Sunday, July 25, 2021

‘The Best Know it all’ Guide to MBA in Healthcare Management

The healthcare manager makes decisions about performance evaluations, budgeting, and cost management. Hence a degree of MBA in Healthcare management can equip any aspiring student with the perfect skill set to perform all the below stated functions as a Healthcare Management professional.

The good thing about the degree of MBA is that there are various fields in which one can go. Whether you are into marketing, finance or banking, MBA solves your problems. Healthcare management is one such sector. Apart from that, certain MBA colleges also gives students the opportunity of online classes or distance MBA

Healthcare management deals with the overall administration of a healthcare facility like hospitals, clinics and other medical institutes like medical colleges and different kinds of asylums. A healthcare manager oversees ensuring a healthcare facility is running as it should in terms of budget, the goals of the facility’s practitioners and the needs of the community.

A person in charge of healthcare management oversees the day-to-day operations of the facility. The person also collaborates with medical staff leaders on issues such as medical equipment, department budgets, planning ways to ensure the facility meets their goals and maintaining a good relationship with doctors and all department heads.

MBA in Healthcare Management

MBA in Healthcare Management is a fulltime 2-year postgraduate degree course that focuses on making its graduates business ready for the healthcare industry.

MBA in Healthcare Management is one of the MBA specializations which has gained immense popularity in the past few years as the current market demands professionals from this specialization, but the output has been low in the past decade. But with India looking at advancements and progress made in the domestic healthcare facilities levelling with the western standards of hospital management and healthcare facilities this sector has burst open with immense opportunities for a bright future.

A wide array of jobs and career opportunities have popped up for management professionals in the healthcare sector. MBA in Healthcare Management, this course promises to produce such Healthcare Management professionals who can efficiently handle the day to day functioning of an institute and

MBA in Healthcare Management Admissions

In India, more than 250 private and government institutes offer a MBA in Healthcare Management programme. The admission process is different for colleges offering MBA in Healthcare Management all across the country. But they follow a general outlined process of:

  • Aspiring students apply for management entrance tests like CAT, MAT, GMAT, etc. Private B schools have their own management entrance tests like XAT, SNAP, NMAT, MAH CET, IBSAT, CUCET, etc. all admissions are based on the scores obtained in these management exams.
  • After appearing for various entrance tests. Students are invited to the colleges for the further selection process, only if they meet the cut off. The selection rounds are:
  • Group Discussions (GD)
  • Writing Ability Test (WAT)
  • Personal Interview (PI)

MBA in Healthcare Management Eligibility Criteria

A graduate who has completed their graduation degree with a minimum of 50% for General and 45% for Reserved can apply for the entrance tests.

Final year students can also apply for the management entrance tests.

Majority of the important management entrance tests take place between the months of May and August every year.

MBA in Healthcare Management Syllabus

The MBA in Healthcare Management programs offers deep insight and learning of the healthcare industry. The course syllabus covers a mix of crucial topics from the management and medical fields to help in better supervision and management of a medical institution.

Main subjects taught in MBA in Healthcare Management are:

  • Fundamentals of Healthcare Administration
  • Healthcare Economics
  • Healthcare Legislation and Medico-Legal Issues
  • Hospital and Enterprises Management
  • Information Management in Healthcare
  • Organization and Administration of Hospital

Top B Schools for MBA in Healthcare Management in India

With more than 250 public and private colleges providing an MBA in Healthcare Management, any one is deemed to contemplate over the best possible B school for them to pursue their MBA in Healthcare Management. Hence, we have compiled a list of top 5 B Schools for MBA in Healthcare Management in India with small snippets of important information with them.

K J Somaiya Institute of Management, Mumbai

Establishment: 1981

Type: Private

Fees: INR 16.95 Lakhs

Total seats: 30

Entrance:  Based on: CAT/MAT/MAH CET scorecards

Placements in Apollo, Wockhardt, Nanavati, Lilavati and Kokilaben Hospital.

Average packages between 24.3 to 30. 34 LPA

Key highlights:

  • Course curriculum made along with collaborations with Imperial College, UK
  • Students get an opportunity to work on an international level with the two-week student internship programme at Imperial College, UK.

School of Management Studies, University of Hyderabad, Hyderabad

Establishment: 1999

Type: Public or Government

Total fees: INR 2.02 Lakhs

Total Seats: 30

Entrance based on CAT scorecards

Placements in Continental and Vedanta group of Hospitals, Medicover and Asian Institute of Nephrology and Urology

Average Packages between 3.5 to 7.9 LPA

Key highlights:

  • Student internship cell arranges paid internships in many top MNCs and hospital
  • Pharmaceutical giants and health tech start-ups visit the campus for recruitment and workshops.

IIHMR University, Jaipur

Establishment: 1984

Type: Private

Total fees: INR 9.60 LPA

Total seats: 210

Entrance based on IIHMRU MAT scores. (Candidates with valid scores in MAT/ CMAT/ CAT/ ATMA/ XAT/ GMAT are exempted from IIHMR MAT)

Placements in Fortis, Apollo, Narayana Multi speciality Hospital and Manipal hospital

Average packages between 7.2 to 11.4 LPA

Key highlights:

  • Collaborations with major universities and institutions like Johns Hopkins University.
  • Identified as Institute of Excellence for its significant contribution to strengthening health systems by the Government of India.

Symbiosis Institute of Health Sciences, Pune (SIHS)

Establishment: 2006

Type: Private

Total fees: INR 9.75 Lakhs

Total seats: 60

Entrance based on SNAP scorecards

Placements in Apollo, Fortis, Jehangir Hospital, Ruby Hall Clinic and AIIMS

Average packages between 21 to 28 LPA

Key highlights:

  • Placement cell with a track record of 100% placements provided by SIHS
  • Skilled faculty with a global teaching experience

Sharda University, Greater Noida

Establishment: 2005

Type: Private

Total fees: INR5.44 Lakhs

Total seats: 120

Entrance based on SUAT scorecards (Candidates with valid MAT/XAT/CAT scores need not appear for SUAT)

Placements in Max Super specialty Hospital, Columbia Asia AIIMS- Delhi and PGIMER, Chandigarh

Average packages between 9.6 to 13.5 LPA

Key highlights

  • State of the art and modern fully equipped campus with smart classrooms
  • A comprehensive learning experience with students from more than 30    countries from across the globe.

Top B schools for MBA in Healthcare Management in USA

With the USA being a major hub of healthcare technology and medical advancements, it has emerged as a popular destination amidst students aspiring to pursue a MBA in healthcare management. The top B schools for pursuing a MBA in Healthcare management in USA are:

  1. The University of Texas – Austin, Texas
  2. Cornell University – Ithaca, New York
  3. University of Pennsylvania – Philadelphia, Pennsylvania
  4. Massachusetts Institute of Technology – Cambridge, Massachusetts
  5. Harvard University – Cambridge, Massachusetts

Many major global healthcare giants have established markets in the USA hence even offer handsome salaries to their employees.

Skills Needed to Be Successful in MBA Healthcare Management

Like any other profession, any aspiring student thinking of pursuing an MBA in Healthcare management must possess a few critical skills apart from the general course skills in order to have a fruitful career in healthcare management. The basic skills required for MBA in Healthcare Management are:

  • Analytical and detail-oriented nature of work
  • Strong working knowledge of regulations that apply to medical institutions
  • Ability to juggle simultaneous tasks and deadlines
  • Decision making and good intuition
  • Strong and clear interpersonal communication skills
  • Stay updated about advancements in healthcare technology

Jobs and salaries after completing MBA in Healthcare Management

After completing an MBA in Healthcare management, a graduate is certainly likely to land an annual package ranging between 8 to 14 LPA.

The top recruiting firms include the likes of Cipla, Apollo Health and Cadila who offer the highest packages to graduates of MBA in healthcare management salary in India.

The top recruiting firms like CVS Health, Cardinal Health Inc. and Cigna Corporation offer the highest packages to graduates of MBA in Healthcare management in USA.

Healthcare management is an umbrella term that covers a wide variety of job titles, the top high paying job profiles a graduate can land immediately after completing their MBA in healthcare Management are:

  1. Hospital CEO: High ranking executive and administrator of a hospital making key decisions. Average packages range from 24 to 35 LPA.
  2. Hospital Operation Manager: in charge of maintaining customer relations, along with maintaining budget and income. Average packages range from 10 to 15 LPA.
  3. Physician Relations Liaison: manages private practicing doctors and helps securing clients. Average (incentive based) packages range from 8 to 10 LPA.
  4. Medical Practice Manager: oversee the business-related side and are liable to maintain industry relations. Average packages range from 9 to 13 LPA.
  5. Hospital Administrator: supervise and head all administrative operations on ground. Average packages range 5 to 9 LPA.

Future Scope of MBA in Healthcare Management

With the recent global pandemic in view of the world has seen an unprecedented rise in the demand of skilled and capable professionals in the healthcare sector. And in the coming years the demand for management of multi specialty health establishments are projected to grow tenfold as many are adapting to the medical revolution and expanding themselves as Healthcare MNCs.

Thus, any aspiring student is looking forward to having a career in managing the lifelines of healthcare by pursuing a degree in MBA in Healthcare Management as it will equip them for the future job market.

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