Interested in a management position. Is it time?

My boss let me know of a mangement position he's thinks I would be good at and I am seriously considering applying.
It's for the Amb. Surgery Dept at my hospital. I think he's telling me something. LOL

I currently work in the OR, have done many jobs, ie staff education, policy and procedures, competencies, set-up a bariactric program, brought new products and reviewed finanical end of products.
In my last review I told my manager that I felt there is no where else for me to go in my dept. and I'm at the top of the wage scale.
I feel I could do a good job but, I'm not sure what a day in the life of a manager is like.

I have worked in the Amb. Dept when they have been short staffed but no true experience.
What can I expect going into a management position?
I understand they may ask me to take a cut in pay due to lack of experience.
How would I negoicate and interview for the position?
And just in general, would like to hear from the experienced managers what their job is like.

Thanks for any and all input