MBA in Healthcare Management: With a huge population and a creaky healthcare system, the demand for good managers in the healthcare industry will always be on the rise till the issue is fixed. Therefore, MBA in Healthcare Management programme is here for the prospective administrators and executives. The curriculum of MBA in Healthcare Management mainly includes an integrated approach covering all domains that form a part of the healthcare sector. These areas include hospitals, pharmaceuticals, medical devices, healthcare financing, public health and Healthcare Information Technology. Let’s find out the course structure, programme requisites and the employment viewpoint for administrators and executives willing to pursue MBA in Healthcare Management.
What is MBA in Healthcare Management?
A healthcare management programme covers subjects that would help a professional in managing projects related to public health e.g, Nutrition programmes, water and sanitation programmes, Maternal & Child health programmes. Further, this programme is ideal for medical/para-medical professionals who are not keen to pursue clinical/lab work, but are interested in taking up leadership roles in healthcare management and administration. The programme is such that it enables students to manage health organisation from a business perspective.
There are several institutes of repute, including Faculty of Management Studies, University of Delhi, which offer MBA programme in Healthcare Management. MBA aspirants from medical background often choose this specialization to gain better perspectives on the healthcare industry.
MBA in Healthcare Management - Course Curriculum
As per the course curriculum, the first year is devoted the fundamentals of management programme such as Marketing, Finance, Human Resources and Operations as applied to healthcare settings, making effective use of case studies from the healthcare sector. The curriculum mainly includes an integrated approach covering all domains that form a part of the healthcare sector. These areas include hospitals, pharmaceuticals, medical devices, healthcare financing, public health and Healthcare Information Technology.
Some of the elective courses offered across B-Schools offering MBA in Healthcare Management consist of Digital Marketing in Healthcare, Accreditation of Healthcare Organisations, International Health, Medical Tourism, Health Policy, Branding in Healthcare and Leadership in Healthcare. Proficiency in the English language, verbal communication skills are other necessary skill sets required.
Qualities that count for MBA in Healthcare Management
According to various management institutes, their admission criteria, is a degree in Medicine or allied courses are preferred with few years of work experience in the healthcare sector. Apart from that, the basic qualities that count are compassion and empathy.
MBA in Healthcare Management - Road Ahead for the Sector
After completing MBA in Healthcare Management, students are offered placement in sectors like consultancy, diagnostics, hospital, insurance, IT, medical equipment, pharmaceuticals, NGOs and public health and clinical research laboratories. Major profiles offered in the sector are Business analyst, Operations, Marketing, Sales, Product Development, Administration and Consultants.
Healthcare constitutes one of the most vital factors of a country’s development index. Not only do we need proper healthcare facilities in terms of number of the hospitals, medical centres and doctors in both rural and urban sectors, we do need managers and administrators who could ensure a smooth functioning in this crucial sector which literally deals with life and death.
To meet the ever-rising demand in the healthcare sector, the Government of India increased the health budget from Rs. 39,879 crore to Rs. 48,878 crore in the Union Budget 2017-18. However, there are a lot of gaps in the healthcare industry that need to be filled. As Dr. Vivek Bhandari, President, IIHMR University, states, “Given the possible growth of India’s health sector, professionals with specialized management degrees will be sought after. Currently, the demand outweighs the supply and this is likely to continue in the coming decades.”
Quoting a report by IBEF, Dr. Bhandari says, “The Indian healthcare sector is projected to expand rapidly, with an estimated market value of US$ 280 billion by 2020. Substantial investments by private sector players are likely to contribute significantly to this growth.
MBA in Healthcare Management: High on Demand
According to data released by the Department of Industrial Policy and Promotion (DIPP), hospitals and diagnostic centres attracted foreign direct investment (FDI) worth almost USD 4.34 billion between April 2000 and March 2017. Moreover, with the rise in the concept of Medical Tourism, there has been a huge inflow in the number of patients from across the world. This has generated the demand for medical facilities, which creates a plethora of opportunities for MBA aspirants planning to pursue Healthcare Management.
IBEF sectoral report on Healthcare Industry in India dated September 2017 states, “Deloitte Touche Tohmatsu India has predicted that with increased digital adoption, the Indian healthcare market, which is worth around US$ 100 billion, will likely grow at a CAGR of 23 percent to US$ 280 billion by 2020.
Dr. Rajiv Yeravdekar,
Director, SIHS, Pune
It’s a service, not just a career
Careers360: How does the MBA programme offered at SIHS Pune help in meeting the career aspirations of the students?
Dr. Rajiv: SIHS offers a full-time two-year MBA (Hospital & Healthcare Management) that is focused on equipping students with the knowledge and skills required for the management of healthcare organizations. Be it hospitals, pharmaceuticals, IT, insurance, clinical research, equipment, manufacturing, public healthcare establishment, constancies, NGOs, wellness industry and others as may evolve. The course also helps in career planning in the health sector for candidates of diverse backgrounds who are not essentially from biology/science backgrounds.
Careers360: How has the healthcare industry in India changed over the years?
Dr. Rajiv: Healthcare management has turned out to be one of the lucrative careers for people willing to contribute towards the global healthcare. With the growth of the healthcare, the need for qualified and experienced hospital administrators has increased significantly. With a number of corporate hospitals mushrooming across the country, the need for hospital managers/administrators is expanding. Also, with more focus on health insurance, the healthcare industry is also booming.
Dr. Vivek Bhandari,
President, IIHMR University
Healthcare: Where demand outweighs supply
Careers360: What are the industry trends of healthcare sector?
Dr. Vivek: Healthcare is expected to be the next sunrise sector, with massive opportunities and scope for growth. And unlike any other industry, healthcare has been and will remain of permanent importance in the national as well as global context. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, public health interventions, health insurance and medical equipment.
Careers360: Why should MBA aspirants opt for this over a general MBA?
Dr. Vivek: Those with a general management degree are hired in traditional corporate and retail settings. Those with a degree in healthcare management have a clear edge when it comes to working in the healthcare sector. With a nuanced understanding of the sector, they are equipped to land jobs in HR, administration, healthcare IT analysts, patient safety and quality management coordinators, logistics administrators for hospitals, community relations specialists and corporate hospital managers. Salaries are much higher for those who specialise in healthcare management. Given the possible growth of India’s health sector, professionals with specialised management degrees will be sought after. Currently, the demand outweighs the supply and this is likely to continue in the coming decades.
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