Where I live, ARNP and PAs can perform virtually any function (their scope is definitely much wider than the family practitioner). But there's a catch... there are no self-employed ARNP with hospital privileges. There is no prohibition against ARNP having hosptial privileges, however, there hasn't been any ARNP approve for hospital privileges unless there is a physician taking responsibility for the ARNP.
Does your hospitalist group require all patients be seen by them or can you occasionally see your own patient (i.e. newborns, pediatrics and some special patient). I don't like the idea of not having the ability to see patients in the hospital (although I may be forced to drop privileges with back-up call being so onerous).
