Question

Why are finance and accounting courses important for aspiring and current nurse leaders?

Answer 1

1. You will understand how a hospital functions as a business.

MBA degrees help nurses understand how business and finance relate to healthcare.

Michelle D. Metzger is a registered nurse (RN) who earned her Master of Science in Nursing Administration (MSN) and an MBA in 2013. As the current Department Chair of Nursing at Herzing University and with more than 20 years’ experience as a Certified Nurses’ Assistant (CNA), Metzger has a wealth of experience in both patient care and the business side of nursing.

“Nursing is just as much a business as it is the art of caring for people. Nurses must understand the driving force behind the financial decisions made by hospital CEOs and CFOs if they want to gain a foothold in the decision-making process,” says Metzger.

How do hospitals charge for care and gain reimbursement? What is classified as inpatient versus outpatient? Knowing the answers to questions like those will help nurses understand how hospital functions and what it can do to serve its patients better.

Metzger adds, “Nurses who understand how a business works will be able to influence the future of nursing, providing insight and solutions that address both the needs of the patient and the demands of the hospital.”

2. You will develop strong management and leadership capabilities.

With an MBA, nurses can become better leaders and decision-makers. A background in business helps nurses understand insurance reimbursements, cash flow, expenses, budgets and labor costs. Managing a budget is an essential part of a nursing leader’s job; they must figure out how to operate within a budget to ensure they get the funding they need to maintain a thriving nursing unit.

3. Excellent job opportunities in leadership & administration.

MBA degrees (and MSN degrees) can open the door of opportunity to more leadership positions in nursing, or even advance to senior leadership positions and executive level roles, including job titles such as:

Nurse Manager. Nurse Managers oversee a team of nurses and additional healthcare staff. You’ll have a critical role in patient care and improving outcomes for an organization.

Nurse Administrator. Nurse Administrators are responsible for a wide array of managerial roles within a healthcare institution with the primary purpose of delivering the best patient care. Learn more about the requirements to become a nurse administrator.

Healthcare Manager. You’ll learn the inner workings of the healthcare system, helping hospitals, small practices, insurance companies and other institutions adapt to evolving trends in healthcare. Learn more about what healthcare managers do.

Health Information Manager. You are the manager of all healthcare information—you’ll often find this kind of job available in large institutions or hospitals with several medical facilities. Read about what health information management is and more details about a manager's responsibilities.

Director of Nursing (DON). A Director of Nursing is a RN who manages the care of all patients in a healthcare institution. It’s a supervisory role in which you’ll facilitate communication between patients and doctors, as well as manage staff.

Chief Nursing Officer/Executive (CNO/CNE). These titles are used for the highest management position in nursing. CNO/CNE’s are the senior nursing supervisors charged with improving patient care. They are part of the C-Suite level executives.

Chief Financial Officer (CFO). The CFO is responsible for a medical facility’s operating costs and keeping control of the budget. Being in charge of a business’ finances is a major responsibility, and earning an MBA is a crucial qualification to be considered.

Chief Operating Officer (COO). The COO is a corporate executive responsible for a company’s ongoing business operations.

Chief Executive Officer (CEO). The highest ranking executive in a company. You’ll be in charge of making big decisions for the business and manage the resources and operations of the company.

Job descriptions associated with the title will vary based on the medical organization. Ongoing experience as a registered nurse plus an MSN/MBA degree can put you in the running for these kinds of positions.

The employment outlook in the healthcare industry is very positive moving into the 2020’s given developments in demographics. According to the Bureau of Labor Statistics, across all of healthcare employment is projected to grow 18 percent from 2016 to 2026.

5. Pair an MSN with an MBA and become highly qualified.

Your qualifications as a nursing leader with an emphasis on the business of healthcare will jump off a resume.

A nurse practitioner with a master’s degree may seek an MBA to better their business skills and start their own practice, or join another in a business leadership role.

A nursing educator with many years teaching in a clinical practice and an MSN may earn an MBA to pivot their career in a business direction.

A nursing leader or administrator with an MSN can add an MBA to their resume to make them highly qualified for a position in business leadership in a medical institution.

6. It’s a great idea if you’ve considered a career change from nursing to business.

You’ve already invested heavily to obtain your nursing degree, but the job isn’t living up to your expectations. Going back to college for something new is a daunting prospect. However, your new degree can help you open doors that may not have been available to you before.

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.

The best answer might be advancement rather than outright career change.

You have a wealth of experience in a high value field and you can use it to your advantage. A career change from bedside nursing to business or leadership is a common way for nurses to take the next step into new responsibilities.

Nurses who earn an MSN or MBA will be strongly considered for business and leadership roles in healthcare facilities. Combining your experience in nursing with a master’s degree puts you in an excellent position for a fresh new role in healthcare

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