The Advantages of an MBA in Health Care Management

Why Choose MBA in Health Care Management

Health has become a priority for everyone now more than ever. This has led to a sudden spurt in hospitals, nursing homes, diagnostic centres and trauma care centres. People are going for regular health checks and consultations to avoid any health scares. With the pandemic causing a lot of uncertainties, mental health has also been a major concern. This has correspondingly brought into prominence the healthcare sector.

But what does healthcare management as a sector mean?

Healthcare management refers to the administration, regulation and monitoring of all healthcare systems. Healthcare professionals provide leadership to these organizations and departments to ensure that healthcare services are not compromised in any way. They manage the day-to-day activities of these establishments and also ensure that all grievances, either on the part of the patients or the staffers, are addressed on time.

Let us now look at why one should do an MBA in healthcare management.

An MBA in Healthcare Management provides one with professional knowledge about the sector. It helps the candidates to understand how to deal with various segments of the industry. In today’s age, joining a healthcare firm no longer means you need to have a clinical or medical degree. There are a number of other roles in the healthcare field that need skilled professionals. MBA holders can have a bright career in each of these roles.

Top Reasons to pursue an MBA in Healthcare Management

If you want to pursue a profession in health care but not directly in medical services then an MBA in the domain is a good option. A number of medical establishments are run by people who may not be doctors but have a good knowledge of how to run an establishment.

We can now explore the various reasons to pursue an MBA in healthcare.

Healthcare is everywhere: Healthcare is a fast-growing sector in today’s times. It doesn’t make good sense to pursue a degree in a field where there is a little career opportunity. Medical establishments have to constantly manage costs, resources and manpower. This is why there is a pressing need for many skilled professionals. With an MBA in hand, there is a good chance that you will get hired as an administrator or manager in these hospitals. Moreover, once you have got placed in an established hospital you can gradually move up the ladder. The continuous growth in the sector ensures that you are also continuously progressing in your career.

Get a chance to stand out: An MBA degree will help you gain business acumen specifically about the administration of medical establishments. The ideas, theories and techniques that you have studied during your course will help you have an edge among your colleagues. For instance, you have been called for a meeting where senior officials are brainstorming to tide over a crisis. Your MBA knowledge tells you that there is a simple trick to get over the problem. You share it in the meeting and everyone loves it. Such instances can help you get noticed by the seniors and make a mark among your peers.

Work in an ever-evolving industry: According to global figures, employment in the healthcare sector is expected to grow 16% in the 2020-2030 period. This is mostly due to an ageing population and it is to a large extent to the pandemic and its after effects. This growth in the industry is directly going to help other professionals like home healthcare providers, occupational therapy practitioners, and medical transcriptionists. The healthcare market in India is expected to reach $372 billion by 2022. This growth is being driven by a rise in family incomes, better health awareness, lifestyle diseases and better insurance support.

It has to be noted that the healthcare industry is made up of hospitals, medical apparatus production companies, telemedicine firms, medical tourism and health insurance companies. All these different units of the industry are growing at a good pace because of the encouraging investments by public and private investors.

Focus on holistic growth: Here is the opportunity to look at what an MBA in Healthcare Management would generally provide and how it enables you to have holistic growth. You get to learn and understand about the healthcare industry accreditations, regulations, licensure and compliance issues. The best part is you get to apply in your profession what you have learnt. For instance, your job responsibilities often need you to assess the economic supply and demand aspects of healthcare and that is one of the important parts of an MBA programme. Moreover, a management program teaches you how to effectively manage and streamline operations to save cost and increase the quality of patient care. The healthcare sector has a lot of technology involved and it is essential to stay updated about the latest developments. An MBA program teaches you about the various technological advances in the healthcare sector. You are also in a better position to deal with issues related to diversity, cultural differences and ethics. These factors together ensure that you have holistic career growth.

Procedure and Process Optimization: Any business needs skilled professionals who have knowledge of process optimization. In the healthcare sector too this is of prime importance because in such an establishment there is no scope for a system breakdown or any kind of negligence. Process optimization ensures that systems are always at their peak efficiency. This is important for achieving business goals, for reducing costs and maximizing outputs.

Various job opportunities: Students of MBA in Healthcare Management have a wide range of career job opportunities in sectors like Health Insurance, Hospital Administration, Pharmaceuticals, Medical Devices and Diagnostics. This degree opens up senior job positions like Hospital Administrator, Healthcare Manager and Medical Practice Manager.

Some of the top recruiters of candidates with MBA in Healthcare Management are:

• Fortis
• Apollo
• WHO
• Pfizer
• J&J

Financially rewarding: MBA in Healthcare Management opens up several opportunities that put you in the higher pay bracket. According to Payscale, the average salary for a Healthcare MBA ranges between Rs 5 Lakh to Rs 12 Lakh per annum. In India, the average starting salary of an MBA in healthcare management graduate is nearly Rs 5 lakh per annum. This may go up to Rs 20 lakh per annum. This trend is also seen in other countries like the USA and the UK. There are many pharma companies in the world that have recruited MBA grads to senior positions.

Conclusion

The healthcare sector is burgeoning and there is a constant need for skilled professionals. The figures say the same story and have been very encouraging. While there is no dearth of institutions offering this course in the country, we would strongly recommend that ASM IBMR provides the best of the MBA programmes for both graduates as well as professionals. This course boosts your employability by 3 times. The curriculum has been designed and developed by the faculty at the Harvard Business School Online, IIMBx and some other renowned institutions. Moreover, ASM IBMR has a record of getting its students placed in over 200 leading companies.

Apply Now

ASM IBMR has started inviting applications for the MBA programmes. This is a great opportunity to build your career in healthcare. Check out the courses on offer and send in your applications. Visit www.asmibmr.edu.in for more details.