Health Care Financial Management For Nurse Managers- Is Online Right For You?

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A Nurse Manager Career

Online nursing degrees are in great demand as there is a glaring gap between the demand and supply of trained nurses all over the world, especially in the United States. Among the various online master’s degree programs in nursing, health care financial management for nurse managers is becoming a popular choice. By specializing in financial management along with nursing, your opportunity in the job market may increase significantly as the number of people with this specialized post graduate degree is very low.

Is Health Care Financial Management in Nursing Your Cup of Tea?

You should be well prepared to work long hours and tight schedules, but what nurse is not? Weekend or evening emergencies should be anticipated. Some of you might also be required to travel locally as part of your job. You should have strong physical stamina and mental endurance to handle this job. If all of this, along with service to mankind is what you think you are meant to do, then move ahead to learn more about the skills and courses required to be a Nurse Manager in Financial Management.

Best Suited for Whom?

This online nursing degree program is especially designed to enhance the knowledge of registered nurses who are unable to attend campus programs for higher education and also wish to diversify their career possibilities in the highly challenging health care environment of today. The program brings together the conventional nursing theory with financial/business topics.

Degree Overview

Online healthcare financial management for nurse managers covers the principles of financial accounting as well as the assessment of financial statements. The curriculum broadly covers the concepts of cost and revenue and its role in financial management. In this course, students learn about the budgeting process, strategic planning, and development of a business plan along with elaborate spreadsheet applications.

Some of the topics covered in the courses include accounting principles and financial statement analysis, revenue and cost management, management control of budgeting processes, strategic health care planning, and business plan application.

Skills Required

Management, leadership skills, timely decision making, delegation and trouble shooting are the greatest qualities a candidate should possess for this career. You should be able to function within a hypothetical budget and should be good at financial management of hospital units along with multitasking.

What Will You Learn?

Students are taught to create solutions for a host of problems in crisis management, profitable growth opportunities, and change leadership. You would be trained to apply various financial tools and to find solutions to potential problems in a healthcare setting. Various healthcare concepts and decision making models that are widely used by managers in today’s healthcare environment would also be taught in detail through this degree. Some of the financial management topics covered are management of the business enterprise, resource optimization, sustainable customer relationships and strategies for competitive advantage among various other management topics.

Career Openings

The degree would assist the graduate to obtain a nurse manager position, lead a nursing department and manage other nurses. This online master’s degree program in nursing prepares the degree holder to be in a nurse management role by teaching finance and administration skills. Upon successful completion of the degree, students can work in hospitals and health care institutions. The program is instrumental in training nurse managers to implement and evaluate hospital and departmental policies, and procedures and to promote excellence in patient care and patient outcomes.

In such roles, one would be responsible for the optimal utilization of staff and material resources so that cost effective patient care is ensured. The job demands advanced knowledge of general nursing theory and its application to solve problems which are effectively covered in the course.

If you think this is the right choice for you, then next it’s time to find colleges that offer this degree. Some universities including the much celebrated University of Phoenix offer quality degree programs for Health Care Financial Management for Nurse Managers.