Top 9 Career Opportunities After MBA in Hospital Management

Introduction to Hospital Management 

Hospital management is one such field that requires working professionals who can efficiently manage and oversee all the operations of the hospital or the healthcare facility. It is also known as healthcare management or healthcare administration. There are multiple responsibilities that a healthcare manager has to juggle. However, in a nutshell, the core responsibility involves the effective and seamless care that is offered to the patients and ensuring that they are comfortable in their healthcare facility. As a matter of fact, this not only involves one specific task but the job role demands the presence of the healthcare manager across all the domains such as finance, human resources, patient care and much more.

There are some legal compliances as well that need to be taken care of as a healthcare manager. While we will understand the responsibilities better going forward, it is important to know how planning and coordination are regarded as two of the most integral factors. Hospital management became even more important during and after the COVID-19 pandemic. There is no company today that functions without an established and structured hierarchy.

Similarly, a hospital is not simply managed by the doctors and the frontline workers but even the healthcare managers who have to look after the overall smooth administration of the hospital and the patients. For someone who wishes to enter this field of management, it is definitely filled with multiple lucrative opportunities, let’s take a look.

Let us Understand the Career Opportunities

Here are some career opportunities to consider while pursuing a career in Hospital Management after an MBA. There are many more such opportunities, however, here are the most preferred options to look at:

1. Pharmaceutical Project Manager: 

The job of a pharmaceutical manager involves the supervision of the new drugs that are developed as well as making sure that they are launched well in the market for their consumption. Before the drug is officially out for people to consume, it is necessary to deeply examine the side effects that the drug may cause.

Since this job involves the launch of these drugs, it also includes the medication promotion programmes that begin with the clinical trials. These trials are crucial in indicating any possible loopholes in its aftereffect.

The other responsibilities of a pharmaceutical manager include:

• Conducting a market penetration survey

• Reviewing the investments

Mostly, pharmaceutical managers are expected to have a background in science, and management and an additional degree in a scientific subject.

2. Health Administrator

People who work as health administrators are responsible for ordering supplies and organising the schedules. Health administrators are basically responsible for planning, directing, and coordinating the healthcare providers’ business activities. They own an associate degree in health administration usually and are also involved in the management of medical software for purposes such as:

• Patient Billing

• Patient Records

• Miscellaneous management responsibilities

3. Clinical Research Manager

A clinical research manager is responsible for managing clinical research operations, studying quality management, fiscal oversight, regulatory compliance and personal management. They are also responsible for taking charge of managing the government funding that is processed for clinical studies. Candidates who wish to pursue this career are expected to be proficient in financial management and budget planning.

Following are the roles and responsibilities of a clinical research manager

• Work on the clinical trial protocols and design them

• Plan the study timelines and budgets and implement them in a timely

• Keep in touch with the key stakeholders to ensure that the regulatory and scientific requirements are also met.

4. Claims Manager

A claims manager in hospital management is usually responsible for looking after the process of insurance claims to make sure that the hospital can manage the resources and payments timely. The claims manager has to coordinate with the insurance companies, the healthcare providers and the patients. Additionally, they need to address any doubts that may arise.

Following are the roles and responsibilities of a claims manager

• A claims manager has to make sure that the insurance claims are submitted on time and are properly processed.

• Analyse the claims data to look for any possible areas of improvement

• A claims manager also helps patients in case they find it difficult to figure out their claims and documentation.

5. Long-Term Care Facility Manager 

In hospital management, an individual who looks after all the operations and the overall management of the long-term care facilities such as the nursing homes is their Long Term Care Facility Manager. These are the facilities that serve the patients for a long period of time and need to be maintained with high-quality care so that the regulations and standards are met. This also includes the management of the staff, ensuring the patients are looked after and the stability of the facility remains intact.

The following are the roles and responsibilities of a long-term care facility manager:

• They recruit the appropriate people for these jobs and train them.

• They oversee the budget of the facility and manage its financial aspects in the long run.

• They look after the maintenance of these care facilities so that the patients are offered a clean and healthy environment for their recovery.

• Adhere to the guidelines and the standards set to ensure there is no compromise with the facilities and the patient’s care.

6. Health Policy Analyst 

A health policy analyst is responsible for the evaluation, development and implementation of the policies that concern the healthcare services and their delivery within the health facilities. They analyse the data and the current policies so that they can make improvements with respect to patient care, operations and regulatory requirements. As a result, their job role is highly work-intensive as they have to go through multiple sources of information and gather extensive research data.

The following are the roles and responsibilities of a health policy manager:

• Coordinate with the stakeholders to ensure that the policies of the health facilities are in place and are followed without fail

• Conduct extensive research on the current data and policies to align them with the standards set by the regulatory bodies.

• Develop new policies and procedures that enhance the delivery and operations of the hospital making it an effective healthcare facility for the patients to access.

7. Healthcare Consultant

In Hospital Management, the role of a healthcare consultant involves giving expert advice to the healthcare facilities in order to work on their efficient services, increase their profit margins, and improve their services. This role is similar to that of a financial consultant or a regular consultant in other industries who has the expertise to advise their clients in order to boost their business. The process of improvement begins by identifying the areas where the facility needs improvement after which they develop the strategies that help them refine their services.

The following are the roles and responsibilities of a healthcare consultant:

• Analyse Healthcare Systems: Healthcare consultants analyse the healthcare facilities and their systems, practices, and policies. This gives them an idea about where they need improvement.

• Develop Improvement Strategies: After identifying the loopholes, they devise strategies that will perfectly solve the problem or improve the services.

• Compliance and Regulation: All healthcare facilities are answerable to the regulatory bodies as they have to adhere to their guidelines. The consultants ensure that the healthcare organisations are not involved in any malpractices while also keeping up with the rules and regulations.

8. Health Financial Manager 

A health financial manager, as the name suggests, is a manager who deals with the financial factors of a healthcare organisation. This involves looking into the budgets, financial planning of the organisation, billing and the entire accounting process to ensure financial stability in the long run.

The following are the roles and responsibilities of a health financial manager:

• Financial Planning and Budgeting: A health financial manager has to develop and manage all the budgets, while also predicting any possible financial needs that may have to be met in future, and plan their resource allocation more effectively.

• Revenue Cycle Supervision: This role involves the process of billing and coding to ensure that the revenue generation is not compromised.

• Financial Reporting and Analysis: A healthcare financial manager also drafts the reports, after the analysis of the financial data and then provides any assistance that might be required during the final decision-making.

9. Heath Information Manager 

A healthcare information manager is primarily responsible for managing and overseeing all the data related to healthcare and maintaining the information systems. They also have to ensure that there is accuracy, and security with the records of the patient and their healthcare information remains confidential.

The following are the roles and responsibilities of a health information manager:

• Data Management: The healthcare information manager oversees the storage and retrieval of the healthcare data. This includes the data of the facility and the patients and manages the security of that information

• System Implementation and Maintenance: This responsibility involves implementing and maintaining the health information system such as the electronic health records or the EHRs.

• Compliance and Privacy: This is the supervision of whether the healthcare standards are met or not by the facility as well as maintaining the patient’s record with utmost privacy.

Salary Insights of Each of These Professions

Here is a list of each of these professions and their pay scale. These insights are not fixed and may vary depending on the individual’s job performance, educational qualifications, work experience, and skill set.

Recruiters that offer lucrative job opportunities in this field

Conclusion: Final Words

As a profession, medicine or healthcare has always been in demand. Students take an interest in these career opportunities primarily for growth and return on investment, which is more promising than the other fields of medical science. If you wish to consider this opportunity, you must research the options available at your disposal and make an informed decision with respect to the job role, working conditions, working hours, salary, and other related important information. All the Best! 

Frequently Asked Questions

Q.1 What are the top five highest-paying professions after MBA in hospital management?

Here are the top five professions that are considered some of the highest-paying professions after an MBA in hospital management:

• Hospital CEO

• Hospital CFO

• Healthcare Consultant

• Pharmaceutical Project Manager

• Health Information Manager

Q.2 What are the criteria for qualifying for an MBA in Hospital Management?

The criteria are to complete your graduation in any stream with at least 50% marks in aggregate from a recognised university. The marks scored should at least be around 40% marks in aggregate for SC/STs/other backward classes. You must qualify for any of the MBA Entrance exams like CAT, XAT, MAT, or CMAT.

Q.3 Does an MBA in hospital management have a strong scope?

Yes, however, it also depends on the job role and the company you are associated with, which collectively determines your scope and growth in your chosen profession.

Q.4 Which MBA is best for Hospital Management?

MBA specialisation in healthcare management is generally regarded as one of the best for hospital management. However, several institutions offer an MBA in Hospital management as well.

Q.5 Which examination is considered the best for pursuing an MBA in Hospital Management?

Here are the Popular Exams considered some of the best for pursuing an MBA in Hospital Management:

• CAT

• MAT

• XAT

• CMAT

• NMAT