MBA in Healthcare Management is one of the most popular, recent, and upcoming management programs. You can get subject expertise in the healthcare industry and general management abilities through the specialization in Healthcare Management. Knowledge of the healthcare industry can be used to create a specialist profile that faces less competition than a standard PGDM or MBA. The ongoing research brought on by the lack of access to high-quality healthcare makes the healthcare management industry recession-proof for many more decades to come, providing excellent job opportunities to those with specialized MBAs in hospital and healthcare management. The focus is shifting from cure to prevention in order to avoid negatively affecting people’s wellness as people have become more aware and involved in their health. This modification has led to the development of a more specialized, client-centered healthcare delivery strategy. This new ecosystem has given rise to the specialized MBA Healthcare Management Course along with easier access to health information through numerous healthcare websites and apps.
Scope of an MBA in healthcare management
The scope of the MBA in Healthcare Management for its students has been further expanded by the use of cutting-edge technology such as AI, wearables, IoT, and machine learning in healthcare management. Health insurance, healthcare IT, hospital management, consulting, data analytics, pharmaceuticals, medical devices, and diagnostics are just a few of the numerous career options available to MBA Healthcare Management students. The knowledge and procedures required to collect, store, maintain and analyze data in order to aid in accurate diagnosis, patient safety, drug efficacy, effective treatments, disease prevention, increase drug compliance, and enhance the accessibility of a medical facility is covered in this course. The analytics in MBA healthcare management aid to enhance many healthcare metrics like Maternal Mortality and Infant Mortality as well as lower the burden of non-communicable diseases and healthcare costs. Additionally, the effectiveness of the staff is increased.
Career Opportunities for MBA in Healthcare Management
A wide range of opportunities is open to you for career advancement once you have earned your MBA in Healthcare Management. According to the World Economic Forum’s “The Future of Job Report 2018,” an increase in job prospects is expected for those with an MBA in healthcare management over the next ten years. The Indian healthcare sector is expanding at a 17% CAGR (Compound Annual Growth Rate), which is three times faster than India’s current GDP growth rate. The main positions and jobs available to people with an MBA in Healthcare specialty include Healthcare Finance executive, Domain specialist Healthcare, Health Insurance executive, Hospital operations executive, and many more. Some of the top recruiters in this domain are Cipla, Glenmark, Pfizer, Apollo, Fortis, Star Health, ICICI Lombard, Practo, etc.
Healthcare management MBA programs range from standalone to part-time to online MBA programs. While this specialty is available in the second year of all 2-year Full-Time Regular MBA programs, a limited few prestigious Institutes provide Specialized MBA in Healthcare programs from the very beginning. Chitkara University is one of the top institutes in this domain which comes out to be the one-stop solution for an aspiring student in this field who is seeking career opportunities and flourishing in this branch.
Healthcare Management Program at Chitkara University
The curriculum for the MBA in Healthcare Management program focuses on reinforcing practical skills, deepening awareness of diverse healthcare organizations, and covering a wide range of topics related to business administration & healthcare management. The curriculum for the MBA in Healthcare Management program focuses on reinforcing practical skills, deepening awareness of diverse healthcare organizations, and covering a wide range of topics related to business administration & healthcare management.
The extensive curriculum is broken up into six terms. Ten weeks are devoted to theory lessons and practical training in each of the first four terms, along with one week for exams and one week for assessment and result preparation. The first year of the program is devoted to studying modules on the fundamentals of management, including Marketing, Finance, Human Resources, and Operations as applied to healthcare contexts. Case studies from the Healthcare Sector are effectively used in these courses. Some of the modules which are covered in this program are Medical Law & Ethics Service Excellence in Healthcare, Quality in Healthcare, Healthcare Operations Management, Healthcare Finance, Healthcare Strategic Management, Health IT and MIS, Epidemiology & Biostatistics, Health Economics, Health Safety & Risk Management, Hospital Planning & Modelling Health Insurance, Supply Chain Management. Students are also required to take a mandatory six months Internship at Fortis Network Hospitals. Thus, students will graduate ready to move into—or move up in—healthcare administration.
Healthcare, a significant industry in all industrialized nations, faces difficult management issues. The Healthcare Management program has a heavy emphasis on management in healthcare delivery systems, competitiveness and regulation in the international pharmaceutical sector, healthcare innovation, and management consulting.
Three crucial factors make up the qualifying requirements for admission to the MBA in Healthcare Management program:
- You must have a master’s degree in biotechnology, genomics, genetics, nursing, bioengineering, alternative systems of medicine, paramedical discipline, pharmacology, anthropology, or zoology, or have passed an exam that is recognized as being equivalent thereto, along with a degree in life sciences or an equivalent grade in any discipline, such as medicine (MBBS), BDS, BAMS, BUMS, or BHMS.
- You must perform well on the appropriate MBA entrance exam.
- You must have the necessary expertise in the healthcare industry to enroll in an executive MBA in healthcare management.
Post Covid, the healthcare market in India is expected to reach $500 Billion by 2023. India has also emerged as an attractive destination for medical tourism in recent times which has further led to a huge rise in the healthcare sector. If you are passionate and certain about pursuing an MBA in healthcare as a career, you can choose a full-time concentration in this field and enroll in the program from the very beginning. Chitkara University provides a great platform for this. With outstanding facilities, infrastructure, and faculties having great knowledge of business and the healthcare industry makes Chitkara a suitable choice for students aspiring to do MBA in Healthcare Management.