PharmEm, what are YOU looking to get out of the program? When you ask things like "what are some possible options with a MS degree, other than hospital admin," it makes me wonder if a hospital administration residency is what you really want or if you're not so keen on the administrative side of things. For example, and I think p-rog was getting at this... the University of Texas offers a 2-year psych residency with accompanying MS degree. My thought is that you could potentially do something very different with that background than with the traditional 2-year administration residency.
I would assess your interests and long-term goals a little more. You don't have to have it all figured out... I used to tell interviewers that I knew what I wanted one and three years out, but I never had a 10-year plan in mind. In fact, I still don't. Anyway, if you are still considering the MS track when you're applying for residencies, make sure you ask each program what their residents have gone on to do. If those things are in line with your interests, maybe the fit will be a good one. (You should actually be asking that question at every program to which you apply.)
This question is probably going to come off wrong, but are you interested in the combined MS/residency programs because you want to do something different than your peers and/or add letters to your title? As someone who is finally getting around to getting an MS degree after 2 years of residency, I'm happy I waited. I initially thought I wanted an MPH just because I knew other people who had them who were doing what I thought I wanted to do... but I waited it out and found a program that offers classes that excite me and a future that is in line with my goals.
Sometimes you just need to explore your options and ask questions like "What else can I do with [fill in the blank]? Is [fill in the blank] really what I want to do, or am I trying to make it fit?" The reason I bring this up - and I admit that I may be totally off base in your case, PharmEm - is that when I was interviewing for PGY-2 residencies, I interviewed for geriatrics spots and others, including psych, internal medicine and palliative care. The way I found out that geri was my best fit was because in interviews with other specialty programs I found myself asking them things like "So how much Alzheimer's do you see? Will I rotate through a geriatric medicine service? Do you do hospice in nursing homes or just on oncology wards?" It's amazing what you learn about yourself in situations like that.
This post was much longer than I wanted it to be, and I hope I didn't offend you by posing tough questions. I've just been in the position before where I know what I want but am reluctant to admit it... Maybe you're ahead of the game and I'm way off base, but either way hopefully you realize I'm trying to be constructive and not critical.
