Physician shortages are prompting hospitals and other provider organizations to rely more on advanced practice clinicians, or physician extenders. In theory, APCs are less expensive because their salaries and compensation are less than those of physicians, according to a whitepaper from SullivanCotter and Associates (pdf).
Here are four main observations SullivanCotter analysts found on APC pay in their recent whitepaper.
1. Nurse practitioners' median salaries in 2011 were $93,642, while physician assistants' median salaries in 2011 totaled $96,575. Both are roughly 8 to 9 percent higher than 2009.
2. However, PAs and NPs are expecting higher salaries than what market medians show. An organization that surveyed newly graduated NPs and PAs found that NP graduates expect a salary of $98,000 while PAs expect a salary of $120,000.
3. Providing productivity incentives for APCs, although uncommon, is still a significant way to retain talent, and SullivanCotter associates cautioned against abandoning productivity-based incentive plans altogether.
4. As healthcare shifts toward preventive and team-based healthcare, the demand for APCs will rise dramatically — and this will consequently force hospitals and others to provide competitive salaries. "The need to balance salary costs against reimbursement will (for forward-thinking organizations) provide opportunities to reward the best-performing APCs and healthcare teams," according to the whitepaper.
To read the whitepaper in its entirety, click here (pdf).
Here are four main observations SullivanCotter analysts found on APC pay in their recent whitepaper.
1. Nurse practitioners' median salaries in 2011 were $93,642, while physician assistants' median salaries in 2011 totaled $96,575. Both are roughly 8 to 9 percent higher than 2009.
2. However, PAs and NPs are expecting higher salaries than what market medians show. An organization that surveyed newly graduated NPs and PAs found that NP graduates expect a salary of $98,000 while PAs expect a salary of $120,000.
3. Providing productivity incentives for APCs, although uncommon, is still a significant way to retain talent, and SullivanCotter associates cautioned against abandoning productivity-based incentive plans altogether.
4. As healthcare shifts toward preventive and team-based healthcare, the demand for APCs will rise dramatically — and this will consequently force hospitals and others to provide competitive salaries. "The need to balance salary costs against reimbursement will (for forward-thinking organizations) provide opportunities to reward the best-performing APCs and healthcare teams," according to the whitepaper.
To read the whitepaper in its entirety, click here (pdf).
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