Things They Don't Tell You After Nurse Practitioner School: Part 2 Hidden Cost

So you have just graduated from Nurse Practitioner School; what's next? You will likely have to pay quite a bit in fees before seeing your first patient, and the cost might shock you!

It may seem like a surprise that there is much more to beginning your first job than passing your boards and signing your first contract.

Here is a list of some unexpected costs you may incur the following graduation. NOTE: these are specific to California.

NP Exam Fee	$240
NP License Fee	$500/2 Years
NP Furnishing Number	$400/2 Years
DEA Number	$888/3 years
Malpractice Insurance	$500/Year
Credentialing	~$300
Board Exam Review	$600

#1 -Nurse Practitioner Licensing

Licensing in California is costly! Once you successfully pass your exam, you must pay a $500 fee to obtain your license from California's Board of Registered Nursing (BRN), which doesn't even include the $240 exam fee! In addition, you will need to pay another $400 for a furnishing number. A furnishing number is required to prescribe medications and devices. This is not to be confused with a DEA license which will be covered next.

Your NP license and Furnishing number are renewed every two years, along with your RN license ($190). Important: You will have to renew your NP license when your RN license is due, even if it has been less than two years. Luckily I was up for renewal the month before I took my NP boards, so I was not affected.

Example: If you take your NP exam in August 2022 and your RN license is up for renewal in May 2023, you will have to pay the licensing fees again to renew your NP license simultaneously.

#2 - DEA and Controlled Substance Prescribing

A DEA number allows a Nursing Practitioner to prescribe controlled substances. A DEA number is the most expensive cost you will incur at $888. However, this only needs to be renewed every three years, and you will get a unique number required for prescribing controlled substances. In addition, you may need to take an additional controlled substances course if it was not included in your pharmacology class. CANP offers a controlled substance II course for its members.

#3 - Malpractice Insurance

Malpractice insurance is technically not a required cost to get licensed; however, you will need this to start practicing. The good news is that sometimes this is included in your benefits package, but you may want to consider getting your own policy. (AANP has a good article on this below) Most companies also give you a significant discount for your first two years of practice.

#4 - Credentialing

Credentialing is the vetting process of your new employer. This allows the company to bill insurance and medicare for your services. You will provide all of your licensing documents, degrees, and certifications. The company usually has a contact person who will guide you through this process and prompt you with any necessary documents. Credentialing can take a WHILE. Most credentialing processes take 3-4 months but can take longer, meaning you will not be able to see patients until this is completed. The cost is usually a couple of hundred dollars, but this can vary quite a bit. Don't be afraid to ask if your employer covers this cost!

#5- Nurse Practitioner Exam Review Prep

Finally, the exam review prep cost! The number one question I always get is, "Do I need an exam prep course?". Many nurse practitioner programs require you to pass an exit exam before graduation to ensure you are well prepared to take your boards. I believe that some people can pass boards without an additional exam prep course. (Thinking back, I believe I probably could have passed the AANP exam without taking an additional exam review course). However, I think doing an exam review after graduation is an excellent idea! After graduation, you will be able to give 100% of your focus to learning the content, and it serves as a perfect prep for your first job.

You could be looking at $3000 or more in additional costs to land your first job! Remember, asking your employer if they are willing to cover or reimburse for any of these costs doesn't hurt. If they agree, be sure it is included in your contract. Luckily, most of these are not yearly fees, and you will never have to pay all these at the same time again. Hopefully, this gives you an idea of what to prepare for after graduation.

Be on the lookout for more helpful tips from NP Hacks!

-Matt

TAGS: Nurse practitioner, NP School, New NP, FNP Student, Nurse Practitioner student, Nurse Practitioner Student, NP life, malpractice insurance, NP exam review.

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