The MSN/MBA degree was created for those who want to get a comprehensive understanding of the nursing profession in addition to a thorough understanding of the business aspect of healthcare. Those who pursue this degree are positioning themselves for a wide array of opportunities within the healthcare field that spawn way beyond patient care.
In this article, we’re going to go in-depth on what this program entails, the benefits of pursuing it, and the diverse positions that are attainable through this degree.
What Exactly is an MSN/MBA Degree?
MSN/MBA programs were specifically designed to allow experienced RNs with a bachelor in nursing to develop leadership competency and business management skills within the nursing field.
The topics that are explored in this program include leadership and management, economics, accounting, operations management skills, and healthcare-related business ethics.
At the end of the program, graduates should be able to master advanced financial principles, such as asset evaluation, analysis, and planning. They should also be able to understand things such as environmental analysis, management, and leadership strategy, as well as marketing management. Graduates will also be able to understand and apply business principles within healthcare systems including delivery options, healthcare policy, and pricing according to access, quality, and costs.
The MSN/MBA degree combines advanced business management pricing strategies with healthcare theory to make graduates potential business healthcare executives. These skills will all be crucial to those who want to successfully grow, manage, and lead successful healthcare organizations in various sectors.
Why Should I Get an MSN/MBA Degree?
Most nursing professionals who decide to go for an MSN/MBA degree do so for its versatility and the many lucrative and rewarding career opportunities this unusual program offers.
Since both the healthcare and business fields are booming at the moment and are seeing unprecedented growth, a degree that combines both will give you access to some of the best career choices available to graduates today.
According to the Bureau of Labor Statistics, healthcare jobs are set to increase by an astounding 18% from 2016 to 2026, which is way above the national average. An estimated 2.3 million jobs are expected to be added by 2026 in this sector alone. This demand can be partly attributed to demographic pressure from baby boomers moving into old age, which is putting a heavier strain on the healthcare system as a whole.
The demand for finance and business professionals is also set to grow during that period. Jobs for business and finance graduates are set to grow by 10% from 2016 to 2016 and over 773,800 new jobs should be added during this period. The demand is said to be fuelled by increased regulation and diversification of financial services.
What Kind of Positions Can You Get with an MSN/MBA Degree
The number of positions open to MSN/MBA graduates is very varied. While some will demand that you work within healthcare institutions, others will allow you to work with organizations who are not necessarily involved in patient care. Here are some of the positions that are available to MSN/MBA degree holders.
Medical/Health Services Managers
Graduates with an MSN/MBA degree are often employed as medical/health service managers upon graduation. Also known as Healthcare Administrators or Healthcare Executives, they are in charge of overseeing the daily operations of healthcare facilities. Healthcare administrators can work in hospices, private practices, hospitals or specialty clinics.
Healthcare administrators will also be asked to improve the quality and efficiency of healthcare services, making sure that the facility is compliant and up to date with recent state and federal regulations. They will also be asked to look over the finances of the organization, including billing and fees for patients and creating and monitoring budgets to make sure that departments do not overspend.
Demand for healthcare administrators is expected to grow by 20% from 2016-2026 and medical and health service managers can expect to make over $96,540 per year on average, making it one of the most lucrative non-physician positions in the healthcare field.
One of the main reasons RNs decide to go for MSN MBA programs is to move into managerial positions. Many graduates end up either becoming a head nurse of their clinic or becoming head of their department. They might also be involved in human services and asked to vet prospective candidates and get involved in training.
Nurses that move into managerial positions still get to work in close proximity to patients. This ultimately offers the best of both worlds for nurses who still want to do hands-on work, but also use their administrative skills.
Public Sector Jobs
Nurses are usually at the forefront when it comes to patient care, and the extended knowledge MSN/MBA graduates have made them prime candidates for public sector jobs. Many RNs who graduate with an MSN/MBA degree either move into advisory positions or towards advocacy work. Many of them end up helping policymakers make better decisions and come up with policies that facilitate work for other nurses and improve healthcare efficiency and quality.
Whether it is by reducing bureaucracy, advocating for new reforms in the system, or coming up with ways to improve funding and care delivery, these nurses are a very important asset to federal and state government agencies.
Risk Management Administrator
The role of risk management administrators is to ensure the long-term success of clinical documentation, quality improvement, and risk reduction programs. They are responsible for troubleshooting, rectifying, and identifying any operational or legal issues within the organization.
They will also be asked to perform educational duties and promote awareness and implementation of any new or existing programs. Their ultimate role is to increase the comprehensiveness and effectiveness of policies and procedures and improve quality and safety of care for patients.
An MSN/MBA degree can be a great opportunity for any registered nurse who wants to improve their chances for advancement and career opportunities. It is also a great way to widen your knowledge and integrate some important business principles and apply them to your field.
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- Emerson E., DNP, APRN-BC, CEN Ea, Laura, MSN, FNP-BC, RN Stark Bai
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