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NP salary report 2021: Nurse practitioner income rising

Medscape just lately launched its 2021 APRN Compensation Report, which surveyed greater than 3,300 superior apply registered nurses, together with greater than 2,000 nurse practitioners. The report affords essential insights into the elements that influenced NP salaries in 2020.

COVID’s impression on NP earnings, employment

Whereas the survey was carried out in 2021, respondents have been requested to report on 2020 compensation. Accordingly, the impression of the worldwide pandemic was starkly felt throughout all APRN varieties — from job loss and furloughs to discount in hours and forgone raises.

Whereas practically half of NP respondents reported little to no impression to hours or wages, greater than 1 / 4 reported not receiving an annual increase, and 15% reported a discount in hours. 9 p.c of NPs surveyed have been furloughed for some time frame, 4% have been required to work part-time as a substitute of full-time, and three% have been laid off.

Gross revenue progress

Regardless of the plain impression of the pandemic, typically, common compensation for APRNs elevated in 2020 in comparison with the earlier 12 months, underscoring the monetary good thing about working as a complicated apply nurse. Amongst NPs, common gross revenue elevated from $113,000 per 12 months to $116,000 per 12 months and greater than half (51%) of NP respondents reported a rise in wage over the prior 12 months.

NP wage by setting, schooling, specialty 

Per earlier years, NPs who work in hospital-based inpatient care reported the best annual incomes (common annual revenue of $125,000), adopted by hospital-based outpatient settings or clinics (common annual revenue of $117,000).

Chart - NP salary by practice setting

NPs who maintain a doctorate diploma (PhD or DNS) make, on common, about 5 p.c greater than these with a grasp’s diploma. And whereas a majority of NP survey respondents are licensed as household NPs (63%), psychiatric and psychological well being NPs commanded the best salaries (common annual revenue of $128,000).

NP wage by employer kind

Annual earnings additionally assorted by employment kind. APRNs who have been self-employed or unbiased contractors out-earned their counterparts employed by a medical group, hospital or non-public APRN apply. The development holds for NP salaries, with self-employed NPs incomes barely greater than NPs employed by a medical group or hospital (information not adequate for evaluation of personal NP apply).

Chart showing NP pay by employer type

NP wage by area, neighborhood

The report demonstrated a large variance in NP wage by area. NPs within the Pacific area (California, Hawaii, Oregon and Washington) earned probably the most, with a median annual revenue of $136,000. A U.S. Bureau of Labor Statistics’ occupational employment and wage statistics survey discovered that California paid NPs probably the most at a imply annual wage of $145,970, whereas Washington paid NPs $126,480, Hawaii $118,780, and Oregon $118,600.

NPs within the East South Central area (Alabama, Kentucky, Mississippi, Tennessee) earned the least, with a median annual revenue of $105,000. Per the identical BLS survey, Alabama paid NPs a imply annual wage of $99,790, Kentucky paid $102,460, and Mississippi and Tennessee paid $109,550 and $99,370 respectively.

Nonetheless, NPs in each areas skilled a elevate in earnings in 2020 in contrast with the earlier 12 months.

Map showing NP pay by region

The survey additional explored the impression of neighborhood kind on NP wage and located NPs earned probably the most in city settings and the least in rural settings.

Importantly, reported incomes weren’t adjusted for price of residing. When evaluating comparative pay, it’s essential to contemplate the prices of housing, transportation, and meals.

Gender disparities

Amongst these surveyed, males represented simply 9% of NP respondents. Nonetheless, male NPs earn significantly extra on common than their feminine friends, with a median annual wage of $127,000 in comparison with $114,000, demonstrating that there’s nonetheless want to enhance gender fairness within the NP occupation.

Whereas the survey might not have the ability to clarify all contributors to the gender discrepancy in NP salaries, the survey did discover male NPs usually tend to earn supplemental revenue, personal their very own practices, and work in higher-wage settings, comparable to hospital-based acute care.

Do NPs really feel pretty compensated?

When requested whether or not they really feel pretty compensated, 57% of APRNs answered affirmatively — a proportion which dropped in comparison with 2019 (63%). Nonetheless, NPs have been much less more likely to report feeling pretty compensated than different APRN skilled, at simply over half (53%).

Chart - do NP's feel fairly compensated?

Alternatives for greater earnings for NPs

By many metrics, NP salaries confirmed a progress development in 2020, regardless of the COVID pandemic. Even so, the pandemic did have an opposed impact on employment standing and incomes potential for some practitioners. NPs can improve their revenue by persevering with their schooling and specializing in sure specialties and work settings, together with exploring self-employment alternatives comparable to working locum tenens as an unbiased contractor.

Thinking about studying extra about locum tenens for NPs? Give us a name at 954.343.3050 or view at the moment’s NP job openings.

Chart photographs from Medscape.com

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