Nurse practitioners (NPs) play a key role in the US healthcare system. They provide expert medical care and also caring, patient-centered treatments. In whichever specialism they work, NPs conduct examinations, arrange additional testing, diagnose conditions, and design and implement treatment plans. It’s a pivotal role, but one in which the monthly salary can vary greatly.
A national shortage of NPs means more educational opportunities
On average, an NP earns around $124,680 per year, according to the US Bureau of Labor Statistics, but their exact take-home pay will depend on where they work, their specialism and the years of experience they’ve had.
Due to the expansion of healthcare provision, a growing focus on preventive care and the aging population, NPs will be in high demand for many years to come.
Some of the country’s leading providers of medical training, such as Rockhurst University, have responded to this by offering online courses that give registered nurses the chance to train as NPs while they work.
Looking through the insights about the highest nurse practitioner salary offered by states show a commonality in the candidate profiles. That important factor is having relevant qualifications from a reputable institution.
The Online Master of Science in Nursing – Family Nurse Practitioner (MSN-FNP) program at Rockhurst University is one such program.
This flexible program blends online learning with local clinical placements and the support of a dedicated team, allowing students to graduate in just three years. Once they are ready to take on their first NP role, students should consider several factors in order to land the best possible salary.
Regional salary trends
The amount you take home at the end of each month will depend largely on the area of the US in which you’re working. Although every facility has set prices for its procedures, few will ever collect that amount in practical terms. This is because they have to negotiate rates of reimbursement with insurance companies.
As a result, some hospitals can get better rates from their service users than others. However, some facilities also have very little competition in the local area, others have specialties to offer, and some have better clinical outcomes than others.
These factors all impact patient numbers and the type of rate that the hospital can agree with insurers. The better the rate your facility has agreed to, the more you’ll earn when you work there.
Does the facility accept Medicaid?
Along with reimbursement rates, the forms of insurance that your hospital will accept and the insurance options that most patients use will impact the facility’s profit margin.
This is a major deciding factor in whether your salary is generous or more modest. Essentially, if your hospital has lots of Medicaid patients, then it’s likely that all staff will earn less. Hospitals that attract mainly patients who will be using private insurance to pay for their treatment can afford to pay their staff more.
The healthcare setting you work in
Hospital-owned practices and standard hospitals have less financial clout than private practices, but they offer a wider range of services, such as dental health care and cosmetic procedures.
This means that the average NP’s salary will often be higher in a hospital setting. Moreover, if they are working in a specialist field, an NP will tend to earn more than colleagues who are part of general practice, primary care or pediatrics.
This aspect of pay is linked to the level and scope of the procedures that the hospital and the NP can provide, and the amount of revenue that these bring into the facility.
This also ties in with the NP’s amount of experience. As in most other fields, having more practice years means that you have more to offer within your specialization and can potentially negotiate a higher salary.
Regional laws around the scope of practice
Laws around scope of practice vary between states and can significantly impact the type of salary you will command as an NP. In states such as New York, Nevada and Colorado, where NPs have the most freedom when it comes to practicing independently, they will earn a more attractive wage. This is because a medical professional can offer and charge for more services, and their facility spends less on supervising its NPs.
How buoyant is the local job market?
Regardless of the state of the job market in your region, it will undoubtedly affect the amount you get paid. In California, Texas and New York, there is a shortage of NPs, and many more are needed to fill the gaps.
In other areas, such as Florida, Alabama and West Virginia, the shortage of healthcare professionals is less keenly felt and this drives down salaries for NPs. As well as the job market outlook, regional wages are influenced by the cost of living in an area. In cities where nurses have to pay more to live nearby, hospitals will be more generous compared to rural facilities based in more affordable locations.
Educational attainment and additional certifications
Qualifying as an NP is an impressive achievement, but there are additional certifications you can take that will have an impact on what you earn. Specialist knowledge in critical care, oncology or geriatrics, for example, can make you much more attractive to employers.
These advanced competencies demonstrate your high level of knowledge and expertise and show that you can offer a more developed standard of patient care in your field. Hospitals are willing to pay more for your skillset because better-qualified people can enhance patient care and deliver the best possible outcomes – and this reflects well on the facility.
Match your salary expectations to your career goals
The actual amount you earn annually as an NP will involve economic, professional and personal factors. If you are planning to qualify in the future, you can be confident that the demand for NPs will still be high when you are ready to find your first role. When you do, bear in mind the influences that will impact your salary as you climb the career ladder.