Online MBA Spotlight: Dual MSN/MBA

Healthcare is on track to become the largest job sector in the U.S. within the next few years, with registered nurses (RNs) comprising the largest group of healthcare providers. In 2014, the U.S. was home to more than 2.7 million registered nurses. The Bureau of Labor Statistics (BLS) reports that the U.S. is now home to nearly 3 million RNs, with a projected 15% increase in employment for the 2016-2026 decade. This, says the BLS, is much faster than the average 7% for all occupations.

Within the field of registered nursing, there are dozens of opportunities to specialize with specific patient groups or advance to the highest levels of nursing such as nurse anesthetist, nurse practitioner, critical care nurse, medical-surgical nurse, nurse administration or medical and health service management. Some advanced care nurses, such as nurse practitioners (NPs), choose to open their own practices (currently 22 states allow nurse practitioners to practice independently), while others have their sights set on administration or management.

Though the path from advanced care nurse to management, administration or entrepreneurship is shorter than the path for entry- to mid-level RNs, (advanced care nurses already have a Master of Science in Nursing - MSN), entering the business side of healthcare can present challenges. For example, the biggest challenge for NPs entering private practice is making the switch from caring for and educating patients in a hospital or clinic setting to managing the day-to-day responsibilities involved in running a business while serving as the primary health care provider to patients.

The good news is RNs who already hold an MSN can earn an MBA in as few as 12 months, while those with a Bachelor of Science in Nursing (BSN) can earn a dual MSN/MBA. The dual option takes less time to complete than taking the two programs separately.

About Dual MSN/MBA Programs

The dual MSN/MBA prepares experienced RNs to develop cross-functional business management skills and leadership competences in nursing. Topics explored typically include managerial accounting, economics, managerial finance, operations management, marketing management, leadership and management, quantitative methods, leadership theory and application, theoretical foundations for nursing roles and practice, and ethics in the healthcare system, to name a few. Sample core course titles often include:

• Accounting Practices
• Economics
• Ethics, Policy, and Finance in the Health Care System
• Evidence-Based Practice Project
• Finance Principles
• Health Care Research Analysis and Utilization
• Leadership and Organizations
• Leadership Styles and Development
• Managerial Accounting
• Managerial Finance
• Marketing Management
• Operations Management
• Organizational Development and Change
• Quantitative Methods
• Strategic Management
• Theoretical Foundations for Nursing Roles And Practice

Besides a comprehensive curriculum that can prepare graduates to open their own practices or enter high-level positions such as chief nursing officer, vice president of patient services or chief executive officer, dual MSN/MBA programs often offer the opportunity to gain real-world experience through multiple activities. Students can expect to complete both clinical and business internships, engage in study abroad experiences, and enroll in experiential learning activities locally, overseas or both.

Online MSN/MBA Programs

If a dual MSN/MBA sounds like a path you would like to take, you’re in luck. Thanks to an increased demand for nurses with a business background, dozens of schools in just about every region offer the opportunity to complete this combined degree program. Even better news is a good number of schools offer the program 100% online or in hybrid format. In addition to the schools already listed, program options include:

• Benedictine University, Daniel L. Goodwin College of Business and the Department of Nursing and Health, Lisle, Illinois
• Indiana Wesleyan University (IWU), DeVoe School of Business and the School of Nursing, Marion, Indiana
• Lewis University, College of Business and the College of Nursing and Health Professions, Romeoville, Illinois
• Liberty University, School of Business and the School of Nursing, Lynchburg, Virginia
• Saint Joseph’s College of Maine, Business Department and the Department of Nursing, Standish, Maine
• Saint Xavier University, Graham School of Management and the School of Nursing, Chicago, Illinois
• Xavier University, Williams College of Business and the College of Professional Sciences, Cincinnati, Ohio

And that’s just the beginning! Use our interactive map to find information on schools and colleges offering Online MBA programs in your state and across the U.S.

Sources

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