What Can A Nurse Do With An Mba

Median Salary For Mba In Healthcare Graduates

Masters degrees in general lead to a jump in salary for many earners. For example, the BLS reports average earnings for those with a masters are $240 higher each week which translates to nearly $12,500 each year compared with the average salary for bachelors degree holders. Salaries vary depending on career title and years of experience, but across the occupations described above, the median annual pay is notably higher than the average for all professions.

Adding an MBA on top of an undergraduate or professional degree may aid in the pursuit of high-compensation positions, although the wage differential will vary by employer and job type.

Another trait common to these roles is a strong projected growth rate in employment from 2019 to 2029. For example, the BLS projects a 7% increase in jobs for registered nurses and 4% for physicians and surgeons.

But even the more general positions, like administrative service managers, are expected to see rapid growth in employment. This underscores the value of having a degree with utility outside of the healthcare sector. A Healthcare MBA offers that advantage in a way that an MHA might not, depending on the employer.

Evolving Sectors Of The Healthcare Industry In 2021 And Beyond

What you can do with a Healthcare MBA will depend almost entirely on what the industry is doing. Healthcare as an industry follows a best practices model where the majority sentiment dictates what is the correct path for the market. This has traditionally explained the healthcare industries resistance to adopt burgeoning technology.

In 2021 the healthcare industry seems to finally be shrugging off this hyper-conservatism, and as such the healthcare-technology industry is booming. Here is a breakdown of some interesting facts and statistics that signal the evolving market:

• Most people report being more comfortable digital visits with physicians
• More than 60% of healthcare organizations are introducing IoT technology
• The IoT market is nearly half-comprised of healthcare enterprises
• More than 1 out of 10 people are using a connected medical device
• China is leading this charge however, with nearly 1 in 3 using one
• Nearly 3 out of 4 people report being more comfortable with sharing personal information if it improves healthcare outcomes
• Around 7 out of 10 physicians report that health apps will drive industry-wide improvements
• At-home diagnostics and test kits are becoming pillars healthcare technology

Explore The Benefits Of An Mba For Nurses

In a time of staffing shortages and budget cuts, there is a need for nurses who can innovate and lead our healthcare system. The MSN/MBA is a degree meant for those who want to apply techniques to improve both the patient and business side of the healthcare industry. Earning your degree is easier than ever now that quality online programs are available.

Spring Arbor Universitys online MSN/MBA program allows you to earn your degree while working as a nurse. Our program offers five distinct areas of concentration suited to meet your individual career goals:

• Health Care Administration

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Is An Mba Right For You

A bachelors degree is the primary goal of a bachelors degree program an MBA is the primary goal of a graduate degree program. While an MBA degree can be obtained directly after graduating from a bachelors degree, many MBA programs require two or more years of prior work experience. Is MBA just an acronym for a type of masters degree? The masters degree in business administration is the highest level of study available. As a result, the distinction between an MBA and a masters degree is simply that the MBA is a more specific designation for the field youre studying. The average MBA program takes between one and two years to complete. Whether you study online or on campus, or work full-time or part-time, you can find a program that suits your needs. People who want to learn more about business and find out if they have the skills and motivation to pursue a career in it are excellent candidates for an MBA. In addition to building a career, it can be a stepping stone toward a position in law or government.

Mba In Public Administration

An MBA in public administration prepares nurses for leadership on the influential axis of public policy. On top of business fundamentals, graduates learn about government budgeting, policy development, administrative law, and regulatory compliance. Nurse graduates of these programs can work either on influencing and implementing a new policy or on bringing public companies and healthcare organizations into compliance with existing policy. As business and government continue to push and pull on issues of healthcare, more qualified leaders will need an understanding of every side of the equation.

The online MBA in public administration from the University of Mary is a flexible and affordable option for RNs looking to gain public sector expertise. The program covers topics such as public sector practices regarding qualitative and quantitative methodologies professional communication performing operational tasks focused on accounting and finance and evaluating the social and business environment in an integrated and solution-focused manner. Graduates will leave the program with a mastery of the operational side of public programming and policy.

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Rn To Msn/mba: Masters Curriculum

After youve finished your undergraduate courses, you can get stuck into the MSN and the MBA. In most cases, schools will blend the two degrees together, so youll be able to take nursing courses and business courses each semester.

Every program is going to have its unique twists, but heres how a sample masters curriculum in healthcare administration would look:

MSN Portion

• Human resource management
• Training & development

In addition to traditional coursework, MSN/MBA programs will include an internship, a capstone project, a field study and/or practicums.

Note: MSN nurse practitioner programs must include a number of mandatory healthcare subjects in the curriculum. See our guide to RN to MSN Nurse Practitioner Programs for full details.

Am I Qualified To Go Back To School

If you attended a four-year program to earn your BSN, congratulations you are already halfway through meeting most Master of Business Administration program qualifications!

The only requirement you might not meet prior to applying for an MBA program is the completion of a Graduate Management Admission Test or Graduate Record Examination .

Typically, one or the other is required to apply for a program, but it is rarely ever both.

So, check out what MBA programs interest you, what their admission qualifications are, and find test prep resources!

In short, you are not far from earning an MBA in nursing or health administration!

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Online Rn To Msn/mba Programs & State Licensure

Administration & Executive Focus

RN to MSN/MBA programs in healthcare administration & executive leadership will not lead to advance practice state licensure. That means many of the regulations involving distance learning and clinical practicums disappear. In other words, you should be eligible for a number of online programs, regardless of your state of residence.

On the other hand, because of interstate agreements, Schools of Nursing may still be unable to accept certain out-of-state MSN applicants. You can usually find details about these issues on program websites or the schools State Authorization or State Regulation page. Talk to the program coordinator if you have any questions.

Nurse Practitioner Focus

RN to MSN/MBA programs in a nurse practitioner specialty will lead to advanced practice state licensure . Before you opt for an online program, check with your State Board of Nursing and the program coordinator about state licensure.

State Boards have specific rules and regulations regarding clinical learning experiences for students enrolled in distance education programs. You need to be sure your degree components will meet licensure requirements in your state.

Sometimes online just wont be an option. For example, Saint Xavier University notes that courses in the FNP track of its MSN/MBA are only available in face-to-face settings on its Chicago campus.

The Mit Sloan Phd Program: A Rigorous Focus On Research

The MIT Sloan PhD Program is ideal for researchers seeking a full-time doctoral degree with a strong emphasis on research. Full tuition is covered by the program, as well as a monthly stipend of $4,175, which covers room and board, as well as books. Students are also eligible for a five-year funding package that is guaranteed to them if they maintain a 3.0 grade point average or better.

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Potential Careers For A Nurse Mba Student

The types of jobs available to nurses with MBAs cover a variety of roles and environments.

• Leadership roles at health care institutions: overseeing health services, clinical standards and patient care.
• Human resources: recruiting, supervising and training staff members.
• Hospital finance: managing budgets, billing and accounting.
• Health information management: ensuring patient safety, legal compliance and cost-effectiveness maintaining critical records and data.
• Nursing administration/director of nursing: heading departments, serving as a lead nurse and taking on other supervisory tasks.
• Management of a physicians office or group practice: scheduling, overseeing staff and coordinating doctor and patient needs.
• Legal nurse consultant for an insurance company.
• Administration of long-term care facilities or nursing homes.
• Public health advocacy in nonprofits or government organizations.

Most universities offer MBA programs for working adults, meaning you can earn your degree while keeping your current job. There are full-time, part-time, online and in-person options available. Most candidates earn their MBA in one to three years.

Your Nursing Education Is An Important Investment Financial Aid And Scholarships Can Help Make Your Goals A Reality

UMSON offers multiple opportunities to help you afford your graduate education. Note that the opportunities below only apply to the portion of your dual-degree program earned at UMSON.

All students receiving funds through the University must:

• be enrolled at least half-time in a degree-seeking program
• complete a Free Application for Federal Student Aid each year by UMB’s award priority deadline
• FAFSA Submission period: Oct. 1 through Feb. 28
• FAFSA School code: 002104

The UMB Office of Student Financial Assistance & Education is available to guide prospective and current students through the FAFSA application process and the financial aid award package.

Contact Us:

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Nursing Careers In The Public Sector

Nurses with an MSN/MBA may also seek employment in the public sector. Government agencies provide opportunities for nurses to pursue advocacy work. If you have an interest in working with elected leaders to create new policies to improve conditions for nurses and their patients, championing workplace reforms or determining ways to increase the efficiency of care delivery and funding, this may be the right path for you.

Becoming A Cno Or Ccno

Two high-level executive roles for nurses who have earned an MSN/MBA include: the chief nursing officer , who is responsible for leading operations at a specific healthcare facility, and the systems-level CNO or corporate chief nursing officer , who is responsible for standardizing nursing practice across the entire continuum of facilities in a healthcare network.

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Is An Mba In Healthcare Management Better Than A Master Of Health Administration

An MBA in healthcare management covers multiple disciplines, while a master of health administration focuses on one discipline. An MBA covers business basics, including marketing, accounting, and ethics. If you wish to work in an administrative leadership position, possessing foundational business knowledge can help you effectively communicate with other business professionals.

Rn To Msn /mba: Masters Clinical Hours / Practicums

Unless the MSN part of the program is preparing you for a nurse practitioner specialty or a related role , there are no specific rules for MSN/MBA practicums. Schools of Nursing are free to decide how much on-the-ground work they want to feature.

Most MSN/MBA programs in executive leadership & healthcare administration follow a similar pattern to nursing administration degrees. That means youll often be expected to complete 100-300 practicum hours in management settings. For example:

• Seton Hall Universitys MSN/MBA has two clinical experiences: an executive internship in health systems administration and an internship in managed care and reimbursement.
• Thomas Universitys MSN/MBA has a 90-hour nursing administration internship where students can apply their knowledge of leadership, financing, and resource management to various healthcare settings.

Dont be afraid to ask the program coordinator about how practicums are organized. You can also talk to program alumni about their experiences. Were the internships relevant? Did you acquire real-world skills? Were you able to apply ideas learned in class?

Special Cases

MSN programs in fields other than administration & education often have minimum clinical hours. For example, Saint Xavier Universitys MSN/MBA in clinical leadership includes 450 practicum hoursjust above the 400 hours cited in AACNs Recommended CNL Practice Experiences .

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Why Should You Get An Online Mba In Healthcare Management

Pursuing an MBA in healthcare management career online gives you the flexibility to balance your studies with personal and professional obligations. In fact, you may be able to apply what you learn in your studies directly to your job, allowing you to build up your resume and your portfolio before you graduate.

While an MBA covers the basics of many different topics — such as finance, leadership, and marketing — many programs offer the opportunity to specialize in a specific area. These specialties prepare learners for specific roles in the industry.

As referenced in the career section above, individuals with this degree can earn average yearly salaries between $65,000 to nearly $100,000.

Mba In Healthcare Management

An MBA in healthcare management is the most obvious specialization for RNs looking to take on a leadership role. These programs pair the standard business administration curriculum with classes on topics such as public health systems, regulatory compliance, clinical research, and integrative medicine. Graduates can go on to positions such as director of nursing, hospital CEO, and pharmaceutical manager. According to the BLS, healthcare administration is set to grow 18 percent between 2018 and 2028, adding over 400,000 jobs.

The online healthcare MBA at George Washington University is one of the best in the nation. The 55-credit program includes 24 units of electives, making healthcare not just an afterthought but a focus. Courses cover HCQ analysis, medicine development, patient safety systems, and many others. Students may combine the MBA with one of seven 18-credit graduate certificates: clinical research practice clinical research administration clinical and translational research healthcare quality health sciences integrative medicine or regulatory affairs.

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How To Choose The Best Degree Program

Given the complexity of the healthcare industry, the variety of professional paths, and number of certificationsit can be an overwhelming challenge to identify your best options. So whether you are looking to earn a Healthcare MBA, or you want to know where you can go with it after graduationlook no further.

What Is A Phd In Business Good For

It is customary for PhD programs in business administration to focus on developing new theories and preparing candidates for careers in academia, teaching, and conducting highly specialized scholarly research. Graduate students can also become senior researchers at government and commercial organizations.

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Your Frustration May Stem From A Job Problem Rather Than A Career Problem

A mismanaged organization with a poor culture, a bad boss, burnout or lack of progression can make nurses feel inadequately empowered in an otherwise very rewarding career. The everyday stress of patient care combined with little support from an employer is a formula for very understandable impatience to find something new.

Sometimes an addition of knowledge, skills and attitudes can be empowering as an individual and help you reinvigorate your career to a new and exciting future.

Most Promising Sectors Of The Job Market

What is most surprising about these numbers is that the government is usually least competitive when it comes to compensation opportunities in the job market. The managing of federal budgets typically leads to conservative salary offerings. This however, does not seem to be the case with health and medical services management, in fact, government-funded salaries exceed the median salary of the private market, albeit not by much.

Lets take a look a little closer at the industries in which these jobs are positioned:

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How Can Students Set Themselves Apart From Fellow Mba In Healthcare Management Graduates

The key is the ability to communicate — both in writing and orally. In today’s electronic and social media environments, I see communication skills seriously deteriorating. The world of healthcare management continues to require relationship building — both internally and externally — so communication skills are critical. In addition, the ability to write coherently is a requirement, even in a world of text messaging.

What Jobs Can I Get With An Mba In Healthcare Management

With an MBA in healthcare management, you can become an administrative services director at a hospital, doctor’s office, nursing home, or acute medical facility. After significant work experience, you can serve on the leadership board for one of these organizations, becoming a partner, president, or chairperson of the board.

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Best Things You Can Do With A Mba Degree

Students and professionals who earn an MBA are on a path to a very rewarding and dynamic career. The direction and nature of your MBA career path will vary depending upon the concentration and occupation that you are most interested in. You will find that there are many business-related jobs today that are growing quickly in demand and potential salary.

As you are deciding upon which MBA degree you want, check out our detailed list below of the most awesome 25 MBA career options: