Nursing vs. Healthcare Management: Choosing Your Path

Nursing vs. Healthcare Management: Choosing Your Path

If you’re torn between advancing your career in nursing or pursuing healthcare management, read on to gain insights into both options and determine which aligns better with your aspirations. Are you contemplating furthering your nursing career? Nursing and healthcare management are two viable paths, both offering attractive salaries, a positive job outlook, and the chance to make a meaningful impact.

When deciding between nursing and healthcare administration, consider the educational approach for each field. You can advance your education by pursuing a Master of Business Administration (MBA) with a focus on business and administration or a Master of Science in Nursing (MSN) specializing in advanced clinical nursing skills.

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Keep reading for a comprehensive comparison of nursing vs. healthcare administration, including salary potential, educational prerequisites, and roles and responsibilities.

In Brief: Nursing vs. Healthcare Management

Source: U.S. Bureau of Labor Statistics (BLS)

Career Path: Healthcare Management

1. Steps to become a healthcare administrator with a graduate degree:
a. Obtain a bachelor’s degree from an accredited institution.
b. Hold an active registered nurse (RN) license.
c. Accumulate two to three years of experience in an RN role.
d. Complete an MBA degree.

2. Earning a Healthcare Management Degree
Admission requirements:
a. Possess a bachelor’s degree from an accredited institution.
b. Demonstrate two or more years of work experience in clinical or administrative nursing.
c. Submit a college essay.
d. Achieve a Graduate Management Admission Test (GMAT) score exceeding 600.
e. Provide recommendation letters.
f. Present a resume.
g. Submit official transcripts with a minimum GPA (often 3.5 or higher).

Understanding Healthcare Management

3. Duration of the program:
Standard MBA programs typically span two years for full-time students. Accelerated programs enable you to earn an MBA in as little as one year. Part-time study can extend the duration.

4. Curriculum:
MBA programs entail around 30-60 credit hours, with an average of 36. For instance, the Wharton MBA curriculum divides its 19 credits among three tracks.

5. Skills acquired:
a. Leadership
b. Communication
c. Analytical thinking
d. Attention to detail
e. Interpersonal skills
f. Technical proficiency

6. Roles in Healthcare Management
Work settings:
Healthcare administrators are employed in hospitals, nursing homes, and medical practices, overseeing various aspects of facilities, departments, or groups of physicians.

Degree requirements:
a. A bachelor’s degree from an accredited institution is a prerequisite.
b. Most employers prefer a Master of Business Administration (MBA) degree.
c. Specific certifications or specialty licenses may be mandatory depending on the state and role.

Roles and responsibilities:
Numerous roles are available for nurses with an MBA, each with varying responsibilities depending on the chosen specialty.
Positions include:
a. Chief nursing officer
b. Nurse administrator
c. Director of nursing
d. Nursing home administrator
e. Human resources manager
f. Hospital finance officer

Responsibilities encompass:
a. Enhancing processes and patient care
b. Developing and analyzing budgets
c. Establishing and managing objectives and policies
d. Ensuring facility compliance with industry standards
e. Scheduling, hiring, recruiting, training, and supervising professionals
f. Managing billing and financial aspects

Salary:
As per the Bureau of Labor Statistics (BLS), the median annual wage for medical and health services managers was $104,280 in May 2020, with a range of $89,880 to $116,380.

Current demand:
Due to the aging baby boomer generation and advancements in medicine and technology, the demand for healthcare professionals continues to rise. This translates to an increased need for administrators to efficiently organize and manage facilities.

Job outlook:
The BLS projects a 32% growth in employment of healthcare managers from 2020 to 2030. This rate of expansion surpasses the average for all occupations and is predicted to outpace other management occupations by 23%.

Career Path: Nursing

1. Steps to become an APRN with a graduate degree:
a. Attain a bachelor’s degree from an accredited institution.
b. Accumulate one year of experience in a nursing role.
c. Earn an MSN degree.
d. Obtain APRN certification.

2. Pursuing a Master’s Degree in Nursing
Admission requirements:
a. Hold a Bachelor of Science in Nursing (BSN) from an accredited institution (accelerated RN-to-MSN programs accept students with an associate or a bachelor’s degree in another field).
b. Possess an active RN license.
c. Submit official transcripts with a minimum GPA (many programs require a GPA of 3.5 or higher).
d. Provide recommendation letters.
e. Write an academic essay.
f. Some programs require one year of clinical experience.
g. Certain programs require Graduate Record Exam (GRE) or Miller Analogies Test scores.

3. Program duration:
An MSN degree typically takes two years for full-time students to complete. Accelerated nursing programs offer the possibility of earning an MSN in one year. Part-time enrollment may extend the duration.

4. MSN program curriculum:
The curriculum of MSN programs varies based on the institution and concentration, spanning from 36 to 60 credits. Accredited programs adhere to the American Association of Colleges of Nursing’s Essentials of Master’s Education in Nursing framework.

5. Areas of focus encompass:
a. Education and advanced nursing education
b. Proficiency in nursing practice
c. Person-centered care
d. Population health
e. Scholarship in the nursing discipline
f. Quality and safety
g. Interprofessional partnerships
h. Systems-based practice
i. Nursing informatics and healthcare technologies
j. Professionalism
k. Personal, professional, and leadership development

6. Skills acquired:
a. Communication
b. Critical thinking
c. Compassion
d. Attention to detail
e. Interpersonal skills
f. Resourcefulness

7. Roles in Nursing
Work settings:
APRNs fulfill roles in various healthcare environments, including hospitals, clinics, physicians’ offices, and outpatient facilities.

Roles and responsibilities encompass:
a. Certified registered nurse anesthetist (CRNA): CRNAs administer anesthesia to patients undergoing surgery or medical procedures.
b. Nurse practitioner (NP): NPs diagnose conditions and prescribe medications within their scope of practice.
c. Clinical nurse specialist (CNS): CNSs possess expertise in assessing, diagnosing, and treating patients.
d. Certified nurse midwife (CNM): CNMs provide healthcare and counseling to women across various life stages, including disease prevention, family planning, prenatal care, childbirth, and postpartum care.

Salary:
As stated by the BLS, the salary range for nurse anesthetists, nurse practitioners, and nurse midwives in 2020 was $111,130 to $183,580, with a median salary of $117,670 per year.

Current demand:
Advanced practice nursing is a sought-after profession due to the shortage of physicians to meet patient needs. APRNs often provide similar care, and the shift towards preventive care and an aging population further drives demand.

Job outlook:
According to the BLS, the overall employment of nurse practitioners, nurse anesthetists,

and nurse midwives could increase by 45% from 2020 to 2030. This profession is growing faster than the average for all occupations and is projected to have 33% more available jobs than other healthcare diagnosing or treating practitioners.

Nursing vs. Healthcare Management: Frequently Asked Questions

1. Can a nurse become a healthcare administrator?
Yes, a nurse with a BSN can work as a healthcare administrator. Advanced education in business or administration, essential credentialing, and specialized clinical experience put you in a strong position for employment. An MBA or Master of Health Administration (MHA) is highly desirable for this role.

2. What is the difference between healthcare administration and nursing?
Comparing healthcare administration with nursing, healthcare administration focuses more on the business and management aspects. You may collaborate with the healthcare team and physicians while concentrating on facility operations, standards, and budget. As a nurse, particularly an Advanced Practice Registered Nurse (APRN), you engage in direct patient care, managing and treating patients independently or under physician guidance.

3. Is healthcare administration a good career choice?
Certainly, healthcare administration offers promising career prospects. It provides a steady income stream and experiences faster growth than other management occupations.

4. How valuable is a healthcare administration degree?
Having an advanced degree in healthcare administration presents you with an industry-leading salary and a variety of job prospects in different settings.

Undecided? Consider Earning a Dual Degree
Opting for a dual MSN/MBA degree equips you with a blend of clinical leadership and business management expertise. This dual degree opens doors to high-ranking nursing positions.

Admission requirements:
While prerequisites vary by institution, a BSN from an accredited school is required to enter an MSN/MBA program. Holding an active RN licensure is also mandatory. Additionally, schools may require GRE/GMAT test scores and a minimum GPA.

Time to complete:
Typically, a full-time student can graduate in three years. Some schools also offer accelerated options. Part-time enrollment may result in a longer time commitment.

Credits required:
54-65

Curriculum:
MSN/MBA programs have different tracks that include core courses on:
– Leadership in healthcare
– Nursing administration
– Accounting for management control
– Legal, regulatory, and economic management

Job opportunities:
A dual MSN/MBA offers the opportunity to work in high-profile roles, such as chief nurse executive, chief nursing officer, nurse administrator, director of nursing, director of compliance, or director of care management. This, in turn, earns them the respect of their colleagues.

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