Family nurse practitioner (FNP) is a popular nursing pathway. Approximately 70% of nurse practitioners specialize in family health care because it pays well.
An FNP is an advanced practice registered nurse (APRN) who holds a master of science in nursing (MSN). FNPs are trained to provide family-focused healthcare services to patients of all ages, including infants, adolescents, adults, and seniors. They also maintain patient records, perform physical exams, order and perform diagnostic tests, prescribe medications, develop treatment plans, and treat acute and chronic illnesses, conditions and injuries. In other words, FNPs offer all services that fall under primary care. Hence, while registered nurses provide patient care, they are not permitted to prescribe medicines, order tests, or diagnose patients. That is why there are more avenues open for FNPs. They can practice in healthcare settings, community health centers, private clinics, healthcare systems, and educational institutes.
According to PayScale, the average FNP salary is approximately $117,000 on the high side and $93000 on the lower end. However, salary is only part of the total compensation for an FNP. They also receive bonuses and commissions and can participate in profit sharing, further increasing their income potential. On average, FNPs can earn approximately $4,978 in bonuses, $9,826 in commissions, and $3,973 in profit sharing. FNPs have the highest earning potential in state, local and private hospitals, followed by outpatient care centers, offices of health practitioners, offices of physicians, and state, local, and private education services.
An important factor in FNP salary is geographical location. Some states have a higher demand for FNPs and better wage-earning opportunities. The top five states with the highest level of employment in the U.S. include New York, California, Florida, Texas, and Ohio. The highest-paying states for nursing practitioners are California, Alaska, Massachusetts, Hawaii, and New Jersey, while the highest average annual salaries for FNPs are in New York ($113,994), Massachusetts ($113,160), New Hampshire ($111,214), Maryland ($106,232) and Connecticut ($105,825).
FNPs earn higher salaries in Alaska and Hawaii because of a significant shortage of nursing practitioner talent in these regions. On the other hand, California, Massachusetts, and New Jersey have multiple metropolitan areas and higher demand for FPNs. Hence, the earning potential in these regions for nurses is much higher.
Healthcare systems have traditionally relied on physicians to diagnose illnesses and prescribe treatment. However, with the demand for care increasing rapidly due to an aging population and an increase in chronic illnesses, the need for qualified care providers has skyrocketed. That is why the demand for highly qualified FPNs has increased, as there is a need for healthcare professionals who are trained to assess, diagnose, treat and manage patients. In addition, the increased focus on preventive care has also paved the way for FPNs to step in and play an important role in educating patients and increasing awareness of disease prevention and management.
Another important factor driving the demand for nursing practitioners is the increase in the number of nurses who are retiring. According to a survey conducted by the National Nursing Workforce, the average age of nurse practitioners is 49 years, with 9.5% of nurse practitioners 65 years or older and 14.3% between the ages of 60-64. It is projected that nearly one million nurses
will retire between 2015 and 2030. In addition, 59% of nurse practitioners 60 years or older and 15% of nurse practitioners between 55 and 59 years report their intent to retire within the next five years. Hence, the shortage in nursing is a very real and critical issue in healthcare which is likely to result in an increased demand for FNPs.
During the last two years, the biggest challenge for most healthcare systems worldwide has been the COVID-19 pandemic. Healthcare workers, particularly nurse practitioners, have struggled with burnout and have had to deal with the physical and mental toll of working on the frontline during a global pandemic. Many nurses left their jobs during the pandemic, and many more are expected to quit their jobs or look for a nursing role in another setting. FNPs are in an ideal position to help overcome the challenges in nursing and address the shortage. FNPs are better qualified and are in a better position to take on leadership roles and advocate for better wages, improved schedules, and better protection of frontline healthcare workers.
Overall, FNPs are trained to provide services that were traditionally expected only from physicians. This can be immensely useful in today’s healthcare environment, which is already burdened with an increase in the number of patients, a high prevalence e of chronic diseases, an aging population, a nursing shortage, and increased burnout and stress among healthcare workers. FNPs can step in to improve patient care, influence treatment strategies, and work towards the betterment of healthcare workers overall.
