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December 02, 2020 02:30pm
Signing bonuses are gaining popularity and NP and PA demand grows.
Nurse practitioners (NPs) and physician assistants (PAs) report high levels of job satisfaction in their profession as income and demand continues to climb, according to a new survey.
The survey was released by PracticeMatch, and included more than 1000 NPs and PAs, according to a press release.
Most of the participants reported varying degrees of job satisfaction, including 38% of NPs and 44% of PAs who were “very satisfied” with their current roles, and approximately one-fourth of total participants who were “extremely satisfied.” Only 6% of respondents described themselves as unsatisfied in their PA and NP careers.
For income, most clinicians reported an increase in income from 2015 to 2016, with 12% of respondents reporting an increase of 8% or more.
“Our clients have increased their hiring of NPs and PAs in recent years, to the extent that we have expanded our products and services to offer additional support to employers of PAs and NPs, and resources for those clinicians as well,” Mike York, COO of PracticeMatch, said in a press release. “We hope that this information helps health care employers when planning their staffing strategy for PAs and NPS needed to meet their patient demand.”
Of the clinicians who entered the workforce within the past decade, 14% reported receiving a signing bonus. This is likely due to taking a position more recently because signing bonuses have increased in popularity as demand for NPs and PAs has grown.
“The intensifying competition for NPs and PAs has been well-documented in recent years, and that demand is projected to grow further,” York said. “A few years ago, signing bonuses were only for physicians, and today, even more employers are offering upfront cash upon signing, to attract top PAs and NPs.”
The survey also revealed that nearly two-thirds of PAs and NPs earn between $75,000 and $125,000 per year, and approximately 30% reported earning between $101,000 and $125,000 in 2016.
The mean annual salary reported was $106,500 for NPs and $111,500 for PAs, according to the release. Hospital-based clinicians reported the highest average annual salary ($125,000) compared with clinicians who work as contractors or in private practice groups.
Overall, median salary for both groups in all settings and experience levels was $100,000 per year.