CONSIDERING A PRIMARY CARE NETWORK OPPORTUNITY? Make an informed decision!
NP Council of NNPBC recommends:
NP salary and funding allocation for overhead expenses:
REVIEW the online resources related to Primary Care NP contracts: Healthmatch BC & NNPBC Primary Care Network Info.
CONTACT Canadian Nurses Protective Society (CNPS) for advice about professional liability coverage needs as an independent NP contractor.
SEEK out local business accounting advice regarding establishing yourself as an independent contractor and the CRA/tax implications associated with these contracts.
SEEK out local legal advice regarding establishing yourself as an independent NP contractor and the implications of these contracts.
IDENTIFY the anticipated costs you will have in relation to personal benefits such as (but not limited to) maternity, disability, medical, as these costs must be paid from the salary portion of the funding allocation (not from overhead).
REACH out to the NP Regional Leadership Team for clarification/questions & support as needed.
The funding allocation provided to each NP contractor has been well researched and set to allow each NP contractor a competitive salary with sufficient funds to manage expenses likely to be incurred by an independent NP contractor (such as medical/dental/pension, licensure, liability, etc), as well affording the NP the ability to contribute to the practice setting operating expenses (overhead). As an independent contractor, most business-related expenses are deductible.
The contribution the NP makes to the practice’s operational expenses should be negotiated in a respectful manner between the NP and the practice. Each practice setting is unique and poses different requirements that each NP will need to consider carefully during these negotiations.
The amount of the overhead contribution by the NP and what is provided for that contribution is detailed in the practice level agreement. The overhead allocation provided is based on the estimated costs for fulsome services and supports to run a practice and is not intended to be used as additional personal compensation; however, it is expected that NPs will use a portion of the overhead allocation for the necessary business liability protection, professional practice supports/continuing education and other supports or services required to practice safely as an independent contractor.