Top Benefits All Advanced Practitioners Should Ask For
Negotiating a top–notch compensation package can be challenging for any Advanced Practitioner. The common mistake of asking for or accepting too little can set you up for battles down the road to regain the equitable physician assistant benefits you deserve. With the average Physician Assistant making $107,718* a year and Nurse Practitioners averaging $107,480*, it is essential that you know the added benefits you should receive as part of a competitive compensation package.
- Malpractice Insurance — Medical liability insurance is a common Advanced Practitioner benefit, with 91% of surveyed PA employers(1) endorsing it as part of their incentive packages. While some Nurse Practitioners are self-employed and cover their own insurance, 72% of NPs(1) surveyed report that their medical liability insurance was covered by their employers as part of their Nurse Practitioner benefit package.
- Paid Vacation — Many APs are offered paid time off as part of their compensation package. According to the AANP, 77% of NPs surveyed report receiving paid vacation as part of their employment agreements(2).
- Retirement — Retirement benefits are a popular incentive offered to many Advanced Practitioners. Whether it be a 401K or employer percentage matching program, retirement benefits were offered to 69% of NPs(2) and 91% of PAs(1) seeking employment opportunities as part of their benefit packages.
- Allowances for Continuing Education & Licensure — Continuing Medical Education (CME) allowances help Advanced Practitioners keep abreast of medical changes while also meeting licensure requirements. 71% of Nurse Practitioners endorse receiving compensation for the purposes of CME, with over half of those also endorsing employer compensation of their licensure/certification expenses(2). This Nurse Practitioner benefit can go a long way in offsetting the continually increasing costs of licensure, saving you thousands of dollars long-term.
- Professional Leave — Employer covered time off to attend professional conferences or educational meetings is an increasingly popular physician assistant benefit. This incentive is offered to around 66% of Nurse Practitioners seeking employment(2). Incorporating professional leave options allows Advanced Practitioners to continue their education without sacrificing personal time off. This increasing education is helpful to both the practitioner and their employer as a way to stay on top of new trends and capabilities.
- Disability Insurance — Disability insurance is an additional insurance option to consider asking for along with standard health insurance. It has become increasingly popular, with 60% of PAs(1) and 45% NPs(2) surveyed, as part of their incentive package.
Signing Bonuses — Many employers have added signing bonuses to their Advanced Practitioner benefit packages to entice new hires. According to a 2017 National PracticeMatch survey of Nurse Practitioners and Physician Assistants, "11% of NPs and PAs reported that they received a signing bonus for their current position." These bonuses are often sizable, averaging $11,000 for NPs, and around $8,000 for PAs. In total, both Advanced Practitioner groups averaged $9,000 in signing bonuses. When pursuing an Advanced Practitioner position, it is critical that you have a clear understanding of the standard benefits that are offered to your peers. Before you accept a Physician Assistant or Nurse Practitioner benefits plan, review the options thoroughly and be prepared to negotiate.
To browse Advanced Practitioner jobs with competitive benefit packages, visit PracticeMatch today.