Are you looking for a course that can give a boost to your career post graduation or are you a Practicing Doctor, member of medical staff or Ayurveda Practitioner who wishes to work in managerial and leadership roles in the Healthcare industry? If the answer is yes, then a 2 year MBA course in the domain of Healthcare Management or Hospital Administration is definitely made for you. These programs give you a wide range of career options with lucrative job roles in different healthcare sectors, help you to understand the economic, ethical, political, legal and historical aspects of the healthcare industry and place you apart from the crowd.
And as new technologies such as Machine Learning, Artificial Intelligence or IoT are being unified with the syllabus of MBA Healthcare Management, the importance of this course increases manifold. Apart from this, as per a recent report, the healthcare industry is growing at 17% CAGR, so it’s natural that organizations will be needing such professionals who can adapt to operational policies and developments in patient care or treatment, redesign them as per requirements to stay compliant with the standards. So carefully assess your short and long term goals and interests along with the advantages of MBA Healthcare Management program as it will help you to make a good academic decision.
Following are some of the reasons why you should consider pursuing an MBA program in Healthcare Management and 7 high-paying jobs you can grab post that.
Benefits of seeking MBA in Healthcare Management/Hospital Administration
A career with ample, flexible and profitable opportunities: Aspirants after successfully finishing an MBA Degree in Hospital Administration or Healthcare Management will have enormous opportunities to work with Private or Public sector hospitals or big Pharma companies. Also this Covid pandemic has taught us a lot of lessons and moved the worldwide focus back on strengthening the healthcare infrastructure. So it’s obvious that opportunities are only going to increase in upcoming time and because this is a very demanding profession and asks for detail oriented and compassionate people with amazing communication skills and strong ethical values and emotional intelligence, so as a perk professionals get well-paid jobs and their average package ranges between 5-12 LPA.
Essential skills development and change making roles: Although persons with an MBA in Hospital Administration only supervise optimal use of healthcare resources, deal with the operational issues, analyze ongoing services, make decisions about adopting life-giving medicines and medical equipment and don’t deal directly with patients, their skills keeps an hospital running and saves patient precious life in multiple ways.
Unlimited opportunities for advanced research: We must say that uninterrupted research programs are the spine of the medical field as they assist hospitals and pharma companies to enhance and upgrade facilities for patients, make smarter drugs and refine overall better health infrastructure. So people associated with this domain would at one point or the other would be part of those research programs which will for sure help them to become a pacesetter.
Career prospects post an MBA in Healthcare Management/Hospital Administration
Now since we have discussed a lot about the perks you get and skills you need to have to work in the Healthcare industry, it’s a good time to explore what roles would be available for an individual post doing an MBA in Healthcare Management and primarily which companies recruit these professionals.
So talking about the sectors where individuals can look for a promising career with a high paying post after doing MBA in Healthcare Management are mainly Hospitals, Nursing Homes, Telemedicine, Medicine Industries, Lifestyle Clinics, Outpatient Care Centers, E-health Ventures, Clinique, NGOs, Health Insurance, Medical Equipment and Devices, Medicine Industries and Medical and diagnostic Library. And some of the top recruiters of these healthcare professionals are Star Health, Siemens, Portea, Fortis, J&J, Practo, Apollo, Cadila Healthcare, UNICEF, Glenmark, Max Healthcare, Pfizer, Columbia Asia, Abbott, Wipro GE Healthcare, WHO, Cipla and Advanced Healthcare Resources of India.
Now let’s take a closer look about positions you would be getting in the above mentioned sectors of firms.
1.Health Information Manager
A Health Information Manager is fundamentally responsible for directing, supervising and maintaining the medical records of patients including diagnosis details, symptoms, proposed course of action and forecasted outcomes. And the average median salary of such professionals is ₹11, 67,652 per annum in India. And with growing needs for good healthcare facilities and infrastructure, these professionals will always be in demand. As per the recent prediction of BLS, the requirement of not only HIM but of Medical and Health Services Managers will grow by 18% from 2020 to 2030.
2. Medical Services Manager
The key responsibilities of a Medical Service Manager who primarily work in hospitals and nursing homes is to plan, design, govern, coordinate and harmonize the business activities of healthcare providers. Average package of the Medical Service Manager ranges between INR 2.7 - 3.8 LPA which is based on evaluation of salaries received by employees of P.D. Hinduja National Hospital and Medical Research Centre. And just like HIM, Medical and Health Services Managers are and will be in demand and this growth will go up to 28% between 2021-2031.
3. Healthcare Manager/ Healthcare Admin
The scope of opportunities of a Healthcare Manager or Admin is very vast and they are mainly responsible for supervising and managing a Healthcare branch or facility, day-by-day operations of hospitals or clinics, planning, designing, directing and manipulating the clinical sources and coordinating with healthcare providers. Apart from this, HM or HA also acts as a facility's spokesperson. Most experienced Healthcare Managers earn up to INR 1,500,000 per year while the average package is INR 850,000 per year or ₹ 436 per hour and Entry-level Managers can earn INR 540,000 per year. Also, hospitals like Max Superspeciality Delhi and Max Dehradun provide some extra benefits to Healthcare Admins in addition to a good salary.
4. Corporate Development Manager
Pharma companies, Hospitals and Clinics recruit Corporate Development Managers for putting in place such a positive work culture and ambiance that can nurture and foster an active and undisturbed refinement philosophy with respect to services and products. In addition to this, they are responsible for executing visionary goals of an organization and are also involved in developing the action plans and managing accounts and to ensure smooth functioning of hospitals and provide best possible facilities to patients. Many Healthcare or Pharma companies offer an average salary package of INR 5.4 LPA to their Business Development Manager.
5. Healthcare Consultant
As the name itself suggests here, the main job of a Healthcare Consultant is to offer expert advice and guidance to clinical groups so that they can work effectively and efficiently. In addition to this, these Consultant are responsible for uncovering the strategies to reduce charges, expand income and safeguard satisfaction of patients. Also they often work together with Administrators, Directors and Executives to recognize and fix challenges of the healthcare industry. The only prerequisite which an aspirant needs to fulfill before becoming a Healthcare Consultant is that they should have a minimum 1 year of work experience in the same sector. And these Healthcare Consultant earn INR 1.2 Lakhs per year during their initial years of service.
6. Policy Analyst
A Policy Analyst by profession is accountable for assessing policies of Healthcare Providers in accordance with compliance standards set by the Government, obtaining statistical facts and learning about political systems, trends and ideas. Apart from this, predicting the outcomes of attainable policies and generating written analysis about their findings also comes under the scope of responsibilities of a Policy Analysts who earn an average salary of INR 7, 80254 per year in India.
Now at this point, there is no place for any kind of doubts about the advantages of working in the Healthcare industry in different positions, but it doesn’t mean that journey will always be hussle free, definitely challenges and limitless opportunities would be there just like any other field. But if you are someone who likes to do a desk job and spend most of their time in front of Computer Screens, this might not be the right job for you and you need to check for suitable windows in other sectors like IT. Because factors which makes the sector of Healthcare Management different from others is its requirement from a person to have hands-on knowledge and they must be capable enough to go out in the field to work and engage with patients and hea;thcare professionals with patience and compassion. At ICRI India, we acknowledge the special and exceptional needs of healthcare management and the significance of being actively involved in the field.
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