Business skill important to NPs?

Trauma Columnist · Sep 24, 2009

Joe - I can tell you that business sense is very important. Things I wished I knew:

1. Billing info - how to chart for the maximum reimbursement.

2. What is the reimbursement amt I'm bringin to the practice?

3. How to order tests under the correct ICD-9 code so that the test is covered and you don't have to spend an hour looking up the correct number.

4. The ins and outs of a private medical practice. For instance, I didnt know the head of a practice may not necessarily be a physician but rather an MBA.

5. The state of healthcare in the US. I'm woefully ignorant on what Medicare/Medicaid plans for the coming years except that they are going to decrease reimbursements.

6. How the APN scope of practice dictates your reimbursement.

These are all things that I should have learned but didn't and now at the end of 3.5 years in practice, I'm coming to realize just how important the business aspect of APN care is.

I was actually in an MSN/MBA program in the beginning but hated the business courses so dropped that and now in many ways, I wished I had finished that.

Christen, ANP · Sep 27, 2009

Any advice on how to learn more about the business side of being an NP? I've bought a medical coding book so I can learn more about coding in general and a book on businesses in general to get started....

allnurses Guide · Sep 27, 2009

I spent a little time with the billing and managed care people at my organization when I oriented. It certainly wasn't enough time to get a through understanding of things, but at least it helped me gain a little knowledge. Insurance and reimbursement are so complex!! And just as an aside, I have an MBA in Healthcare Mgmt, but it's from the early 90s and things have changed tremendously. It would be nice if MSN/NP programs could give us a little more inisght into the business end of things.

elkpark · Sep 27, 2009

This is just sort of a quick aside, but it's interesting to compare the comments on this thread with all the threads on NP education (esp. the transition to DNP programs) here in which people (often non-nurses) characterize courses in NP curricula on management, leadership, business skills, etc., as "fluff" ...

Christen, ANP · Sep 28, 2009

LOL - good point! Those classes are "fluff" in that they aren't challenging in the same way Patho and Pharm are, but they are necessary! I just wish my program had a management / business class - so far, we haven't, and as I've only one more semester to go (!!!), I'm doubtful we'll get into it....

westcoastgirl · Oct 9, 2009

JMHO it depends on your setting. Several of my colleagues (NP, PA) have little interest in learning this and the compensation system doesn't really track the real picture (just volume, not revenue numbers by RVU or otherwise) plus pay is based on seniority. It is actually incredibly frustrating to me (as someone with a business background) to explain this and the importance of it them, but they do just fine without it quite honestly.

Now for an NP with plans to own their own business, that's a different story.

prairienp · Oct 9, 2009

LOL - good point! Those classes are "fluff" in that they aren't challenging in the same way Patho and Pharm are, but they are necessary! I just wish my program had a management / business class - so far, we haven't, and as I've only one more semester to go (!!!), I'm doubtful we'll get into it....

Agreed, they should not be the same as patho/pharm. I think they should be more of a challange! Those non-nursing classes are often out of our comfort zone. We entered the FNP role secondary to understanding patho and pharm. DNP programs will never please everybody.