MBA in Healthcare: The top Guide

The healthcare sector is an important and fast-growing industry today. Due to the dire need for healthcare facilities and products, the industry is expected to grow three times to Rs. 8.6 trillion by 2022 and that is just in India. As of now the healthcare industry is already witnessing a huge growth of 16-17% and is prominently contributing to the country’s GDP. It is important to understand that there are numerous products and services that the healthcare sector provides, which require equal knowledge about the workings of a company and medical subjects to thrive. An MBA in Healthcare is an important degree for healthcare companies and businesses to run.

Course Name	Masters in Business Administration
Specialization	Healthcare
Course Level	Postgraduate
Duration	2 years
Examination Type	Semester
Eligibility	Bachelor’s degree in any discipline with 50% aggregate marks
Admission process	Entrance exam + GD & PI
Entrance Exams	CAT, MAT, XAT, GMAT, etc.
Course Fee	INR 4 to 15 Lakhs per annum (more if students choose to study abroad)
Average Salary	INR 5 to 12 lakhs per annum
Job Positions	Hospital Administrator, Healthcare Manager, Hospital CFO & CEO, Pharmaceutical Production Manager, Medical Practice Manager

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What is MBA in Healthcare?

MBA in Healthcare is another branch under the wide umbrella of the Master in Business Administration degree. This like the other branches aims to prepare students with leadership qualities, managerial skills, and business tactics, but for companies in the healthcare sector. This degree helps to have an overall knowledge of running a business and a medical background to understand the details of the products and services. The healthcare sector is involved with various products and services, which include:

• Manufacturing of drugs
• Manufacturing of medical equipment
• Healthcare facilities 

The students applying for this degree will become a part of these areas of the sector. This degree does not require a Bachelor’s Degree in the medical field, however, most universities prefer students who show an inclination toward the medical field. With an aggregate score that is specified by the colleges in any under-graduation degree, the student is eligible to apply for an MBA in Healthcare.

Types of MBA in Healthcare

The MBA in Healthcare management is available in different formats such as: 

Full-Time MBA (2 Years)

MBA in Healthcare Management Program is a two-year full-time program concentrating on the healthcare business. Many reputable institutions provide two-year MBA programs. Students should meet the minimum eligibility criteria and achieve a high percentile cut-off in any of the entry tests accepted by their preferred university. The format of the courses in the Healthcare Management MBA program is meant to be nearly identical to that of standard MBA courses, with the addition of some extra advanced courses on Healthcare-related case studies and projects. 

Executive MBA (1-3 Years)

The Executive MBA in Healthcare Management Program is a higher-level MBA program designed primarily for individuals who are already engaged in the business sector. It is mostly aimed at applicants who are working in their professional area and wish to improve their skills in order to advance in their careers. The primary distinction between Full Time Normal MBA and Executive MBA programs is the course format.

1-Year MBA 

The one-year MBA in Healthcare Management program primarily focused on training for the corporate sector in terms of how to organize healthcare-related services. Students who desire to get practical or project-related experience can enroll in the One Year MBA in Healthcare Management Program. This program will assist in not only training via project work but also in gaining critical thinking analysis to cope with directing and coordinating medical healthcare services.

Distance Learning (2-5 Years)

Aside from traditional MBA courses in Healthcare Management, many universities now offer MBA distance learning programs. It takes a minimum of 2 years and a maximum of 5 years to finish the courses. Candidates who are unable to devote sufficient time to conventional courses for a variety of reasons but want or wish to get an MBA degree are encouraged to apply for the Distance MBA program.

Skills Required for MBA in Healthcare

MBA in Healthcare Management is all about the management of healthcare facilities. Thus, Healthcare Management professionals need to have some skills that are required by the industry:

• Problem-solving skills
• Analytical skills
• Communication skills
• Relationship building skills
• Industry knowledge
• Ability to work under pressure
• Empathetic

Check out Skill Development Courses List 2021!

MBA in Healthcare Curriculum

The syllabus of the MBA in Healthcare Management is as follows: 

Year 1

• Principle of management
• Strategic Management
• Fundamentals of Communication
• Cost Accounting
• Managerial Economics
• Innovation Management
• Marketing Management
• Quantitative Techniques
• Human Resource Management
• The Integrative Manager
• Financial Accounting
• Interview Preparation

Year 2

• Essentials of Healthcare Administration
• HR in Hospitals
• Planning & Designing of Healthcare Facilities
• Material Management
• Hospital Operation
• Legal Aspects of Healthcare
• Customer-Centric Organization (CCO)
• Revenue Cycle Management in Healthcare
• Quality Management in Hospitals
• Projects/Seminars/Case Studies
• Projects/Seminars/Case Studies
• Healthcare Equipment Management

Top Universities for MBA in Healthcare Abroad

Some of the most renowned universities for aspirants who are looking for pursuing an MBA in Healthcare Management are mentioned below: 

Universities	QS World University Rankings 2022
Columbia University	19
University of California	32
University of Washington	=85
Duke University	52
University of Virginia	=226
Cornell University	21
University of North Carolina	1001-1200
Rice University	94
Yale University	=14
Harvard University	5

Let’s know about the above-mentioned universities in detail!

Columbia Business School

Based in New York, USA, Columbia University offers a program that is called MBA in Healthcare and Pharmaceutical Management. This program teaches subjects of a varied range, from public policies regarding healthcare services to medical equipment and IT services related to the industry. With good professors on board, they also offer the opportunity of interacting with experienced healthcare experts. The program covers an extensive range of courses or subjects that are taught by industry experts and stakeholders and cover areas such as:

• Suitable strategy and competition in pharmaceuticals and biotechnology
• The healthcare industry in the 21st century
• healthcare investment and deal-making, etc.

Average tuition fee per year: $ 46,000

University of California

The Haas School of Business and the University of California- Berkeley School of Public Health have partnered to offer a concurrent degree program featuring an MBA in Health Management and Innovation along with an MPH in Health Policy and Management.  Students can complete the curriculum in only five semesters. The program is a great opportunity to learn subjects like:

• Healthcare technology policy
• Population health economics
• Healthcare organizational management
• Mass communications in public health and more.

Apart from this, the students have the option to study another program titled Executive Master in Health Administration at the University of California. This program has existed in the university since 1980 and is now also available online too. However, the university requires that the student have work experience of five years before being admitted for the course.

Average tuition fee per year: $ 28,000

University of Washington

At the University of Washington, Saint Louis, Missouri, the students are offered to get enroll in a program of Masters of Healthcare Administration. The program offers good exposure by allowing summer internships to the enrolled students. The Olin Business School at Washington University features a dual and extensive MBA/MPH program in Public Healthcare management that meets the need for professionals to bridge the fields of business, policy, and medicine. This way, the students learn to deal with firsthand the challenges of administration in the healthcare sector. The University of Washington also arranges for renowned researchers of the field as well as healthcare executives to interact with the students

Average tuition fee per year: $ 50,000

Duke University

The Duke MBA has a Certificate in Health Industry Management (HSM) program to specialize in the field of healthcare administration. The program provides interdisciplinary studies and very well employs the long-standing leadership of Duke University in business, teaching, research and clinical or healthcare. The HSM program consists of courses like:

• Healthcare markets
• Biotechnology and pharmaceutical strategy
• Medical device strategy
• Healthcare provider strategy and operations

Through their strong industry understanding, broad skills, and professional network, HSM gives the right opportunity for graduates to become leaders in the global health sector.

Average tuition fee per year: $ 52,000

University of Virginia

The University claims to prepare students to lead the sector of Biotechnology, Health Services, Medical Devices and Pharmaceuticals, in the global healthcare industry. University of Virginia’s MBA in Healthcare Management program at Darden School of Business pledges to prepare the youth and young minds to think about trending issues in an effective, creative, and ethical way. The students are allowed to work and learn about finance, leadership, strategy, operations, and management in the field of Healthcare. The courses are structured to familiarize the students with the challenges in the medical industry and to urge them to come up with innovative solutions.

Average tuition fee per year: $ 15,000 to $ 27,000

Cornell University

Based in Ithaca, New York, in the USA, Cornell University is one the most famous and renowned universities of the USA that offers an executive MBA/MS in Healthcare and Leadership program at its SC Johnson College of Business. Here, students receive the opportunity to cover dual degree programs and to cover both an MBA and an MS degree in healthcare leadership. Cornell’s MBA in healthcare program provides a solid foundation in all the functional areas of business such as accounting, finance, business economics, marketing, operations management, strategy, leadership and etc and also establishes a solid foundation in healthcare courses such as biostatistics, Health data analytics, healthcare leadership, health informatics, etc.

Average tuition fee per year: $ 30,000

 University of North Carolina 

The University of North Carolina’s Kenan-Flagler Business School, based in Chapel Hill of North Carolina is known for its top-of-the-line MBA healthcare program. The program was created to meet the demand of successful business leaders in the field of healthcare with good creativity, problem-solving and leadership skills. Their MBA in healthcare program is solely intended for healthcare professionals with experience in public and private healthcare organizations and the medical environment. This enhanced program will further expand opportunities for business and strategic leadership.

Average tuition fee per year: $ 28,000

Rice University

Based in Houston in the state of Texas of USA, the Jones Graduate School of Business at Rice University is known for its MBA program in healthcare specialisation.  This program provides students with an understanding of business practices along with a healthcare sector deep understanding and vision across the different interlocked sectors of the healthcare industry. The program covers many subjects and courses like:

• health insurance in the US
• innovation and entrepreneurship
• mindfulness and performance in organizations
• healthcare strategy

The program is open to full-time, professional, and executive MBA students.

Average tuition fee per year: $ 37,000

Yale University

The Yale School of Management is a one-stop destination for healthcare executives from around the world. The School of Management at Yale University is known for its best and most inclusive MBA programs. Among them, an MBA specialization in Healthcare is one program specially crafted for working and determined health professionals who strive to become future leaders and innovators in the healthcare sector. In the first year of the program, students complete an embedded core program. The second year is devoted to advanced courses in business, management, and healthcare. At Yale University, students can complete this top healthcare MBA program in just 20-22 months.

Average tuition fee per year: $ 42,000

Harvard University

Based in Cambridge, Massachusetts, Harvard University’s Harvard Business School is a brand in itself when it comes to its popular and leading MBA programs, all across the world. Their MBA program with Healthcare initiative and specialization consistently focuses on the business of healthcare and the healthcare industry. The Health Care Initiative program was established in 2005 to provide a pathway for healthcare research, educational programs, and entrepreneurial projects in all sectors of the global healthcare industry. Apathy from a plethora of courses and subjects that are covered in their MBA Healthcare program, the students are also allowed to learn elective courses such as healthcare innovation, US healthcare strategy, and management, healthcare economics, transforming healthcare delivery, and more. 

Average tuition fee per year: $ 47,000

Top Universities in India

After knowing the 10 best universities from around the world that are offering exclusive and best MBA in Healthcare programs to international students, let us now explore universities that are offering MBA in Healthcare programs in India. 

University/ College/ Institute	City/State	Estimated/ Average Tuition Fee per year
The Prestige Institute of Management and Research	Indore	Rs. 1,20,000
Amity University	Noida	Rs. 4,00,000
M.P. Birla Institute of Management	Bangalore	Rs. 5,30,000
Lovely Professional University	Jalandhar	Rs. 3,00,000
Manav Rachna International Institute of Research and Studies	Faridabad	Rs. 3,00,000
University of Hyderabad	Telangana	Rs. 1,00,000
Sri Ramachandra Institute of Higher Education and Research	Chennai	Rs. 2,00,000
AIMS Institute	Bangalore	Rs. 9,00,000
DY Patil University	Navi Mumbai	Rs. 4,30,000
IIHMR UNIVERSITY	Jaipur	Rs. 5,80,000

MBA in Healthcare Management Eligibility

Individuals interested in pursuing an MBA in Healthcare Management must fulfill certain requirements. For admission to the MBA in Healthcare Management programme, the following criteria must be met:

• Admission to the MBA in Healthcare Management programme needs an undergraduate degree from a recognised university in any relevant discipline, such as BBA, BA, B.Sc, B.Com, or BCA, with a minimum average of 50%.
• Candidates must have performed well on the relevant admission examinations and fulfill all other conditions.
• Although job experience is not required, it is strongly advised, especially for those planning to study abroad.
• IELTS/PTE/TOEFL scores are required to study abroad for non-native speakers of English.  

Documents Requirement

International students must submit supplementary documentation while seeking to study MBA in Healthcare Management abroad. Some of the following are listed:

• All past academic qualifications and transcripts
• Letters of Recommendation
• Updated Resume 
• MBA Essays 
• Statement of Purpose 
• Cover Letter (if required)
• Copy of student visa 
• Test scores as per the requirements of the university
• Passport size photographs 

Job Prospects and Salary

Job possibilities for diligent and career-driven individuals abound following an MBA in Healthcare. Because this industry is concerned with public health, all employment responsibilities are demanding, and one may need to work unusual hours. Some of the most common occupations for those with an MBA in Healthcare are mentioned below, along with the typical beginning pay in India.

Job Roles	Average Salary per annum (in INR)
Hospital Administrator	7 lakhs
Medical Practice Manager	24 lakhs
Pharmaceutical Product Manager	8 lakhs
Health Informatics Manager	4 lakhs
Hospital CEO	30 lakhs
Hospital CFO	36 lakhs
Product Manager	9 lakhs
Product Marketing	11 lakhs

Top Recruiters for MBA in Healthcare

MBA in Healthcare Managerial graduates are employed in a variety of administrative and management jobs by pharmaceutical firms and hospital groups. Aside from this, several government-run healthcare organisations hire MBA in Healthcare Management graduates. The following are some of the top recruiters for MBA in Healthcare Management:

• Cipla
• Novartis
• Fortis
• Pfizer
• ICICI Lombard
• Apollo
• Glenmark
• Bajaj Allianz
• Manipal
• Practo
• Star Health
• Columbia Asia
• Gucci
• Siemens
• UNICEF
• Home-Health
• GE
• UNDP
• Portea
• Johnson & Johnson
• Bharat Biotech
• Max Healthcare
• TCS
• KPMG
• Deloitte
• McKenzie
• PWC
• E&Y
• Infosys
• Cognizant

FAQs

On this note, we end our blog on MBA in Healthcare. If you also want to fulfill your dreams, just like others, reach out to experts at Leverage Edu and with their guidance, counseling, and helping hands, you will be able to conquer want you to desire. Book your free session with us right now at 1800572000.