4 Essential Business Skills for Nursing and Healthcare Professionals

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Nurses of the modern health care age are swiftly shifting out of the traditional mold of patient care. Long attached to the bedside, nurses are now finding a place in a variety of medical specialties that require a broader set of specialized skills. And, nurses armed with nursing business skills are quickly becoming leaders in health care by helping to forge a new and advanced health care system.

Meeting with healthcare staff

MSN/MBA dual degree options bring nurses to the business table

Through their interdisciplinary approach, MSN/MBA dual degree programs such as those taught at King University are making waves in health care education circles as nurses with business training show signs of having a significant impact on the business of health care, including overall costs and outcomes. These types of programs bridge advanced nursing skills with a broader understanding of business concepts and their connection to health care, giving nursing students a more robust and diverse education that applies to the field.

Read on to learn how these specialized online MSN programs deliver business training to nursing professionals in today’s health care industry.

Human resource management:

1Nurses are a valuable asset to the health care workforce and make up the largest employee sector in the industry. Recruiting qualified applicants and retaining experienced professionals is critical to the effectiveness of a particular health care facility. Human resource training provides the tools needed to bolster your facility’s workforce with top nursing talent. And, you will gain the skills needed to facilitate effective policy and procedure training so new department hires can seamlessly transition into your workforce. It also offers you workplace management skills such as conflict resolution, negotiation tactics and workflow administration processes to increase employee satisfaction, which leads to an improvement in overall productivity and helps to strengthen health outcomes. As a nurse manager, human resource training helps you to secure an effective nursing workforce that is on the same page when it comes to health care efforts.

Strategic management

2The business plan of a hospital or health care facility is a carefully crafted document that goes through many channels for development and requires vast input from various stakeholders for maximum effectiveness. As an MSN-prepared nurse manager, you may be called in to help formulate strategic business operation plans for your department or facility, and you will be called on to share responsibility with other organizational leaders in its facility-wide implementation. Business training will help you become familiarized with a basic business plan, including a SWOT analysis detailing organizational strengths, weaknesses, opportunities and threats.

Financial management

3Health care, like many industries, is a numbers game. Health care administrators are looking to drive profits while scaling back costs where possible to stay on the positive side of revenue growth. These professionals are looking to their department leaders to help establish, monitor and manage annual budgets in an effort to control costs and maximize spending. A nurse manager may be asked to forecast year-to-year spending, evaluate potential expenditures such as new technology and manage staffing levels to control departmental costs. Business training will provide insight into the complex field of finance by arming you with a basic understanding of terminology, report structures and formulas. As a nurse manager, it is often your responsibility to oversee unit budgets and provide succinct reports to administrators.

Communications

4Business training helps nurses master high-level communications skills required to effectively lead medical units within a health care setting. These skills include both written and oral communications for effective leadership. Nurse managers act as the gatekeepers of patient information reporting to physicians, family members and other staff. Effective communications between stakeholders also helps to bolster operations, secure patient treatment plans and streamline processes.

Whether as part of an MSN degree program or supplemental courses, business training provides nurses with valuable skills to be an effective team member within a new health care environment.