MBA in Healthcare Management: Salary, Scope, Fees, Benefits, Career, Syllabus & Eligibility

An MBA in Healthcare Management opens up opportunities to find senior positions in the healthcare sector. Students who obtain this degree take up management duties in hospitals, pharmaceutical firms, or other healthcare companies. This program has emerged as one of the most popular options among management degrees due to the growth in the healthcare sector, especially in the wake of the coronavirus pandemic.

What is MBA in Healthcare Management?

MBA in healthcare management deals with the strategies and systems involved in growing and managing the healthcare business. This program teaches students how to improve internal and external cooperative systems. This degree opens up job opportunities for roles in hospital management, hospital administration, and even senior positions in hospitals and pharma companies.

In this blog, we will explore various facets of an MBA in healthcare like the scope of the subject, career opportunities, expected salary, admission procedure, project topics, entrance exams, and more.

For those keen to know more about MBA degrees, check out the blog below:

MBA Specializations, Eligibility, Fees, Scope, Opportunities & Benefits

Types of MBA in Healthcare Management

When considering an MBA in Healthcare Management, it’s essential to understand that there are different types of specializations within this field. Each specialization caters to specific career interests and goals.

You have the option of earning one of two possible healthcare MBAs; it focuses on healthcare administration or management. The two degrees are generally quite comparable and may even be used interchangeably, depending on your school and the courses you choose for elective courses. 

A healthcare manager may be in charge of more comprehensive tasks, such as financing a medical facility or future growth, whereas healthcare administrators usually concentrate on the daily operations of a clinic, hospital, or hospital department. 

Many MBA programs in healthcare management are available, each of which meets a range of interests and professional objectives while providing a variety of career options within the healthcare sector. Here are some common types of MBA in Healthcare Management and what makes them unique:

1. Hospital Administration: 

This specialization focuses on the management of healthcare facilities, such as hospitals and clinics. Graduates are equipped to handle the administrative and operational aspects of healthcare institutions.

Benefits:

• Career Advancement: With an MBA in Health Administration, you can access senior leadership positions in various healthcare settings, providing opportunities for career advancement.
• Effective Decision-Making: The program equips you with the skills to make informed decisions that ensure the efficient operation of healthcare organizations.
• Versatile Leadership: As a health administrator, you can adapt your skills to different healthcare settings and industries.

2. Pharmaceutical Management: This MBA specialization is curated for individuals interested in pharmaceuticals. It covers topics like drug development, regulatory affairs, and market strategies.

Benefits:

• Financial Expertise: It equips you with financial and budgeting skills, which are invaluable in managing clinical research projects.
• Quality Assurance: You play a crucial role in maintaining the quality and integrity of clinical trials, contributing to advancements in healthcare.
• Career Growth: You can advance your career in the clinical research field and lead impactful research studies.

3. Healthcare IT Management: This specialization combines healthcare knowledge with information technology expertise. It focuses on data security, healthcare technology implementation, and digital healthcare solutions.

Benefits:

• Data Management: You become skilled in managing and safeguarding sensitive health data, a vital component in healthcare.
• Regulatory Compliance: With a focus on health data, you contribute to maintaining compliance with healthcare regulations and ensuring patient privacy.
• Career Opportunities: Health data managers are in demand as healthcare organizations rely on accurate data for decision-making.

4. Healthcare Finance: This program concentrates on the financial aspects of healthcare management. Students learn about budgeting, financial planning, and financial decision-making within healthcare organizations.

Benefits:

• Financial Competence: You gain expertise in managing healthcare finances, a critical skill in ensuring the fiscal health of healthcare institutions.
• Strategic Planning: With a focus on financial decision-making, you become an asset in strategic planning and resource allocation in healthcare organizations.
• Career Stability: Healthcare finance professionals are in constant demand, providing career stability in a vital sector.

5. Public Health Management: This specialization emphasizes public health policies, epidemiology, and population health management. Graduates can work on public health initiatives and policies.

Benefits:

• Community Impact: Your work directly contributes to the betterment of public health, making a tangible impact on communities.
• Policy Advancement: With a deep understanding of public health policies, you can play a significant role in shaping public health policy and addressing public health issues.
• Rewarding Career: The satisfaction of contributing to public health makes this specialization a fulfilling and rewarding career choice.

6. International Healthcare Management: This program is designed for those interested in global healthcare management, covering international healthcare systems, cross-border healthcare challenges, and healthcare diplomacy.

Benefits:

• Global Opportunities: An international healthcare management MBA opens doors to global career opportunities, allowing you to work on a global scale and collaborate with healthcare systems worldwide.
• Cultural Competence: You develop cultural competence, crucial for effective cross-border healthcare management.

Leadership on a Global Stage: As an international healthcare manager, you can lead on a global stage, addressing international healthcare challenges and opportunities.

MBA in Healthcare Management: Course Highlights

This program equips one with the knowledge to build a steady career in the healthcare sector. The degree equips you with advanced knowledge of the sector and its operations. This is bound to give you an edge. Moreover, an MBA in healthcare can also help you find a footing in the IT aspects of healthcare like data security.

Let us look at the highlights of this course:

MBA in Healthcare Management: Eligibility Criteria

Although the eligibility criteria for an MBA in healthcare varies between countries and is fixed by college administrations, the common practice is that students need to clear entrance exams with a cut-off percentile.

The other eligibility criteria are:

• Students need to clear Group Discussions and Personal Interview rounds
• Need to obtain 50% aggregate marks in their Bachelors.
• Certain institutes prefer candidates with a degree like BSc, MBBS, or BPharm

MBA in Healthcare Management: Admission Process

The admission process for an MBA in healthcare is fairly the same across business schools. However, some institutions have their own set of requirements. Apart from clearing the entrance exams, candidates also have to clear the Personal Interview and Group Discussions rounds.

The steps to secure admission for an MBA in healthcare are:

• Secure 50% aggregate marks in graduation
• 40% for SC/ST/OBC
• Clear entrance exams like CAT, MAT, XAT, CMAT, etc.

MBA in Healthcare Management: Salary in India

An MBA degree can help secure a well-paying job in top MNCs and pharma companies. The average salary ranges between Rs 5-12 LPA. The high salary bracket also takes into consideration that these roles may require working at odd hours, considering this involves public health. The average salary for a hospital Senior Manager, CEO, or CFO can be as high as Rs 40 – 45 LPA.

MBA Entrance Exam

The admission for MBA exams is based on the percentile cut-off for entrance exams. While B-schools set independent cut-offs, it is mostly in the same bracket. Some universities conduct separate entrance exams for finalizing eligible candidates. The AICTE has approved 6 nationalized tests in total. The GMAT, CAT, MAT, NMAT, XAT, CMAT, IIFT, TISSNET, and IBSAT are the list of all MBA admission tests offered in India.

A greater variety of B-schools in India and outside accept the GMAT, but the CAT, MAT, XAT, IIFT, NMAT, SNAP, and other exams are only accepted by affiliated colleges and a small number of B-schools. One benefit of taking the GMAT exam is that it allows candidates to apply to business schools globally.

Let us look at some of the common entrance exams conducted for the admission process.

1. CAT (Common Admission Test)

CAT scores are widely accepted by several prestigious B-schools in India offering MBA programs with specializations in Healthcare Management. These programs are designed to prepare students for leadership roles in healthcare organizations.

To apply for such programs, aspiring candidates should research and identify B-schools that offer healthcare-related specializations within their MBA curriculum. It’s important to review the specific CAT score cutoffs set by these institutions to ensure eligibility for admission.

2. XAT (Xavier Aptitude Test)

XAT is another significant MBA entrance exam accepted by many reputed B-schools in India. These institutions offer MBA programs with specializations in healthcare, hospital management, or related fields.

Prospective students should be aware of the specific XAT score requirements established by these institutions for admission.

3. CMAT (Common Management Admission Test)

CMAT scores are recognized and accepted by a diverse range of B-schools across India. This includes institutions that offer MBA programs with a focus on healthcare management.

Aspiring candidates should understand the specific MBA programs that accept CMAT scores and the associated admission criteria.

4. MAT (Management Aptitude Test)

MAT scores are accepted by a broad spectrum of B-schools in India. Some of these institutions offer MBA programs with specializations in healthcare management, catering to individuals interested in pursuing careers in the healthcare sector.

Prospective students should assess the MAT score requirements specified by these institutions for admission.

5. NMAT by GMAC (Narsee Monjee Management Aptitude Test by Graduate Management Admission Council)

NMAT scores are recognized and accepted by NMIMS University, which offers an MBA program in Pharmaceutical Management. This specialized program is closely related to the healthcare sector, particularly the pharmaceutical industry.

Individuals interested in the pharmaceutical aspect of healthcare management can target this program by appearing for the NMAT exam.

6. TISSNET (TATA Institute of Social Sciences National Entrance Test)

TISSNET is the entrance exam for TISS (TATA Institute of Social Sciences), which offers an MBA program in Hospital and Healthcare Management.

This specialized program focuses on healthcare management, preparing students for leadership roles within healthcare organizations, including hospitals and healthcare institutions.

Why Do an MBA in Healthcare Management?

The competitive corporate sector requires one to be prepared with the requisite skills and knowledge. An MBA degree helps one to develop advanced and flexible management skills. This has become an essential and sought-after quality for those in the healthcare sector because of the challenges involved.

• Flourishing industry: The healthcare sector is growing and so are the positions and roles. The pandemic has seen the healthcare industry emerge as one of the top industries.
• Essential skills: The MBA program equips one with leadership and people management skills, essential in the healthcare sector. Management students get trained to manage times of crisis of different kinds, to work towards building a company’s image, and to make tough calls.
• Knowledge to run a firm: It provides you with the knowledge to handle both internal and external functions of a healthcare company. These responsibilities come in handy on the job and especially in the healthcare sector now.
• Lucrative job opportunities: This degree opens up job opportunities and senior positions related to hospital management and administration. These candidates are suitable for being hired to senior positions as well. Lastly, these positions come with high salary packages.

MBA in Healthcare Management: Required Skills

Candidates with basic knowledge of hospital administration are a good fit for this program. Those with leadership skills and a keen eye for management techniques can easily pursue this course.

Let us look at some of the other key skills required for this course:

1. Team building skills: A hospital has various departments and each of them has its own set of employees with different challenges and requirements. This is why you need your team to work in coordination so that they can support each other. Hence, a candidate pursuing this course should also possess this skill.

2. Analytical skills: This program requires one to be able to execute projects, take part in industry events, and interact with industry leaders. All of these requirements involve analytical skills and problem-solving aptitude.

3. Industry knowledge: Every industry comes with its own set of challenges. Prior knowledge of the functioning of the healthcare industry proves useful in understanding the finer concepts of running hospitals and healthcare centers.

4. Interpersonal skills: Communication through verbal and non-verbal ways is important for several industries but this is of paramount importance for the healthcare sector. A person interested in this field should be able to interact calmly and cordially with patients and their families.

5. Ability to work under pressure: A hospital administration would witness several crisis moments. For instance, the coronavirus pandemic has been a testing time for any hospital administration staff. Therefore, this quality is of utmost importance for an MBA Healthcare aspirant.

MBA in Healthcare Management: Syllabus & Subjects

This program provides deep insights into the functioning of the healthcare industry. Therefore, the topics covered are meant to give the candidate in-depth knowledge about various aspects. Some of the subjects covered in this course are as follows:

• Fundamentals of Healthcare Administration
• Healthcare Economics
• Concepts of Epidemiology
• Hospital Planning and Services
• Healthcare Marketing
• Benchmarking in Health Care
• Ethical and Legal Issues 
• Operations and Material Management

Jobs After MBA in Healthcare Management: Career Opportunities

An MBA in healthcare makes you an ideal candidate for top jobs in hospitals and healthcare facilities. This also provides an opportunity to take up positions on a consultant basis which allows one a great deal of flexibility and opportunity to establish connections.

One of the greatest aspects of earning a healthcare MBA is that you can have job security and flexibility. You could also choose from several possible career pathways in health care such as:

1. Hospital Administrator 
2. Pharmaceutical Project Manager
3. Medical Practice Manager
4. Medical Research And Development Business Manager
5. Healthcare Consultant 
6. Health Care Information Manager 
7. Health Services Manager
8. Pharmaceutical Brand Manager
9. Healthcare Administrator
10. Clinician Leader
11. Medical Entrepreneur
12. Corporate Development Associate 
13. Policy Analyst Or Researcher 

MBA in Healthcare Management: Scope of MBA in Healthcare Management

Those who aspire to take up senior executive positions in the healthcare industry must go for an MBA in Healthcare Management. The curriculums in these courses deal with healthcare specialization topics, business management practices, and managerial studies. Thus, this program empowers candidates with the necessary skills to climb the corporate ladder.

Some of the highlights are:

• The starting salary for professionals with an MBA in healthcare is nearly Rs 5 lakh p.a.
• Placement is guaranteed in top pharma companies and hospital groups
• High demand for expert healthcare managers
• Opportunity for great career growth

Government Jobs After MBA in Healthcare Management

After completing an MBA in Healthcare Management, graduates have the opportunity to pursue various government job opportunities in the healthcare sector and related fields. This qualification makes you ideal for work in public and private sector hospitals. The state health department appoints management professionals in various top roles. Apart from positions in the ministry, these candidates are sought after for running government-run hospitals. The government program needs these people to efficiently run healthcare programs.

Here are some government job roles that are suitable for MBA Healthcare Management graduates:

1. Talent Acquisition Consultants
2. Oncology Coordinator
3. Hospital CEO
4. Hospital CFO
5. Pharmaceutical Product Manager
6. Medical Practices Manager
7. Sourcing Executive
8. Health Provider It Associate
9. Operations Planner
10. Policy Researcher
11. Health Care Business Researcher
12. Health Information Manager
13. Health Policy Analyst
14. Ambulatory Project Manager
15. Portfolio Manager 
16. Healthcare Administrator
17. Health Policy Analyst
18. Hospital Quality Improvement Manager
19. Public Health Specialist
20. Health Information Manager
21. Government Health Consultant
22. Epidemiologist
23. Government Health Researcher
24. Medical Officer (Mo)
25. Medical Advisor
26. Project Manager (Healthcare Projects)
27. Healthcare Educator/Trainee
    

MBA in Healthcare Management: Top Recruiters in India

Pharmaceutical companies and hospital chains are on the lookout for skilled professionals who can efficiently run healthcare institutions. These candidates are hired for managerial positions and executive roles.

Let us look at some of the top companies that hire MBA Healthcare management graduates.

• Cipla
• Fortis
• Apollo
• KPMG
• Unicef
• Practo
• Glenmark
• Pfizer
• Windham Canadian Pharmacy

MBA in Healthcare Management: Top Recruiting Industries

This degree is mainly focused on the healthcare sector. There has been a spike in hiring by healthcare organizations. Every hospital needs at least a half-dozen management professionals at top levels. Each of these positions is crucial to the management and so companies are always on the lookout for appropriate candidates.

The best MBA Healthcare Management recruiters are listed below.

• Siemens
• Star Healthcare
• Fortis
• Portea
• Apollo
• Abbott
• J&J
• Practo
• WHO
• Wipro
• GE Healthcare
• Cipla Healthcare
• Cadila
• Glenmark
• UNICEF Maximum Healthcare
• Pfizer Indian
• Advanced Healthcare Resources Columbia Asia
  

Benefits of studying MBA in Healthcare Management

The decision-makers who maintain hospitals and clinics operating efficiently are the healthcare administrators. Obtaining a Master of Business Administration (MBA) in healthcare administration can position you as a leader in charge of directing healthcare personnel who provide direct patient care. Acquiring an MBA in healthcare management offers numerous advantages, such as good compensation, career security, and leadership prospects.

1. Enhanced Career Opportunities: It helps individuals pursue leadership and management positions in the healthcare industry. These graduates are well-prepared to work in a variety of healthcare settings, including hospitals, healthcare systems, insurance companies, and government agencies.

2. Increased Earnings Potential: These graduates often have higher earning potential compared to those with a bachelor’s degree in a healthcare-related field. The skills and knowledge gained from an MBA program can also lead to promotions and other career advancement opportunities.

3. In-depth Understanding of the Healthcare Industry: This course provides students with a deep understanding of the healthcare industry, including its structure, finance, regulation, and delivery systems. This knowledge can help graduates make informed decisions and solve complex problems in the healthcare industry.

4. Interdisciplinary Approach: It takes an interdisciplinary approach to the study of healthcare, incorporating perspectives from business, healthcare, and the social sciences. This interdisciplinary approach helps students understand the complexity of the healthcare industry and how different factors, such as policy, finance, and technology, impact healthcare delivery and outcomes.

5. Networking Opportunities: These courses provide students with opportunities to network with healthcare professionals, including healthcare administrators, consultants, and policy experts. These connections can provide students with valuable insights into the healthcare industry and help them build a professional network that will support their careers in the years to come.

6. Skill Development: It provides students with the opportunity to develop a variety of skills, including leadership, critical thinking, problem-solving, communication, and financial management. These skills are valuable in a variety of healthcare-related careers.

7. Relevance in a Rapidly Changing Industry: The healthcare industry is constantly changing, and an MBA in Healthcare Management can help individuals stay up-to-date on the latest trends and developments in the field. The program also provides students with the opportunity to develop the skills and knowledge necessary to adapt to changes in the industry and lead healthcare organizations through times of transition.

MBA in Healthcare Management: Related FAQS

Q1. Why Choose Healthcare Management as a Specialization in MBA?

With healthcare growing in leaps and bounds, several new hospitals are coming up in various parts of the country. However, running a hospital or any healthcare center comes with the challenge of running it efficiently as one is dealing with the lives of patients. There is no scope for an error and it is crucial to ensure that the system is free of snags. This is why the healthcare industry needs professionals with a specialized degree like an MBA.

Q2. Is an MBA in Healthcare Management Easy?

This program requires candidates to learn a certain number of skills. It can be quite demanding but enriching at the same time. Exams are held every semester so the students need constant preparation. This is a 2-year course but the syllabus is vast. However, with proper guidance and dedication, the goals can be achieved on time.

Q3. Is an MBA in Healthcare Management Worth it?

This degree is one of the most in-demand courses now due to the exponential growth of this industry. Hence, graduates and those looking for a change in profession or seeking programs that can put them in the bracket of executives should explore this course.

Q4. Are there specialized concentrations within Healthcare Management?

Public health administration is a useful concentration for a student earning a master’s degree in healthcare management. After graduating, the person may get a job as a public health administrator. This professional is responsible for creating programs that improve the overall health of a community.

Q5. Can I work while pursuing an MBA in Healthcare Management part-time?

Many programs for working toward a Master’s Level Degree in Healthcare Management include the option of pursuing a degree on a part-time basis. Being able to comfortably balance a career while attending graduate school may lend itself toward a part-time Master’s Degree program.

Who should do an MBA in Healthcare Management?

An MBA in Healthcare Management is suitable for a variety of individuals who have an interest in both healthcare and management. Candidates who want to make a strong career in the healthcare sector should explore this program. Those who have studied hospital administration as part of their Bachelor’s degrees can apply for this course. Professionals who have taken part in hospital projects and want to climb the corporate ladder should take up this program.

Overall, an MBA in Healthcare Management is valuable for anyone who aspires to lead, manage, or make a significant impact in the complex and rapidly evolving healthcare industry. It provides the knowledge and skills necessary to navigate the unique challenges and opportunities within the healthcare sector.

Summary

The healthcare sector is flourishing and so are the job opportunities associated with it. While senior executives are needed to run the show there needs to be more skilled professionals. This brings the spotlight on MBA in healthcare management and its crucial role in churning out candidates who fit these roles well. 

From various specializations within Healthcare Management to eligibility criteria, the admission process, and the distinct concentrations, the blog provides an informative guide. Additionally, it delves into the wide array of career opportunities this degree unlocks, including hospital administration, pharmaceutical management, healthcare IT management, and more. The piece also emphasizes the substantial salary potential. It outlines the key skills required for success in this field, such as team building, analytical abilities, industry knowledge, interpersonal skills, and the ability to work under pressure.

Overall, the blog highlights the lucrative and dynamic nature of the healthcare industry and underscores how an MBA in Healthcare Management can be the key to a successful and rewarding career in this rapidly evolving sector.