Does an NP Need an MBA to Own a Business?
Does an NP Need an MBA to Own a Business?
If you are a nurse practitioner looking to branch out and start a business, learn how a Master of Business Administration (MBA) can benefit you as a business owner and the alternatives to obtaining an MBA.
Understanding the Role of an NP in a Business Setting
As a nurse practitioner (NP) owning a business, you will take on different roles and responsibilities, often operating at the intersection of healthcare and business management.
Primary Responsibilities
Your main job is to provide patient care – assessing patients, making diagnoses, and treating illnesses and injuries. You will manage patient treatment plans, provide health counseling, and give physicals. As a licensed, independent practitioner, you must keep up-to-date with advancements in the medical field to provide the best care possible to your patients, their families, and the community. Apart from this, you will need to interpret diagnostic tests and prescribe medication when necessary.
Business Management
From a business standpoint, you will be responsible for the efficient running of the business. This involves formulating and implementing business strategies, marketing, budget management, and staff recruitment and training. You get to decide on the services you provide and personally ensure they are up to your set standards.
Compliance
In the business environment, you must ensure compliance with various regulations. You’re responsible for patient privacy, upholding ethical standards, complying with healthcare laws, and ensuring medical practices meet recommended safety standards.
Relationship Building
As the face of the business, you will be responsible for building new relationships while fortifying existing ones, including patients, suppliers, healthcare providers, and other stakeholders. Your ability to create a network is crucial to the success and growth of your business.
Staff Leadership
When you operate a business, you’re not just a healthcare professional. You also become a leader guiding your staff and ensuring they perform to the best of their abilities. This involves coordinating with other healthcare professionals, providing educational opportunities, and implementing performance measures for staff members.
Recommended Resource: Starting a nurse practitioner clinic: Legal considerations.
