The healthcare sector is an important and fast-growing industry today. Due to the dire need of 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 health care sector provides, which requires 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.
What is MBA in Healthcare?
MBA in Healthcare is another branch under the wide umbrella of the Masters 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 health care sector. This degree helps to have an overall knowledge of running a business and the medical background to understand the details of the products and services. The healthcare sector is involved with various products and services, which includes:
- 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 towards 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. The course lasts for two years. There are many options available for a candidate pursuing MBA in Healthcare. Usually, these students are prepared to work in companies from the health care sector. They mostly take up the administrative or financial or marketing aspects of the company. They can become a part of the management department of a hospital or such institutions. There are various roles apart from being a doctor or a nurse that needs to be filled and an MBA in Healthcare aims to fill those roles.
Universities Offering MBA in Healthcare
There are numerous universities that provide an MBA in Healthcare as one of their programs. Some of the colleges that offer the best opportunity for this degree are listed below:
Columbia Business School: This University offers a program that is called Healthcare and Pharmaceutical Management program. This program teaches subjects of a varied range, from public policies regarding healthcare services to the 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.
Anderson, University of California: Here the students are presented a program titled Executive Master in Health Administration. This program has existed in the university since 1980 and is now also available online. However, the university requires that the student have work experience of five years before being admitted for the course.
Foster, University of Washington: The students enrol in a program the university calls as Master of Health Administration. The program offers good exposure by allowing summer internships to the enrolled students. This way, the students learn 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.
Fuqua, Duke University: This University provides HSM (Health Sector Management) program. With able professors and good exposure, the students learn everything there is to the management tasks in the healthcare sector. With the world’s leading policymakers and executives teach the students here, this program has a good course framework laid down to utilize the facilities provided by the university.
Darden, University of Virginia: The University claims to prepare students to lead Biotechnology, Health Services, medical devices and pharmaceutical sectors of the industry. There are various courses to choose from, like
- Innovations of healthcare and solutions
- Non-profit organization understanding
- Health care challenges
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.
MBA in Healthcare is definitely a well-rounded course to understand the complications of the sensitive health care sector. With different companies, apps, etc. coming up, the industry also needs leaders and strategy builders to aid this expansion. Here at Leverage Edu, we identify and help the future health care leaders.