Why nurses need solid business knowledge in healthcare

My first professional degree was in Business Management and Administration. So, I can tell you, hands-down, that having a business background has helped me tremendously when navigating healthcare from the bedside. My business background gave me the confidence needed when leading a meeting full of top healthcare executives regarding practice and policy changes that would have financial implications, but ultimately result in positive patient outcomes. 

As nurses, we gain clinical experience in different areas of patient care but eventually start “wanting more” out of our everyday professional responsibilities. Personally, after about four years of working in direct patient care, I craved more education. However, I chose the common pathway, which included getting an advanced degree in nursing education. I did this without looking at the other available options, especially when wanting to be more involved in the decision-making process of nursing instead of implementing the protocols. Because I had a business degree, I could have easily transitioned into a Master in Business Administration (MBA) degree. But, because of my nursing background, a clinically-focused degree was the most common pathway. Additionally, the timeframe that many programs have to complete an MBA turned me off from that route. But if programs like the Mini-MBA in Healthcare were available, who knows, maybe I would have gone for it! 

An MBA complements a nursing degree in so many ways. A Mini-MBA is an excellent alternative to the MBA because it:

Why do nurses need business knowledge?

1. Clinical skills: Nurses in executive or leadership positions bring clinical and patient-care skills to the table. With clinical and business knowledge, you have a say in implementing change.
2. Management and leadership opportunities: Business knowledge gives you a competitive edge when applying to management and leadership positions. Opportunities include becoming a nurse administrator, director of nursing, and even chief nursing officer.
3. Higher salary: Having business knowledge not only helps you navigate the business of healthcare but also comes with a nice pay increase. According to the U.S. Bureau of Labor Statistics, the 2020 median pay for nurse administrators was $104,280 per year ($31,680 more per year than registered nurses).  
4. Less bedside burnout: What is the number one reason registered nurses want to advance their education? You guessed it: bedside burnout. Many nurses choose administrative positions to leave the bedside. However, when it's time for a promotion to an administrative position, many hospitals give preference to nurses with an advanced degree.

You don't need a full MBA to move into leadership positions. What you need is a practical approach to gaining real-world knowledge, business fundamentals, and a strategic mindset to help organizations grow and thrive. 

OpusVi and Eller Executive Education’s Mini-MBA in Healthcare prepares you for current healthcare business administration. It teaches you how to strategically communicate and make decisions that will solve real business challenges that will result in positive results.