for physicians, nurse practitioners and physician assistants included: Health benefits - offered in 99% of searches. You earn your commission on the RVU regardless if it was paid out or not! I may be joining a very high-production private specialty practice. As clinicians that blend clinical expertise in diagnosing and treating health conditions with an added emphasis on disease prevention and health management, NPs bring a comprehensive perspective and personal touch to health care. Based on a great conversation I had on LinkedIn recently, I decided to write about physician productivity models and the hybrid model (encounters and work RVUs) I developed for a hospital-sponsored family practice program. It is the same thing with a production model. That is laughable. As you can see, it is imperative you understand this concept when negotiating your RVU rate. Well use the operating profit margin going forward with our bonus incentive calculation. I have yet to earn that bonus because of some circumstances that limit my productivity, I have made 3,800 RVUs in the past year. Specifically, Ill show you a simple method you can use to calculate an incentive bonus based on collections. CorrespondenceRuth Kleinpell, PhD, RN, AGACNPBC, FAANP, Center for Clinical Research & Scholarship, Rush University College of Nursing, Rush University Medical . American Association of Nurse Practitioners. Goals and Metrics used for salary and productivity: Perform at the 65 th percentile of a MGMA blended 50:50 AMC and private practice benchmark . Moran EA, Basa E, Gao J, Woodmansee D, Almenoff PL, Hooker RS. Hopefully you can figure out which one the target is based on by the numbers. How would you negotiate RVU for quarterly bonuses? A 9 cm laceration repair CPT code will be assigned an RVU of 4.67 while the 1 cm laceration is assigned a RVU of just 3.73. 1996 Summer;25(3):207-17. Nurse practitioners' job satisfaction and intent to leave current positions, the nursing profession, and the nurse practitioner role as a direct care provider. Each EMR is different. For example, I am payed $3.00 per RVU (I am also payed an additional flat hourly rate) while a physician might be paid around $20 per RVU (they are not paid a flat hourly rate by my employer). I will explain in a series of posts. $32 per RVU at a minimum. I provide about 3,500 to 4,000 patient visits per year, and our nurse practitioner provides about 2,500. document.write('