Accelerating challenges and rising healthcare costs are driving innovation in the industry, and a new breed of leader is necessary to facilitate the right changes in healthcare. The rise in healthcare costs, telemedicine explosion, digital transformation, big data, AI/ML, changing clinical trials and reshaping portfolios of significant health providers are all rapidly altering the industry landscape.
In 2020, COVID-19 struck and exposed more issues in 20th-century healthcare models still in use. The pandemic left major institutions reeling and accelerated the need for effective information sharing and coordination between medical and government institutions. In 2022 and beyond, the old way of doing healthcare is dying, and the system is in a much-needed transformation.
Today’s aspiring healthcare leaders need dual business and healthcare training in order to help facilitate industry adaptations to new ways of doing business and providing care. These leaders must be able to deal with today’s issues and use technologies and tools to forecast developing challenges. The Dual Degree Master of Science in Nursing Master of Business Administration (MSN-MBA) online program from Lamar University expedites the necessary training while minimizing program costs to produce leaders capable of developing and implementing business and healthcare solutions to complex issues.
Students can complete the 100% online dual MSN MBA program in as few as 36 months, enabling them to continue working while earning a dual degree. The total program cost is just $25,681, and there are five start dates per year.
The benefits of a combined MSN MBA program are career growth, increased earnings and the potential to contribute one’s talents for greater influence and results. Lamar University’s MSN MBA program prepares students to advance into managerial, directorial and executive roles within a wide range of organizations and settings, from hospitals and medical office systems to pharmaceutical companies and government agencies.
The outlook for medical and health services managers is exceptional, according to the U.S. Bureau of Labor Statistics (BLS). The median pay is $101,340 per year with just a bachelor’s degree, but considerably more for those with advanced degrees. Job growth between 2020 and 2030 is projected to be much faster than average at 32% and 139,600 new positions.
Lamar University Is Preparing Next Generation Leaders With the Dual MSN and MBA Online
Lamar University’s dual MSN MBA online program combines core business coursework, leadership and advanced healthcare policies to give students the expertise to lead and shape the future of healthcare. Students will expand their nursing expertise, discover methods for developing business solutions to complex healthcare issues and learn to set organizational policy and priorities in healthcare.
The core MBA coursework provides intensive training in the business side of healthcare. Coursework covers topics like managerial accounting, financial and marketing management and data analysis to improve decision making. MSN coursework covers topics such as healthcare technology for nurse administrators, nursing research, allocation of resources and the ability to implement project proposals and disseminate outcomes. There is no minimum work or clinical experience required for this program.
The program’s dual business and nursing structure provides the foundational knowledge for the leadership positions of tomorrow — roles that increasingly require merging expertise in both areas. These are positions in the highest demand, with the most significant levels of influence and the most substantial compensation. Here are just a few examples of the roles for which this program can prepare graduates, including earnings expectations as of May 2022:
Healthcare Services Administrator: Median salary of $81,279
This position leads and manages healthcare system services for a provider, focusing on hiring staff, budgeting, finances and clerical and support processes.
Chief Medical Officer: Average salary of $214,596
This role functions as the highest management level for a hospital or medical group. The chief medical officer plans and implements strategies for patient care and oversees all personnel and medical services.
Registered Nurse Manager: Median salary of $97,391
This position oversees assigned caseloads, develops nursing care plans for each resident, reports changes in the condition of residents to physicians, communicates with patients and participates in educational programs.
Health Care/Hospital Administrator: Median salary of $97,391
This role is responsible for managing facility finances, overseeing budgeting, ensuring regulatory compliance and delegating responsibilities to department heads. The health care/hospital administrator also hires and supervises administrative managers and staff.
Public Health Administrator: Median salary of $69,381
This role coordinates medical treatment programs, manages budgets, maintains healthcare standards and oversees operations. The public health administrator may also market new treatments and policies to the public.
The versatility and flexibility of Lamar University’s program enable students to build a leadership career in any area of healthcare and even start their own organization or clinical practice. If you aspire to the highest levels of healthcare leadership in a fast-changing, innovating field, this program may be your key to career success.
Learn more about Lamar University’s online Dual Degree MSN MBA program.