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MBA in Healthcare Management: A Comprehensive Guide 2024

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Kamaldeep

17 May, 2024

MBA in Healthcare Management: A Comprehensive Guide 2024

Ever wondered how a Master’s Degree can land you in the world of Healthcare? Yes, you heard it right! The Healthcare industry is not limited to treating patients with the best doctors, nurses and medicines; but it is open to the world of management students aspiring to be a part of the Healthcare industry making you the backbone of the world-class facilities.

Healthcare Management aims to structure the Healthcare Administration so that better facilities can be provided across the globe. The Healthcare industry is not limited to the upper class of society; rather it is one of the few industries which is required by each individual during their lifetime.

Healthcare Management aims to upskill and update professionals willing to learn the latest trends in the field of Healthcare. An MBA in Healthcare Management helps you learn Informatics, Hospital Planning, Infrastructure Management and other key subjects to navigate your journey to become a future-ready professional.

What is an MBA in Healthcare Management?

An MBA in Healthcare Management opens a gateway to ample career opportunities in General Management, Finance, HR, Marketing, C-Suit in the Drug Development, Insurance, MedTech and Clinical Settings. The standout feature of this degree in particular is its versatility. You can become a Pharmaceutical Brand Manager, Consultant in Sales, Insurance Coordinator or even a CEO, COO or CFO in a renowned hospital.

The world of Healthcare is so vast that an MBA in the field can help you upskill your knowledge, guide you through career transition, increase earning potential or gain a broader perspective. Let’s delve into the curriculum of Healthcare Management combining the core business subjects with specialised Healthcare courses.

Course Name MBA in Healthcare Management
Course Type Masters’ Programme
Modes Full-Time, Part-Time, Distance, Online
Eligibility Graduate in any field with a minimum of 50% marks in aggregate from a recognised university
Duration 2 Years
Average Salary Offered INR 2  LPA – 10 LPA
Employment Roles Hospital Administrators,  Food and Beverage Managers, Medical and Healthcare Service Managers, Healthcare Finance Managers, Medical and Health Services Managers, Health Policy Analysts

Medical & Management: Best of Both Words

An MBA Degre in healthcare management is like having dual superpowers! Getting an MBA is actually about blending the skills of healthcare management and business management. You will be required to perform at your best but will be your ship’s captain.  Through an MBA in healthcare, you will understand business and healthcare, which shall help you make better judgements and enhance the operations of healthcare organisations. Becoming a healthcare manager will improve your decision-making, communication, and efficiency. Moreover, you are welcomed into a world where patience and intelligence lie in the same place.

Why Go for an MBA with a Specialisation in Healthcare Management?

MBA in Healthcare Management is a Master’s degree programme that focuses on the business aspects of the Healthcare industry. The major work of a Healthcare Manager revolves around ensuring that all the departments work with complete efficiency and function as a whole. As we all know India is today the most populous nation in the world. With such a large population ensuring better medical and healthcare facilities becomes essential. If you are looking for better job security, both private and public health sectors employ specialists on a long-term basis.

A number of professions within the domain of Healthcare Management pay more than any other management sector. With a big job flow in both India and abroad, you can achieve the goal of becoming the best with an MBA in Healthcare Management.

The key benefits of an MBA in Healthcare Management are as follows:

  • Enhanced Career Opportunities: With a specialisation in the field of Healthcare you are gearing up your game with better job opportunities. The skills and knowledge gained through the course helps you attain higher earning potential as compared to other degrees.
  • In-depth Understanding of the Healthcare Industry: The MBA in Healthcare Management helps you understand the healthcare industry including its structure, finance, regulation and delivery system. Such knowledge and understanding helps you make informed decisions and solve complex problems in the healthcare industry.
  • Networking Opportunity: An MBA in Healthcare Management provides you with opportunities to network with Healthcare Professionals, Consultants and Policy Experts. These connections can provide you with valuable insights into the healthcare industry.
  • Relevance in the Rapidly Changing Industry: If you are planning for an MBA in Healthcare Management, it can be beneficial to stay up-to-date with the latest trends in the field. The programme also provides you with an opportunity to adapt to the changes in the industry and lead healthcare organisations.
  • Get Two for the Price of One: An MBA in healthcare will include management and non-clinical healthcare advancement skills. Therefore, pursuing an MBA in healthcare will be one of the best decisions if you want to save time and learn more. It will upgrade your skills in decision-making, analytical thinking, and problem-solving.

  • Higher Heavier Salary Packages: An MBA in healthcare will get you a placement with a higher package. Depending on your college, experience, and expertise, you will increase your average income by 30-40% after completing your MBA.

  • High-Demand Sector: The Healthcare sector has become one of the most in-demand sectors around the globe. This reflects that the demand for professionals who can showcase their skills in management and operations is always fancy.

Who can Go for an MBA in Healthcare Management?

The Healthcare Sector as discussed above is constantly changing. Whether you wish to become a Healthcare Consultant or an Administrator, the management in the same can help you achieve your goal. Let us check out the latest MBA in Healthcare Management curriculum.

MBA in Healthcare Management Curriculum

Semester 1 Semester 2
Fundamentals of Healthcare Administration Cost Accounting
Healthcare Legislation Strategic Management in Healthcare
Managerial Economics Healthcare Policies & Regulations
Quality Assurance Fundamentals of Digital Marketing
Marketing Management Management of Disease Control
Principles of Management Healthcare Accounting
Conflict Management Business Research Methods -Workshop
Hospital Operation Healthcare Accounting
Financial Accounting Bio-Statistics and Operations Research

 

Semester 3 Semester 4
Operations Management International Health
Healthcare Planning Healthcare Informatics
Epidemiology Concepts Anatomy, Physiology and Medical Terminology
Quality Management and Insurance Legal Aspects of Healthcare
Customer-Centric Organization HR in Hospitals
Healthcare Analytics Revenue Cycle Management in Healthcare
Branding in Healthcare Healthcare Information System

Eligibility Criteria for MBA in Healthcare Management

Most of the universities require the following eligibility criteria:

  • The candidate pursuing an MBA in Healthcare Management requires a bachelor’s degree in any discipline with 50% aggregate marks.

  • The candidate needs to appear in entrance exams like CAT, MAT, XAT, MAH CETTISS NET, etc. to seek entry.

It is important to note here that the above-mentioned eligibility criteria is the general criteria that is followed by most of universities. Admission to the top universities offering the course of MBA in Healthcare Management is based upon the above-mentioned criteria. However, in India, there are several private and government institutes that offer MBA in Hospital Administration programmes and as a result, the criteria may vary depending upon the universities.

In addition to the above-mentioned criteria, some of the universities require candidates to appear for a personal interview/group discussion/micro-presentation.

Entrance Exams for MBA in Digital Marketing

Exam Name  Exam Date 
CAT 2023 26th November 2023
MAH Likely to be held in March, 2024
CET To be declared
XAT 2024 7th January 2024
MAT 2023 MAT PBT: 3 September 2023
MAT CBT: 17 September 2023
TISS To be declared
NET 6-14 December, 2023

Programme Fee

The fee structure of the MBA programme in Healthcare Management depends on various factors and hence, varies considering the infrastructure, location, university, mode of study etc. However, the average tuition fee of the programme ranges from Rs. 1,00,000 to 7,00,000.

Top Colleges for your MBA in Healthcare

The second step towards the journey of success is to pick the college that fits your career ambition, financial budget and career choices best. There are multiple colleges in India which provide all the above-mentioned categories, let us take a look at the best colleges in the three categories of mode: Regular, Distance and Online.

Best Full-time MBA Colleges:

Regular MBA healthcare will work best if you like to attend traditional classes, connect with peers, interact with faculty, and indulge in projects. Here is a list of regular colleges and their total fees.

Name of the College  Fees (INR)
NMIMS School of Business Management 6,00,000 – 24,04,000
Chandigarh University 6,20,000
LPU- Lovely Professional University 8,00,000  – 9,06,000
Chitkara Business School, Chitkara University, Chandigarh 7,00,000  – 10,00,000
DY Patil University School of Management 10,00,000

Best Online MBA Colleges:

An online MBA is ideal if you want flexibility, balance, and study in your schedule. Online classes allow you to attend classes according to your schedule and manage your work-life balance. Here is the list of best online MBA healthcare colleges along with their fees:

Name of the College Fees (INR)
Indian Institute of Management, Kozhikode (IIM-K) 2,00,000 – 5,00,000 Complete Course
Symbiosis Centre for Distance Learning 50,000 – 1,00,000  Complete Course
Amity University 1,00,000 – 2,00,000  per year
ICFAI University 70,000 – 1,00,000 Complete Course
NMIMS Global (NGA-SCE) 80,000 – 1,50,000 Complete Course

Related: Top 10 Online MBA Colleges in India

Best Distance MBA Colleges:

If you live far from the campus of your MBA dream program, distance colleges are the right choice for you. Distance MBA colleges will provide you with all the facilities including on-campus facilities, faculty guidance, etc., lower fees, and studying at your pace. Here is the list of MBA healthcare distance colleges with their total fees.

Name of the College  Total Tuition Fees (INR)
Institute of Distance Education, University of Madras 20,000
All India Institute of Management Studies 9000
IIBMS – Indian Institute of Business Management and Studies 40,800 – 50,800
Dr. B.R. Ambedkar Open University (BRAOU) 1,20,000
Directorate of Distance Education, Madurai Kamaraj University 36,000
IICT Business School Lucknow 12,960 – 32,080

 

Related: Top 10 Distance MBA Colleges in India

Choosing Your Perfect Fit

Finding the right college is the key. Consider these factors before finalising a college for an MBA in Healthcare:

  • Pick a Specialisation: Once you decide to do an MBA, pick a specialisation. If you want to pursue an MBA in IT, here are the next steps.

  • Budget: Setting a fee limit or a budget that fits your pocket is crucial. You can also go for government or private scholarship programs. There are different fee waivers, and loans to complete your MBA in healthcare without any financial hurdles.

  • Career Goals: Once you know which college suits your budget, ensure that the college provides the specific specialisation for your goals and fees within your budget. Align your goals. Ensure the programme aligns with your long-term aspirations.

  • Format: Pick what fits with your work-life balance. If you want a regular course, a distance one, or an online course. If you are a working professional, consider what would provide you the best flexibility. Choose the format that best suits your learning style and lifestyle.

  • Reputation and Accreditation: Lastly, pick a college with good reviews, reputation, and accreditation. This step includes verifying with good projects, student cell support, expert faculty, and placement cells and will ensure a good future for placement after you complete the course.

Scope of MBA in Healthcare Management

According to Economic Times the demand for healthcare profssesionals  and healthcare management would be doubled nationally by the year 2030.

“There has been a steady increase in demand for healthcare professionals in India as well as globally since Covid-19 owing to growing population, demographic shifts, and the rise of non-communicable diseases” – Sachin Alug, CEO (NLB Services)

Source: The Economic Times

There is a rising demand of management professionals in healthcare management after COVID-19. This is due to the rise of many healthcare problems that people have started facing after recovering from COIVD-19. There is a high demand for trained professionals currently in the healthcare management sector. Another reason of high scope after MBA in healthcare is the high population. The rapid growth of the population demands more healthcare professionals and management trainees. Rapid urbanisation also has an important role in this. The government and private sectors need skilled professionals when it comes to managing healthcare sector.

An MBA in healthcare management can open doors of scope for you. You can apply for various roles, such as hospital administrator, healthcare manager, pharmaceutical production manager, medical practice manager, health insurance executive, and project manager. You can work in hospitals, clinics, health insurance firms, pharmaceutical companies, and medical research facilities. As the market thrives, an MBA in healthcare management ensures a promising and diverse career path for you.

Job Roles with Salary (In INR)

Recruiters are actively looking for different job roles under MBA healthcare management. Here is a closer look at the job roles with salary.

Job Role Salary (INR)
Medical Director 4,20,883 per year
Clinical Manager 4,23,115 per year
Research Manager 7,01,170 per year
Hospital Administrator 4,13,926 per year
Health Information Manager 29,588 per month
Hospital Financial Manager 4,25,070 per year
Medical Coding Specialist 3,23,709 per year
Medical College Dean 6,67,433 per year
Public Health Program Manager 6,79,437 per year
Hospital CEO 7,26,577 per year
Health Care HR Manager 5,02,855 per year

Short Shot of Information: Pick Your Fit

Here is the shorter version of Regular, Distance and Online MBA in healthcare colleges to pick what works the best for you:

Factors Regular MBA Distance MBA Online MBA
Learning Environment In-person lectures, discussions, workshops Pre-recorded lectures, online study materials Live online interactions, real-time engagement
Flexibility Limited flexibility due to full-time commitment Flexible scheduling, study at own pace Flexible scheduling, study at own pace
Interaction Personalised guidance from faculty, peer interactions Virtual interaction with faculty, classmates Live online interactions, real-time engagement with peers
Campus Resources Access to libraries, labs, career centres Reliance on online resources, limited access to campus Depends on online resources.
Affordability Higher fees due to campus infrastructure Relatively lower fees compared to regular MBA Often carries the most affordable price tag
Challenges Potential impact on work/personal life Requires self-discipline, may miss out on campus community Technical glitches, potential distractions at home

Conclusion

Alas! The future of an MBA in healthcare looks limitless, so why put limits on your career? This is your chance to become the next successful leader at one of the top healthcare in India. You have all the options to pick from, regular, distance and online, now it is your time to take a pen of paper and gather what suits your success, budget, career goals and personal lifestyle. The goal is to align your skills with your career. Get set going with the superpower of both worlds.


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