MBA in Healthcare Management: Overview, Scope, and Salient Benefits

MBA in Healthcare Management: Overview, Scope, and Salient Benefits

The healthcare industry is growing and likely to continue. By 2025, India's healthcare industry might be valued at $188.44 billion. This will boost the requirements for qualified healthcare personnel, including administrative people, and also the need for new hospital establishments. An MBA in Healthcare Management in the current scenario:

  • Will prepare you to be a complete medical and healthcare service professional
  • The industry poised to grow 21% between 2024 and 2028.
  • You will be working in an evergreen industry

This fast-growing field offers several leadership opportunities across healthcare subdomains. Hospitals provide services, apart from just medicines and treatments; hence, hospital administration is quite a different thing. Because health challenges are so complex and interrelated, multi-pronged, collaborative, and technology-enabled care delivery systems are more likely to succeed.

The Possible Options in the Healthcare Industry Today include:

  • Public-private partnerships to solve infrastructure constraints
  • Dual systems of public and private healthcare to address access issues, and
  • Technology-enabled, virtual therapy.

MBA in Hospital Management: An Overview

Popular, current, and futuristic, an MBA in Healthcare Management is one of the most sought-after programs providing not only healthcare sector experience but also management skills. Healthcare experience might develop a specialty profile with less competition than a PGDM. The absence of high-quality healthcare services drives continued research, making the healthcare management industry absolutely recession-proof for decades to come while offering great career possibilities to hospital and healthcare management MBAs.

As individuals grow more health conscious, the emphasis is changing from treatment to prevention to avoid harming their health. This change has led to a more client-centered, customized healthcare delivery approach. This new ecosystem has taken the popularity of an MBA in Healthcare Management course to the next level and made health information more accessible via websites and applications.

MBA Healthcare Management Scope 

AI, wearables, IoT, and machine learning in healthcare management have increased the importance of an MBA in Healthcare Management for students. Some of the top career streams for MBA Healthcare Management degree holders include the following:

  • Health Insurance
  • IT
  • Hospital Management
  • Consulting
  • Data Analytics
  • Pharmaceuticals
  • Medical Devices, and
  • Diagnostics.

This program offered by the top MBA colleges in Rajasthan covers the following in detail:

  • Data Collection
  • Storage
  • Preservation and Evaluation for Accurate Diagnosis
  • Patient Safety
  • Drug Efficacy
  • Effective Treatments
  • Sickness prevention
  • Drug Compliance, and
  • Medical Facility Accessibility.

MBA healthcare management analytics improve maternal and infant mortality, non-communicable disease burden, and healthcare expenditures. Additionally, staff effectiveness also goes to the next level.

Your MBA in Healthcare Management opens several doors for professional progression. According to the World Economic Forum's ‘The Future of Job Report 2023,’ healthcare management MBAs will have better career chances in the coming 10 years. Here are a few highlights:

  • India's healthcare industry is growing at 17% CAGR
  • It is 3 times faster than the GDP
  • People with an MBA in healthcare may have numerous opportunities.

Some of the Leading Recruiters include the following:

  • Cipla
  • Glenmark
  • Pfizer
  • Apollo
  • Fortis
  • Star Health
  • ICICI Lombard
  • Practo, and others.

Top 5 Benefits of a 2024 Healthcare Management MBA

1. A Career With Many Job Options

As indicated above, there is a huge demand for competent healthcare resource managers. Hence MBAs in Healthcare Management have several job options. After graduation, they may work in hospitals, private clinics, pharmaceutical establishments, and government healthcare infrastructure. In the healthcare field, workers with this degree will always have many chances as these prospects expand.

2. Career Flexibility 

Flexibility in job and profession is essential post-COVID-19. Flexible healthcare employment chances will always exist as more individuals work from home and coordinate professionally from a remote location. Despite being necessary, healthcare management professionals may choose their careers, collaborate with global healthcare partners, and freelance for customers. Practo, Medscape, and Amion have given healthcare professionals new ways to work flexibly with great job satisfaction.

3. Well-Paying Nature of Jobs

There are several well-paying careers for MBAs in Healthcare Management. These experts earn high salaries since this is a high-stakes vocation that requires responsibility, specialization, and analysis. MBA in Healthcare Management graduates earn handsome pay packets per year. This package increases steadily with the concerned professional's career.

4. Development of Critical Skills 

Even though healthcare administrators don't treat patients or conduct surgery, their talents and training save many lives. Their training allows them to make crucial judgments on life-saving medical equipment, drugs, etc. to provide timely treatment for hospital patients. They also address facility operations, evaluate services, recommend changes, and ensure correct patient care.  

5. Chance for Innovative Research

Continuous and timely research improves patient facilities, medical treatments, smarter medications, and health infrastructure. After earning an MBA in Healthcare Management from the top MBA colleges in Rajasthan, professionals may get involved in research. Research underpins the medical profession, and healthcare management requires reliable research to make timely changes in the existing line of treatment and therapies.

A Look At Some Entry-Level Positions For Those Having a Healthcare Management Degree:

  • Business lead
  • Hospital Operations Executive
  • Floor manager
  • Operations Executive
  • Marketing Executive
  • Marketing and Sales Executive
  • Management Trainee
  • Project Manager/Coordinator
  • Health Insurance executive
  • Consultant / Associate Consultant
  • Domain specialist - Healthcare
  • Analyst.

Concluding Remarks

The MBA in Healthcare Management curriculum emphasizes practical skills, an understanding of varied healthcare organizations, and a variety of business administration and healthcare management roles. The comprehensive curriculum generally has 6 semesters. Each of the first four terms has 10 weeks of theoretical and practical instruction, 1 week for examinations, and 1 week for evaluation and result preparation. The first year of the curriculum covers management basics including marketing, finance, HR, and operations in healthcare.

This program covers Medical Law & Ethics, Service Excellence, Quality, Healthcare Operations Management, Finance, Strategic Management, Health IT and MIS, Epidemiology & Biostatistics, Health Economics, Health Safety & Risk Management, Hospital Planning & Modelling, Health Insurance, and Supply Chain Management. Students must also complete a six-month internship.  Healthcare, a major sector in all developed countries, has management challenges. The Healthcare Management program emphasizes healthcare delivery system management, global pharmaceutical competitiveness and regulation, and healthcare innovation.