Calculate your APRN or PA Salary- What can you ask for?
To earn what you’re worth, you need to know the facts. Get our Free Melnic Advanced Practice Salary Guide a free resource for Advance Practice Registered Nurses (APRNs) and Physician Assistants (PAs). The 2020 edition has twenty six information-packed pages to help you discover the answers to the following questions, and more!
Check out page 14 of the Melnic Salary Guide to maximize your value and earn every penny you’re worth. Empower yourself with knowledge and set yourself up for a profitable future!
1) How are APRN and PA Salaries Calculated?
In clinic environments Clinics generally consider four sources to determine APP salary: going market rate based on internet search, information from peers, salaries paid to current APRNs or PAs at the practice, and their own intentional compensation plan based upon business model. The most important takeaway for APRNs and PAs who receive an offer from a clinic is to use reliable salary data and negotiate in order to achieve a competitive salary.
Hospitals generally established salaries by tiers. For example: tier 1 may represent a base salary for a Monday through Friday schedule, Tier 2 will then add a fixed dollar amount for weekend days and evenings, and tier 3 adds an additional dollar amount for 24/7 coverage. Each tier can represent a $3,000 to $5,000 difference. Additionally, many hospitals adjust base amounts by years of experience. For example, some hospitals pay new graduate APRNs for years of RN experience at a rate of 1 year of APP experience for every 2 years of RN experience, with a cap generally at 10 years of RN experience. The salary differential given for each year of experience can vary by role. See the valuable chart on page 16 of the Melnic Salary Guide.
2) The Latest Salary Trends Focus on Benefits
You might be surprised to learn that to calculate salary benefits usually comprise 22-30% of your base salary and include paid vacation, retirement funds, licensing reimbursement, bonuses, and more! We asked your APRN and PA peers what benefits they receive in addition to healthcare coverage. Over 70% receive retirement contributions but and 40% receive funds for higher education. Curious how your benefits stack up? Check out our benefits comparison on pages 9 and 10 of the Melnic Salary Guide.
On Page 12, see the chart showing the percent of compensation allocated to benefits by salary. If you are not receiving benefits, use this chart to negotiate more salary.
3) How Do I Calculate Salary Bonuses?
To Calculate Salary Bonuses are a common way organizations can increase annual salaries for APPs. Organizations have different models for determining the bonus structure. Bonuses range from 1-3% for merit or on the overall profitability of the organization. Alternatively, bonuses are calculated on a percent of collections from RVUs billed or based on patients seen. Find out on page 14.
4) How Much Advanced Practice Leaders Make?
Interested in stepping up to a leadership position? Discover how much more money you could earn as an Advanced Practice Manager, Advanced Practice Director or even a Chief Advanced Practice Officer! Flip over to page 20.
5) Why Protected Time Matters to Your Job Satisfaction
Protected time leads to greater job satisfaction, more productivity, and increased profitability for Advanced Practice Providers. Yet the majority of Advanced Practice Providers don’t have allocated time during the week to take care of administrative tasks and professional development activities. On page 11, we explain why employers should rethink their protected time policies.
Everyone loves our Advanced Practice Salary Guide! We recently heard from a physician who said he’s using the data to help his NP get a pay raise. Don’t miss out! Take the survey and receive the free 2020 Melnic Salary Guide. Melnic believes in making surveys free, your data is reliable! Melnic provides the insights.
Job Satisfaction is More than Just a Great Salary
When looking for a new job, financial rewards are important. But, a truly satisfying job will also support your career development, allow you to practice to the full extent of your education, training, and certification, and help you achieve your desired quality-of-life.
Melnic is focused on Advanced Practice placements for APRNs and PAs. To take advantage of our specialized job matching services review our current job opportunities and join the Melnic network. The best part? There is never a fee for candidates to work with us!
Editor’s Note: This blog post was initially published in December 2018. It was updated in July 2019 and July 2020 to provide the most current information from our annual Advanced Practice Salary Guide.
Jill Gilliland is President of Melnic an APRN and PA national recruiting company. Jill is a speaker and publicist on areas such as job strategies, branding and marketing, pediatric critical care needs, and additional topics relevant to pediatric nursing and the recruitment business. She has over 12 years of experience in the recruiting industry coupled with a strong sales, healthcare, and technology background. Jill holds a BS degree in Business from the University of Southern California and an MBA from The University of Virginia, Darden Business School. Connect with Jill Gilliland on LinkedIn.