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MBA Healthcare Management Course Overview

MBA in Healthcare Management

Master of Business Administration is a two years long postgraduate program that helps people advance in management careers. It opens up many avenues and allows people to work in the administrative sector in multiple fields like human resources, analytics, operations, entrepreneurship, etc. 

MBA in Healthcare Management is one of the most popular MBA courses today, with the consistent need for administrative healthcare professionals. Hospitals and other healthcare institutes need reliable management, and an MBA Health Management degree can get you closer to such jobs in the healthcare sector. With the rise of the pandemic over the last two years, healthcare management has become a sought-after field. An MBA in Healthcare Management extends various career choices and vast opportunities to move forward in the field.

If you feel conflicted about whether to pursue an MBA in Healthcare Management or not, this detailed article can guide you to learn more about the field and what you can expect ahead in this career with a degree in MBA in healthcare management.

What is an MBA in Healthcare Management?

An MBA in Healthcare Management entails a two-year postgraduate course on managing and administering different healthcare processes, including hospitals, pharmaceutical companies, and many other healthcare institutions. Hospitals and other healthcare organisations are continuously looking for new management officials to operate different processes for enhanced work efficiency. The courses focus on the administrative details that will help you become a management professional, fit for any hospital or clinic. 

In India, the average salary for a Healthcare Management MBA is about 10 lakh, which is pretty high. You will get lucrative salary packages as soon as you finish the course as this specialised field is high in demand. Candidates also get the opportunity to research in their specific field to further pursue a niche career in healthcare. It can cost anywhere from Rs. 20,000-20,00,000 to get an MBA in Healthcare Management, depending on which institute you choose. The course is two years long, like all other MBA courses. 

What are the Admission Requirements for an MBA in Healthcare Management?

All postgraduate courses have some prerequisites the students need to fulfil to be admitted to specific courses. It is no different with a Healthcare Management MBA. There are some steps you have to meet if you want to join an MBA in Healthcare Management course in the future. Here is a list of the general criteria several universities require the students to fulfil.

1. An Undergraduate Degree

You can have an undergrad degree in any course, but a degree from a relevant field is always preferred. Students with a strong Biology base and work experience in Hospital Management or Healthcare Administration will have a better chance of getting into an MBA in Healthcare Management degree course with their undergraduate degrees. An undergraduate degree from other courses works as well, but the lack of a strong relevant foundation might make you have a tough time. 

2. Entrance Exams

One of the other most important criteria for an MBA degree is your entrance exam scores. Some specific tests can be your gateway into an MBA in Healthcare Management degree. The CAT or Common Admission Test is probably the most popular and can be your ticket to get into one of the top IIMs to get your degree. If you score well on this exam, you will have a chance to study at India’s most prestigious business schools. Candidates also participate in other national-level exams like MAT or Management Aptitude Test and CMAT or the Common Management Admission Test to enrol in prestigious institutes. Besides the national-level exams, you can also prepare for the international-level MBA entrance exams, which are more challenging but will give you a chance to get your MBA in Hospital Management degree abroad. Candidates must crack the GMAT or the Graduate Management Admission Test to enrol in an international Business and Management institute. Some colleges and universities take direct admission based on graduation results, while some require you to take an admission test to be eligible. Prerequisites change as per universities and offered courses.

3. Letter of Recommendation 

Although not necessary in several Indian colleges, prestigious educational institutes like IIMs and colleges abroad require a letter of recommendation as a must-have prerequisite for candidates, along with a commendable GPA and experience. Your chances of getting into a prestigious management institute will be higher if you can show them a letter of recommendation from your previous academic or professional supervisors. Some institutes abroad might also require two or three of them. These letters reflect students' good relationships with their professors, supervisors, and peers. 

4. Skills 

Healthcare Management is a growing field, most likely to surpass many of its contemporary fields in some time. Hence, the competition to get into a Healthcare Management MBA program is also high. You can stay one step ahead of your competitors with skills such as good communication, leadership, and problem-solving. While soft skills are essential to make it through complex interviews, business and management-related topics like finance, management, and marketing are equally significant, leading candidates to prove their technical prowess and potential to become excellent management entities.

What are the Benefits of Pursuing a Degree in Healthcare Management?

Continuous expansion of the medical field implies a bright future for MBA in Healthcare management. Being a healthcare professional does not only mean doctors and nurses. There are tons of other positions in the medical field. If you have an MBA in Healthcare Management degree, you can join the healthcare field, which offers you both challenges and lucrative opportunities. 

The need to optimise and manage healthcare resources properly is on the rise, and as a result, management specialists are needed across many fields and institutions to make it possible. After you get the degree, your career opportunities will expand, offering you opportunities to work in pharmaceutical companies, private clinics, and within the government's healthcare infrastructure. These opportunities are more than likely to rise with time. Hence, future projects a potential growth for even more lucrative opportunities for MBAs in healthcare management.

The industry of healthcare management is seeing a rapid increase, it is expected to reach USD 53.3 billion by 2027 . Rapid adaptions to the technological advancements is one of the contributing factors to the demand for adept healthcare professionals.

An MBA in Healthcare Management promises a lucrative career, with a salary package starting from Rs. 4 lakh per anum and reaching over Rs. 20 lakh per annum. Depending on your skills and finesse in the field of work, your salary will keep growing with time and expertise. You can also work freelance and deal with the customers who hire you on your decided payment. 

Besides lucrative career opportunities, this degree can assist you with your research. It inevitably helps professionals in building a stronger and broader perspective at work. An aptitude for research coupled with an MBA/post-grad degree adds an enormous amount of value to one’s portfolio. Thus, opening various opportunities to grow. Many institutes offer research facilities to assist and guide them through the intricate process of research.

What Kind of Jobs will I be Qualified for Based on this Degree?

 An MBA in Healthcare Management degree equips professionals with management and related tasks such as administrative responsibilities, operations, etc. Having a firm grasp on related topics means you can choose from many career specifications to work in your desired niche. Here's a list full of job roles you can have if you get a Healthcare Management MBA degree. 

  • Medical Superintendent 

The job of a Medical Superintendent is pretty straightforward and much like what a normal person thinks of when they are told about Healthcare management. Medical institutes like nursing homes and hospitals hire these professionals to ensure the organisations function well daily. They make sure that the hospitals are sufficiently staffed, the hospital's budget is also well-managed, and the cash flow stays constant. The career path requires a candidate to have thorough analytical and problem-solving skills to make well-informed judgment calls alongside your team, ensuring the smooth functioning of the organisation. The job role of a Medical Superintendent is usually open for professionals holding medical degrees.

  • Hospital Manager

Similar to a Medical Superintendent, a hospital manager also works with medical organisations to oversee internal operations and processes for smooth functioning. How the hospital functions in terms of patient care and budget-friendliness depend on how well the hospital manager manages everything. Hospital managers ensure that the hospital can provide the best quality services to the patients at reasonable prices without compromising the institution's profit. 

  • Healthcare Administrator 

Healthcare administrators manage many organisations, including health systems and hospitals. They are responsible for a plethora of functions, including infrastructure management, employee and budget management, and even inter-organisation relations management with other agencies. These professionals are always in high demand since they can work anywhere in the system, depending on the structure. 

  • Healthcare Finance Manager 

Healthcare finance managers deal with the budget and expenses of a healthcare organisation or company, working as the company's financial planners. This means they are responsible for setting the long-term budgets, taking care of regular financial statements, and ensuring the financial decisions taken by the organisations are in the company's best interest. All in all, they are responsible for the financial management of the healthcare company. 

  • Healthcare Manager

Healthcare managers are often confused with hospital managers as their titles are very similar and their fields as well. But there are some differences between the two. Healthcare managers take care of the infrastructure and operational aspects of a medical or healthcare organisation. Healthcare Managers may also be required to handle the financial infrastructure of the organisation. There could be a possibility for an organisation to have a separate finance department. These people are business people, not medical professionals working with doctors or patients, who maintain the organisation's management and business aspects.

Many other career options open for you with an MBA in Healthcare Management. Some of these options include- Social Welfare Administrator, Clinic Director, Medical Records Manager, etc. A management degree coupled with a medical degree accelerates one’s way towards procuring the opportunities mentioned above. In-depth research about diverse career options before choosing a specialisation for MBA is necessary to set long-term goals.

What is the Difference Between Healthcare Management and Healthcare Administration?

Even though the Healthcare Management and Healthcare Administration fields are very closely related, they are not the same. Many vital differences set them apart from one another. You can evaluate these differences to choose the best field per your interests before getting an MBA. 

Before we talk about the differences, let's discuss the similarities between the two fields. Both of these fields relate to healthcare and medical services extending the same setting to work, such as nursing homes, hospitals, private clinics, and even teaching hospitals or hospice care. 

Healthcare Management is a much broader and more general field. The jobs under this category usually relate to the general management of a healthcare organisation such as a hospital, nursing home, or other medical facilities. Management includes tasks like managing the staff, finance, communication, and other essential processes. Management people focus more on improving the infrastructure and service quality. 

On the other hand, Healthcare Administration is a much narrower field that mainly focuses on managing the staff. Their job role consists of taking part in the hiring process of the team, creating schedules for them, and ensuring a conflict-free internal environment. The procedures and policies that affect the staff must also go through them. Depending on the kind of organisation a Healthcare administrator works in, they will also have to deal with patients and ensure they get high-quality service. 

So, it is pretty evident that these two fields are different. If you love business management and want to work in an infrastructure-based environment, then Healthcare management might be the right field for you. Here you can make logical decisions about your organisation and its operational systems. You can also work in the finance division of the healthcare organisation and work on the budget and finances of the company. 

On the other hand, if you are more interested in working with people and helping them firsthand, healthcare administration might be the field for you. You can thrive here, seeing how you will need to manage the staff and be in close contact with the patients.

Is an MBA in Healthcare Management Worth It?

Students intending to attend an MBA course might wonder if MBA in Healthcare Management is worth it, which is a valid doubt to have. Not only does an MBA degree cost a lot, but it also takes a student two years to complete the course. It consumes time and money, which makes it normal to have second thoughts about it. But in the end, the degree is worth it, and here is why!

The medical field’s consistent expansion, further fueled by the rise of COVID, has shown us how important a functioning and efficient healthcare system is for society. Society will fall without proper healthcare and management; hence, the demand for non-medical healthcare professionals has also increased drastically.

The emergence of medical tourism made it possible for people from different countries to visit India for treatment and vice versa. The need for healthcare management workers from all over the world has also increased due to this phenomenon.  Healthcare Management MBA degree also grants you the opportunity to visit and work in abroad-based facilities.

India is a populous country, and the medical support for such a large population is highly lacking. Medical and non-medical healthcare staff are being hired rapidly to improve the condition of our nation’s healthcare system, implying never-ending career opportunities for healthcare professionals. 

Other than job satisfaction, another important factor in any job opportunity is money. Fortunately, Healthcare Management is a lucrative sector. People with a Healthcare Management MBA degree can get a starting salary package of Rs. 4 Lakh per annum, which is likely to grow with experience and reach up to Rs. 20 Lakh per annum. 

Healthcare management professionals are placed in sectors like hospitals, diagnostics, consultancy, IT, pharmaceuticals, medical insurance, public health organisations, and even NGOs as per their knowledge and interest. As an MBA in Healthcare management, you will never lack options in this field. After the Master’s degree, you can also choose to pursue a Ph.D. in the same field as well, expanding your career growth and skillset.

Why Online MBA in Healthcare Management Courses are Better Than Offline MBA in Healthcare Management Course

With a rise in fierce competition, it is important to establish a career in your desired field quickly, which is leading many students to pursue job opportunities as soon as they graduate. However, a Master’s degree is very important if you want to land well-paying jobs further down your career path; that is why online MBA courses are becoming more popular among fresh graduates and young working professionals. Online job opportunities extend a flexible schedule to prioritise work and study simultaneously, extending an attractive opportunity to strengthen your skillset while acquiring work experience at the same time. There are some practical reasons why an online MBA course is much better than an offline one. The reasons are as listed below. 

  • An online MBA degree in Healthcare Management allows you to pursue your degree from home. Everything is accessible online, including all theoretical and practical classes. Even the exams are held online, enabling candidates to keep up with their job and degree simultaneously. On the other hand, working with an active study schedule at offline institutes can get hectic. Timings often clash, leading to conflicts in both spaces, so it is only wise to pursue online degrees and negate any such risk. 

  • The class schedules are very flexible for an online Healthcare Management degree. Not only will you be able to take classes on your schedule, but you will also work on assignments and exam schedules on flexible deadlines through LMS (Learning Management System). Offline Healthcare Management MBA course would require you to strictly attend scheduled classes and offline exams to pass your course. 

  • The fee structure is one of the most important differences between online and offline MBA courses. Usually, any online MBA degree will cost you about 2-4 lakh rupees, while an offline MBA degree can cost up to Rs. 15-20 lakh in private institutions and Rs. 3-7 lakh in Government ones. So if you have a budget crunch and want a job while getting your MBA, going online is the best course of action for you, especially because both have the same syllabus, but one course is more flexible and costs less. 

  • The admission process into online MBA courses is also straightforward. Fill out an application form and deliver the required necessary documents online through the institution’s admission portal. Submit the required fees, and you will be enrolled in the course! On the other hand, offline MBA courses will have you sit for the national entrance exams and go through a painfully long admission process before getting admission into the institute of your choice. 

  • Networking is one thing that most people are concerned about when getting an online degree. While it is true that networking is very easy when attending an institution physically, nowadays, it is also possible with an online course. Most of these institutions have webinars and discussion forums, encouraging strong networking among peers and other successful people in the field through the education portal. Everything is now virtually accessible. 

  • Placement opportunities are usually a matter of concern for students who don’t get to attend classes offline. As offline institutions offer placement drives every year, many students are apprehensive that the same won’t be offered online. Fortunately, online education portals like upGrad extend exciting placement opportunities from leading industry names. Their curriculum is created following industry-relevant topics to prepare students for placement opportunities in current and future job roles. 

In today’s world, students are more drawn toward online courses as it gives them the freedom to pursue their other interests or even work a job while getting their degrees. While the transition to the virtual world might not have been smooth due to the global pandemic, the freedom and opportunities it offers are surely valued by people all over the world. Placement, networking, and quality of education are no more an area of concern as online education creates exceptional opportunities for learners to get the best!

MBA in Healthcare Management Course Syllabus

The MBA in Healthcare Management course syllabus is not fixed. The syllabus varies depending on the institute you are a part of, but all of them have some common elements. MBA is a postgraduate degree, usually a two-year-long course and divided into four semesters. 

In the first semester, the students are usually first introduced to Health Systems. After that, they are taught courses like- Health Program Management, Hospital Operation, Healthcare Legislation, Human anatomy, Medical Terminology, etc. 

In the second semester, the students are usually taught Human Resource Management, Hospital Finance, Healthcare Accounting, Public Relations, Healthcare Marketing, Management of Disease Control, Healthcare Policies and Regulations, etc. 

In the third semester, students are handed some heavier materials, provided with concepts like Healthcare Analytics, Epidemiology Concepts, Patient Care Management and Planning, Insurance and Quality Management, etc. 

In the fourth or final semester, students learn some of the most important parts of the course, such as - Application of IT in Healthcare and MIS, Health Insurance, Ethical and Legal Issues in Healthcare, Healthcare Informatics, International Healthcare, etc. 

Depending on the schools, the names and natures of the courses might be different. This is a basic outline of what is taught in the course, but individual institutes can make changes they think are suitable for students. Before attending an institute, students should read the syllabus and study materials to see if the syllabus of the school aligns with their goals.

Projecting MBA in Healthcare Management Industry Growth in 2022-23

The healthcare industry is growing every minute, and as a result, the need for healthcare managers in different healthcare sectors is also rapidly increasing. There has already been a dire need for different healthcare workers as COVID has surged since 2020. So we can safely say this industry will only grow further in the upcoming years. Some of the top recruiters of Healthcare Management professionals in India are -

  • Fortis 

  • Unicef 

  • Cipla 

  • Pfizer 

  • Apollo

Both private and government health sectors are looking for healthcare management professionals. So if you have an MBA in Healthcare Management, you are in for exceptional future career opportunities in healthcare management!

The Accelerating Demand for the MBA in Healthcare Management Courses in India

MBA in Healthcare Management degree ensures vast opportunities with varied career choices when choosing a job. You can get a degree from India or abroad and attain job opportunities in leading healthcare companies. 

Healthcare management and facilities experienced a void through recent years of a global pandemic, which also brought the realisation that the nation’s healthcare management is in dire need of expert healthcare professionals. Hence, the field is now experiencing an emergence of candidates opting for healthcare management and companies recruiting more talented resources for better management.

MBA in Healthcare Management Specialist Salary in India

After you are done with your Healthcare Management MBA degree, you can choose from a variety of career paths. Some of the career fields you can choose have already been discussed in the article, but there are many more. The average salary for an MBA in Healthcare Management specialist in India ranges from Rs 5-12 Lakhs per annum. Salary numbers can go up to Rs. 20 lakh per annum or even more, depending on your area of specialities and how much experience you gain. You can get even more career options and a higher salary package if you get a Ph.D. in the same field after your MBA.

Factors on which MBA in Healthcare Management Specialist Salary in India Depends

Many deciding factors contribute to your salary as a Healthcare Management Specialist with an MBA degree in the field. Firstly, experience matters. When newcomers join the field, their salaries are usually lower as they lack experience. As they slowly gain experience, they get promoted to more important positions, and their salaries also increase. 

The type of company you join and your job role are also important determining factors in your salary. Salaries differ in government and private facilities. They are also different in hospitals, nursing homes, and other healthcare facilities. If you only do management work, then your salary will be different from those in administrative fields. 

The location of your job is another factor in deciding your salary package. If you get a job in one of the larger cities in India, your salary will be higher than what people usually get in smaller cities. 

MBA in Healthcare Management Specialist Starting Salary in India

The starting salary you can expect after completing an MBA in Healthcare Management in India is about Rs. 4-5 lakh per annum. 

MBA in Healthcare Management Specialist Salary in Aborad

Payscale mentions that the average salary for a person with an MBA in Healthcare Administration or Healthcare Management degree is about USD 85,000 per annum in the USA. Depending on your area of expertise and experience, your salary can be even higher. 

Factors on which MBA in Healthcare Management Specialist Specialist Abroad Salary Depends

Similar to Indian healthcare organisations, healthcare facilities abroad also look for the same qualities. This means the more experience you have in the field, the better your salary package will be. It also relies on which company you work for as larger companies offer better salary packages than smaller ones. Your position and job role also help determine your salary, as much as the location of your job. 

MBA in Healthcare Management Specialist Starting Salary abroad

The starting salary you can expect after completing an MBA in Healthcare Management abroad is around USD 51,000 per annum. 

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    Frequently Asked Questions about MBA Healthcare Management

    Is an MBA in Healthcare Management worth it?

    If you are a dedicated worker who wants to work in the healthcare field, has good analytical skills, and can work with people well, then this degree is absolutely worth it. It ensures good salary packages and job satisfaction as well. 

    What salary can I expect after I get an MBA in Healthcare Management?

    As a newcomer in the field, your salary package will start at about 4-5 lakhs per anum after you complete your MBA in Healthcare Management. Your salary will increase with the amount of experience you gain through consistent work. 

    Is an online Healthcare Management MBA course better than an offline one?

    Graduate students who want to work and get an MBA alongside their job must go for an online MBA course. They are also better for the general students as they have a more flexible schedule and cost a fraction of the offline courses. You can keep working your job and study at the same time to enhance your career with even better opportunities further

    What is MBA in healthcare management?

    MBA in healthcare management is a two-year post-graduation management degree program that helps students gain in-depth knowledge of managing hospitals, pharmaceutical companies, and other healthcare-related institutions.

    What jobs can I get after MBA in healthcare management?

    Some high-paying jobs one can get after completing their MBA in healthcare management include hospital administrator, Healthcare manager, Healthcare associate, Hospital CEO, Hospital executive officer, Hospital CFO etc

    What is MBA in healthcare management?

    An MBA in healthcare management is a two-year-long post-graduate degree specially designed to equip students with knowledge of the healthcare world and its functionalities. The professional degree course is highly applied and focuses on planning, controlling and enhancing various aspects of managing a hospital. 

    What is the syllabus for MBA in healthcare management?

    The syllabus of an MBA in healthcare management includes but is not limited to subjects like fundamentals of healthcare, hospital administrations, Physiology and knowledge of medical terminologies, health economics, HRM, hospital accounting and finances, hospital material management, patient care planning, health communication planning, MIS and application of IT in healthcare, legal and ethical issues in healthcare and supportive services and facilities management. 

    What are the responsibilities of a healthcare manager?

    The responsibilities of a healthcare manager revolve around various administrative work within a hospital or healthcare organisation. The responsibilities of a healthcare manager include managing finance and budget, creating work schedules of the healthcare providers, monitoring the capacity and usage of health services, looking after various insurance and documentation, managing HRM, looking after quality checks, etc. 

    Who can do an MBA in hospital management course?

    Candidates willing to make their career in the healthcare profession can opt for an MBA in healthcare. A person with good communication, management and leadership skills and also knowledge of hospital administration is the ideal candidate for pursuing this degree. However, in terms of eligibility criteria, anyone with any bachelor’s degree with a 50% aggregate can apply for this course. Once they clear the entrance exams like CAT, XAT, GAMT etc., they can pursue their degree.

    How to become a healthcare administrator?

    The first step is to get a bachelor’s degree in a related field such as public health, clinical discipline etc. Then the next step is to gain at least three years of experience before opting for higher studies. Once done gaining work experience in a related field, one can do Masters's in Healthcare Administration. Getting various industry certificates along with that can be a bonus. The last step is to search for jobs in the healthcare administration field in various government and private institutions that align best with one’s individual goals.

    What is the difference between MS in healthcare and MBA in healthcare?

    The difference between MS in healthcare and MBA in healthcare is the content that the courses teach. Clear from the name, ‘master in business administration’ will teach a candidate more about managing a hospital's administrative and regulative aspects. The focus stays primarily on understanding the general of a business practice that can be applied within the healthcare industry. On the other hand, a Master's in healthcare is designed for graduates in health and medicine, hence, putting more focus on applied healthcare experiences such as healthcare policies and population health while also having some aspects of MBA like financial analysis, HRM and marketing and communication. 

    What are the benefits of an MBA in healthcare management?

    The medical and health industry is currently one of the fastest growing industries; hence, an MBA in healthcare can provide various benefits. AN MBA in healthcare makes an individual the best candidate for top-level jobs in a hospital. Therefore, the biggest perk is the high salary. Apart from doing full-time jobs, a person with an MBA in healthcare management can also opt for consultation jobs that provide great flexibility and the opportunity to work with multiple clients and make multiple income sources. 

    What is the role of a hospital manager?

    The job roles of a hospital manager include daily administration and supervision operations, looking after the hospital finances and making cost-efficient choices, curating annual and quarterly budget for the hospital, developing and implementing efficient policies for all hospital operations, establishing work schedules, keeping records of the employees and other hospital details, resolving queries of doctors and other healthcare staff, keeping track of the medical supplies and rejuvenating its stocks, training new employees and monitor employee performance as well. 

    What is a case manager at a hospital?

    1. A case manager at a hospital is a person who is responsible for certain hospital-related tasks such as patient discharge planning as well as looking after the utilisation reviews. They hold great importance in patient care as they help determine what type of treatment a patient should receive and how often they have to pay a visit to the hospital once they are discharged. 

    How to become a healthcare finance manager?

    The first step of becoming a healthcare finance manager is completing a four-year bachelor’s degree in relevant fields such as finance, accounting, economics, business administration or statistics. Some employers might also require the candidates to have a post-graduate degree. In such cases, one can pursue MS or MBA in fields like economics, accounting, finance or information management. Some institutions also have concentrated degrees in healthcare finance or healthcare management. After that, the candidate must acquire working experience of at least 5 years as the job role is a mid-to-upper-level position. 

    What companies hire candidates with an MBA in healthcare management?

    Almost every medium to large-sized healthcare organisation recruits candidates who have completed MBA in management. Some leading recruiters include Fortis, IMS health, MAX, WHO, Health Trail Portal, AMGEN etc.