Generate supplemental Income Now! Whether it’s for yourself, your practice, or your facility there is money to be made while educating students. Specialties and medical preceptors are in high demand as students flood the industry. Students may have acute needs to complete their rotation on time, therefore time is of the essence and can be very lucrative for any preceptor.
Average preceptor charge is $13-$15 an hour. This is an estimate and you can adjust your fees however you would like. Specialties that are limited have higher clinical hour charge potential. Keep in mind to remain competitive with other preceptors in your area to follow an average clinical charge of $13 – $15 an hour.
Students need on average 180-240 hours per clinical rotation. Information below are averages for ONE rotation. Potential for 1-5 rotations annually depending on hours needed/offered by you.
$13 x 180hrs = $2340/ 1 rotation per student
$13 x 240hrs = $3120/ 1 rotation per student
$15 x 180hrs = $2700/ 1 rotation per student
$15 x 240hrs = $3500/ 1 rotation per student
x2 students=$4680/ per rotation
x2 students=$6240/ per rotation
x2 students=$5400/ per rotation
x2 students=$7000/ per rotation
The numbers are exponential if you take on more than one student. Please follow your states guidelines regarding simultaneous preceptor amount. Multiply this for additional repeating rotations as three main semesters are needed for students. The more students you teach, the more supplemental income can be created for you or your practice.
Example: Sandra, NP takes on two students, per her state guidelines, each semester (Spring, Summer, and Fall) of 2022 with 240 hours of practicum time completed for all. Sandra selected $15/hr compensation. Sandra just earned herself $21,000 of supplemental income for 2022. Sandra is happy and so are her students.