Getting a degree of MSN or MBA in nursing leadership & administration makes a registered nurse eligible for lucrative career alternatives and helps them in various business areas of nursing. A registered nurse with MBA in healthcare management can get higher positions with a handsome salary package. Basic education programs of registered nursing don’t always prepare scholars to look beyond getting their undergraduate nursing degrees. After all, these education programs are often developed to get nursing scholars to a certain endpoint. Several nursing scholars had no idea about the ways they could pursue to advance their nursing education and career.
There are a lot of high-level (additional) career path choices that a registered nurse may be interested in. Earning an MBA (Master of Business Administration) degree has tons of benefits but is generally overlooked by registered nurses willing to pursue their nursing education. However, only a few know what exactly they can do with an MBA degree in nursing. It can be a superfluous way for registered nurses to grow in their field and get many lucrative opportunities. This blog is based on the benefits of MBA for nurses; read further to know those benefits.
An MBA degree can help a registered nurse understand and know core business principles and let them come up with extensive solutions to critical situations and challenges in the nursing field. Here is why an MBA degree is necessary for a registered nurse:
A Registered Nurse Will Understand How A Facility Works As A Business
Getting an MBA degree can help a registered nurse understand how a hospital facility functions as a business and how finance relates to healthcare. You can look online to get enrolled in the best MBA programs for nurses.
According to the I’Kare Consulting Firm, “Nursing is as much a business as it is the profession of taking care of patients. A registered nurse must know and understand the driving energy that functions behind the financial decisions and choices made by hospital CFOs and CEOs if they are willing to achieve a foothold in the decision-making process.”
How do hospital facilities charge for patient care and get reimbursement? What is the difference between outpatient and inpatient? Having the answers to such questions will aid a registered nurse in understanding how a hospital facility works and what additional it can do to succor its patients better.
Our expert says, “Registered nurses who know and understand how a business function will be able to impact the future of healthcare nursing, offering solutions and insights that detect both the demands of the hospital and the requirements of the patients.” A registered nurse with MBA can add value to their career and work in various advanced positions.
Here is why getting an MBA degree is beneficial for a registered nurse:
You Can Develop Leadership Capabilities & Vigorous Management
With an MBA degree, registered nurses can develop strong leadership skills and become good decision-makers. A strong business background aids registered nurses in understanding cash flow, insurance reimbursements, budgets, expenses, and labor costs. Administering a hospital budget is vital for a nursing leader’s job role. As a registered nurse leader, you must determine how to function within a budget to ensure you receive the funding to maintain an evolving nursing unit.
Lucrative Job Options In Administration & Leadership
MSN and MBA degrees can introduce many lucrative job opportunities for you. These job opportunities can be leadership & administration in the nursing field or even higher positions such as senior leadership and executive-level roles. These job titles can be:
Nurse Managers are responsible for overseeing and handling the entire registered nurses’ team and additional hospital staff. As a nurse manager, you will play a significant role in patient care and enhancing outcomes for a hospital facility.
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Nurse Administrators work in a variety of managerial positions and roles inside a medical institution with the prime aim of dispensing excellent patient care. Visit our official website to know more about a nurse administrator.
In the position of healthcare manager, you will learn the internal functions of the healthcare system. Plus, you will be responsible for assisting hospitals, small practices, insurance agencies & other healthcare institutions adapt to transforming trends of the healthcare industry.
Chief Financial Officer (CFO)
The Chief Financial Officer is responsible for administering a healthcare facility’s operating costs and budget handling. CFO is in charge of a healthcare facility that handles all the finance-related issues. Being a CFO is a significant job position, and getting an MBA degree is a key qualification.
Chief Operating Officer (COO)
The Chief Operating Officer is a corporate healthcare executive responsible for the facility’s ongoing business operations.
Chief Executive Officer (CEO)
The CEO is the uppermost rank in a company or hospital facility. Being a CEO, you will be in charge of making major decisions for the business and administering the operations and resources of the organization.
Job descriptions linked with the title may vary depending on the medical facility. Having good experience as a registered nurse with an MBA/MSN degree can help you get these positions.
Jobs With An Excellent Salary Package
Business executives and medical managers are among the highest-paid job roles, and you can achieve these highest-paid jobs with an MBA degree. However, these jobs involve so much diligence and are hard to earn, but they also come with handsome starting salary packages. So, working hard for these positions is worth it.
Combination Of MSN & MBA Degree Can Make You More Qualified.
Your standard qualification as a nursing leader, along with an MBA degree in healthcare, will jump off a resume.
A healthcare nurse practitioner with a master’s degree may enroll in an MBA program to enhance their business skills and begin their practice or join a facility in a business leadership role. A healthcare educator with several years of teaching in clinical practice along with an MSN and MBA degree can upscale their nursing career in a business field.
A nursing administrator or leader with an MSN can include an MBA degree to their resume to make them well qualified for the highest paying position in business leadership in a healthcare institution.
You Can Even Switch Your Career From Nursing To Business
Being a registered nurse, you might have already spent years obtaining your nursing degree, but the role isn’t living up to your surmises. Returning to college to learn something new is a daunting and time-consuming prospect. Though, an additional degree can aid you in finding opportunities that you may not have been capable of finding before. You may feel agitated from a job that doesn’t excite you anymore.
A misdirected organization with poor management & boss, a bad work culture, lack of progression & burnout can make a registered nurse feel disheartened and lead them to look for something new and more rewarding. The everyday stress of patient care alloyed with slight support from a boss is a formula for very understandable frustration to find something new.
At times the addition of skills, knowledge, and attitudes can entitle you and help you reinvigorate your career to a new and thrilling future. Registered Nurses with an MBA or MSN degree will be highly preferred for business and administration roles in healthcare departments. Amalgamating your standard nursing experience with a master’s degree makes you eligible for an excellent position for a new and lucrative position in healthcare.
If you are a registered nurse with an MSN or MBA degree and want to get hired on a good salary package, visit the official website of I’Kare Consulting Firm right away. We are an emerging healthcare nurse staffing agency striving to deliver the best staff to healthcare facilities and raise the standards of the healthcare industry. Also, if you are a Hiring Manager in a facility and looking for hiring potential and skilled nurse staff, you can rely on us. Visit us now.