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Who should pursue an MBA in Healthcare Management?

Online Manipal Editorial Team | October 24, 2022

Key takeaways:

  • The need for MBA healthcare management is growing as more businesses in the healthcare sector are seeking ways to manage expenses and keep up with the developments.
  • You can gain significant business acumen and expertise from MBA healthcare management, thus attracting high paying job opportunities at reputed companies.
  • You can benefit from the security and respectability of MBA healthcare employment, and further develop your potential for a booming career.

A master’s degree in business administration is an advanced qualification that gives potential students practical experience and prepares them to lead in various industry areas. However, if you want to pursue an MBA, it’s important to pick a program that aligns with your goals and interests.

Career prospects after MBA in healthcare management will help you stand out among the vast selection of possibilities as a flexible degree with excellent advantages. Simply put, it will provide a variety of professional options and work environments where you can investigate financial considerations, cutting-edge research, complex legal issues, legislation, public relations, and human resources.

If you wish to enter the field, scroll down to learn more about why to pursue an MBA in healthcare management and who should choose this program.

What is healthcare management?

The process of managing the healthcare sectors, public health systems, hospitals, or other medical institutions is known as healthcare management or healthcare administration. The specialist must ensure that the relevant department operates effectively to get the desired results. Management is necessary for every healthcare industry, from medical insurance to medication manufacturing.

In the past, clinical experience was the only factor in healthcare administration. Today, there is an increasing need for experts to hold leadership positions within the industry because of the demands and unique nature of the health sector. 

Salary for an MBA in healthcare management varies according to the kind of position that often acts as a starting point for your career before you rise to a senior position.

Why pursue an MBA in Healthcare Management?

The healthcare sector actively seeks MBA graduates due to the constantly changing demand for qualified managers. After earning an MBA in healthcare administration, one of the highest-paying and most gratifying careers, graduates will have access to various professional prospects, including MNC and government jobs. 

For instance, the average salary for the healthcare management consultant will be around INR 5 to 6 LPA annually.

Healthcare management MBA holders have successful careers in a range of positions. Let’s discuss the benefits of choosing a job in healthcare management after earning an MBA.

  • Obtaining financial benefits

A career in healthcare management with an MBA opens several work choices and puts you in a higher wage range. A recent poll indicates that the starting compensation for healthcare management professionals is INR 5 LPA, with potential growth to INR 20 LPA.

  • Healthcare is unavoidable

One of the industries with the strongest recent growth has been healthcare, particularly in light of the pandemic. Therefore, the field requires qualified individuals to hold the post of administrator or manager in the organization to oversee budgets, resources, and labor. 

  • Achieve more and make a difference

Jobs in healthcare management for MBA students will help you develop business acumen while learning medical institutions’ concepts, theories, and procedures. It will give you the upper hand and the chance to stand out among your peers and leaders.

  • Holistic development

Modern technology is widely used in the healthcare industry, allowing for efficient and effective healthcare operations. Additionally, you will be better positioned to improve your capacity for addressing various issues, such as diversity, morality, and cultural differences. Your career will evolve holistically, allowing you to provide better-quality care.

READ MORE: MBA in Healthcare Management course details

Who should pursue an MBA in healthcare management?

A healthcare management MBA helps students develop their overall business abilities while equipping them to lead in the healthcare industry. A master’s degree in health administration (MHA) equips graduates for specialized positions in public health, clinical settings, healthcare management, and health policy.

Let us explore and understand who should pursue MBA in Health care management.

  • Practicing doctors who have an entrepreneurship dream

Nowadays, doctors often pursue an MBA after earning their MBBS. With your medical knowledge, an additional MBA degree might put you at the top of the industry pyramid. It can aid doctors in understanding the healthcare system’s policies and applications. 

Having an MBA can help you land managerial or administrative positions in the healthcare sector. This is more likely to have set working hours and responsibilities as a career.

  • Experienced medical staff looking to move to management roles

You will have a thorough understanding of the business side of healthcare if you enroll in an MBA program. This may enable you to assume leadership roles in the healthcare sector and comprehend the significance of maintaining optimal operational efficiency. Understanding the commercial aspects of healthcare can help you contribute to the efficient operation of your hospital or organization.

  • Graduates who wish to enter the healthcare sector

After graduation, finding employment in a field connected to your primary course of study may be beneficial. Many consider pursuing MBA in healthcare management while finishing education if they have a major in biology, biomedical sciences, or another relevant subject. 

Working in the medical field can help you build your professional network and prepare you for a career after graduation. These experts oversee all phases of projects at healthcare facilities. 

  • Ayurveda practitioners looking to start their enterprises

Several options are available for students who seek a career in Ayurveda but are not interested in clinical practice. Demand for MBA graduates in healthcare management is high. Among their duties are making progress updates, managing deadlines, assessing project risks, and ensuring regulatory compliance.

  • Working professionals to switch their career

Many working professionals opt for an MBA in healthcare management to give their career a boost. Healthcare administrators maintain the smooth operation of healthcare institutions by working in hospitals, outpatient centers, and nursing homes. 

Healthcare administrators have a variety of responsibilities, including maintaining the hospital’s compliance with health rules, developing new policies, balancing budgets, and even aiding in the recruitment and hiring of medical professionals.

Career opportunities after an MBA in Healthcare Management

RoleAverage Salary (INR- LPA) 
Healthcare Administrator4,30,000
Clinical research manager10,60,000
Nursing home administrators2,188,833 
Pharmaceutical project manager13,90,000
Medical entrepreneurship12,00,000
Source

Healthcare management encompasses many career options and calls for qualified individuals to hold leadership and management positions. Some of the most demanded positions for an MBA in healthcare management are as follows –

  • Health administrator

The healthcare administrator’s job is to ensure the business runs efficiently and provides patients with the finest care available. They will handle firm data, analyze employee schedules, comment, and conduct training sessions for medical professionals, including nurses and other staff members.

  • Clinical research manager

The clinical research manager is in charge of running the clinical trials and overseeing the clinical monitoring process. They must assess whether the research is carried out by ethical norms and scientific principles, keeping track of each study’s development until it achieves its objectives.

  • Nursing home administrators

The operational and administrative components of healthcare institutions are their responsibility. They are also personally involved in the operation to achieve quality and safety in resident care. They frequently oversee various duties, including the hiring, scheduling, and administration of personnel and the organization’s financial resources.

  • Pharmaceutical project manager

Pharmaceutical project managers organize teams to research the advantages and disadvantages of medicinal therapies, conduct advertising campaigns, and develop new medications. They are also responsible for setting up clinical trials, conducting market penetration research, and analyzing investments.

  • Medical entrepreneurship

After earning an MBA in healthcare management, you can launch or oversee a company that makes medical technology or runs a university-based program that creates novel therapies or equipment utilizing cutting-edge biologic technologies, such as those that produce pharmaceuticals from live cells. 

ALSO READ: Career prospects after an MBA in Healthcare Management

Is healthcare management a good career?

Getting an MBA in healthcare management and preparing for this type of work have several advantages. Administration professionals can differentiate themselves from these employment chances by having a degree. There are various career options in healthcare administration, which gives administrators security while looking for work and stability once they acquire a position. 

Healthcare managers and community leaders may work on the plans and budgets for a new hospital or clinic. Employers can tell immediately that you have the education and experience necessary for this job if you have a degree. Healthcare management is a fantastic choice if you’re looking for a rewarding job and good compensation.

How can I earn an MBA in healthcare management?

Enrolling in MAHE’s online MBA in healthcare management at Online Manipal will prepare you for a job in the healthcare industry by instilling practical understanding and problem-solving abilities. This is important given the attractive healthcare management salaries in India.

The strategies and methods for managing the healthcare industry are taught to the students in this postgraduate program. They will learn how to enhance internal and external collaboration structures, ensuring various career opportunities in healthcare-related facilities and businesses. 

Closing

The healthcare industry is enormous and expanding, and the job market is also having a significant impact on the global economy. Because of this, pursuing a career in healthcare management may be very fulfilling and a great option for people looking for a way to change the sector.
It’s time to boost your career with MAHE’s MBA in healthcare management by Online Manipal if you want to enter the world of prestigious and higher-paying MBA healthcare employment. Join now!

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