MBA In Hospital Management: The hospital management specialization in MBA is gaining its popularity in recent days. Aspirants are interested in pursuing their careers in the healthcare sector as it is considered to be one of the growing industries globally. There is a wide range of job opportunities in the management part of the healthcare sector, so the MBA aspirants are more attracted to choose hospital management as their specialization.
Health challenges are becoming complicated day by day, so there is a need for more skillful and efficient employees who can deal with these issues. The hospital management course acts as a savior here and trains the future employees of the healthcare managing sector with advanced skills and technologies, making them efficient and compatible to deal with complex issues.
Efficient healthcare managers can be trusted to deal with any kind of unpredicted hospital management issues in the future. They can be trusted to make impulsive decisions to deal with the arising issues and solve it before it affects the hospital’s operations. Time is a valuable asset in today’s world. Hence, considering it in every aspect is very important. A manager with excellent hospital management skills always makes his/her decisions keeping the time factor in his mind.
- Skillset Required for Applying for an MBA In Hospital Management Course
- MBA in Hospital Management Duration
- MBA in Hospital Management Eligibility Criteria
- MBA in Hospital Management Fee Structure
- Career Options Under Hospital Management
- Salary to an MBA in Hospital Management Graduate
- MBA in Hospital Management Admission Process
- Top Institutes Offering MBA in Hospital Management
- What is the scope of an MBA in Hospital Management?
- What is the expected salary after MBA in Hospital Management?
- What is the fee structure of an MBA in Hospital Management?
Importance of MBA In Hospital Management Course
The Healthcare sector has evolved and upgraded in recent years. It has become more complex than ever with different types of diseases and cures. Following the traditional ways to manage the complex healthcare sector has become obsolete. The managers need to deal with these complex situations in a more advanced and skillful approach to operating smoothly and without any difficulties.
The hospital management course makes future managers skillful and efficient in dealing with present healthcare situations. This course, with proper healthcare knowledge, develops the students into experienced management professionals. This expertise can be used by many healthcare organizations in the world. This course motivates the students to come up with new innovative and creative ideas to deal with different issues in the healthcare organization.
The decision-making skills of the students will improve after the completion of the course. Making appropriate and fast decisions can prove to be of great importance in the organization.
This course will upgrade the marketing skills of the students so that they can advertise their organization’s unique healthcare facilities in the market. Marketing is an essential job for every management professional.
The management course will introduce business ethics to the aspirants so that they will work and manage their organization ethically in the future, without harming anybody’s sentiments. This course will make the students understand different concepts that will help them to analyze the healthcare sectors of different countries globally.
Skillset Required for Applying for an MBA In Hospital Management Course
In order to pursue your career in a particular sector, you need to have the required skills so that you can complete the course efficiently. For pursuing a career in hospital management, an aspirant must have these skills:
- The candidate must be a good leader with proper leadership skills.
- The candidate must be organized and good at communicating with different people.
- The candidate must be efficient in handling different pressures arising in the workplace.
- The candidate must make impulsive decisions.
- The candidate must have a friendly attitude as he is going to work in the healthcare sector.
- The candidate should be patient.
MBA in Hospital Management Duration
This master’s degree in hospital management is a full-time course of two years. These two years are divided into four semesters. Some colleges are also following the trimester’s pattern and are dividing the two years into six trimesters.
A summer internship is also complementary in these two years. The candidates have to do an internship of 1 – 6 months, depending upon their institute’s requirements. This is for providing the candidates with real workplace experience.
MBA in Hospital Management Eligibility Criteria
There are specific criteria which the candidates should pass in order to take admission in the MBA course with hospital management as a specialization.
The eligibility criteria for getting admission into MBA’s hospital management courses are as follows:
- The candidate must have passed graduation with a minimum of 50% mark in aggregate in any stream from a recognized university.
- Candidates must have qualified in one of the MBA entrance exams like CAT/XAT/MAT/CMAT/GMAT or any university’s own entrance exam.
- Top institutes like AIIMs only consider those candidates to get hospital management admissions who have completed their MBBS courses.
The above criteria are the minimum requirements in order to get admission to an MBA course with a hospital management specialization. But the criteria differ from college to college, but these three are required in every college.
MBA in Hospital Management Fee Structure
The course fee in order to pursue this course ranges from INR 60,000 to 7,50,000 depending upon the university or college the candidate is taking admission into.
Top colleges of the country charge more as they provide a better learning experience to the candidates and also promises good placements after the completion of the course.
Get to Know More about other types of Course Details Streamwise, and Category wise
Career Options Under Hospital Management
Hospital management has become a popular career choice for many aspirants pursuing MBA. There are more job opportunities in the healthcare sector. The healthcare sector is rising and simultaneously creating more job openings for aspiring candidates. Let’s discuss some of the job profiles in this sector:
- Healthcare Consultant – As a healthcare consultant, the candidate will advise different small and medium scale healthcare organizations on ways to improve their performance and how to avoid the arising issues in the management. A healthcare consultant can provide proper advice because of his/her expertise in this field. This is a good job selection for the aspirants with hospital management degrees.
- Hospital CEO – A candidate can be appointed as a Chief Executive Officer of a hospital. He would be responsible for any duties, including the safety of the patient and the financial stability of the healthcare organization. The CEO will evaluate the performance of the workforce and make the necessary changes if required. The CEO also tries to maintain the quality of the healthcare service of his/her organization. Leadership skills play a vital role in this type of job.
- Hospital CFO – A candidate must be good at financing if he/she is selected as a chief financial officer of an organization. This job involves all the responsibilities related to the financial transactions of a healthcare organization. The officer should analyze all the financial operations of the organization and make plans to reduce the cost without hampering the quality of the service provided.
- Pharmaceutical Product Manager – The candidates who are selected in this position are needed to use their own expertise to make the sales team informed about the new products so that they can sell the products in the market. They analyze the market regularly to be informed about the latest developments and new competitors in the market so that he/she can make some changes in the selling strategy of the sales team.
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Salary to an MBA in Hospital Management Graduate
A candidate with a master’s degree in hospital management can earn quite a good amount of money as there are plenty of job opportunities. The average salary ranges between 4.5 lakh to 12 lakh per annum. Moreover, top colleges can offer higher placement packages, and the highest salary package can go up to 25 lakh per annum.
Let’s discuss the salaries of some of the job profiles a candidate expects after completing the master’s degree in hospital management:
| Job Profile | Salary Per Annum |
| Health Consultant | 15 lakh – 20 lakh |
| Hospital CEO | 10 lakh – 15 lakh |
| Hospital CFO | 10 lakh – 15 lakh |
| Pharmaceuticals Product Manager | 5 lakh – 9 lakh |
As you can see, the salaries of candidates who have done a master’s in hospital management are quite high. It is because the healthcare sector is rising in recent years, and this growth is the reason for such high packages—the compensation increases with the years of experience of a candidate.
MBA in Hospital Management Admission Process
In order to get inducted into an MBA’s course of hospital management, a candidate needs to apply for one of the MBA entrance exams such as CAT/XAT/CMAT or entrance exams conducted by different universities for their own admission. After getting shortlisted from the entrance, the candidate needs to go through GD and a personal interview for final selection.
Top Institutes Offering MBA in Hospital Management
- IIM Calcutta
- FMS Delhi
- ISB Hyderabad
- TISS Mumbai
- GIM Goa
FAQ’s on MBA in Hospital Management
Question 1.
What is the scope of an MBA in Hospital Management?
Answer:
A candidate with this degree can be appointed either in the public sector or in the private sector. They are appointed in the field of health insurance companies, public health departments, etc.
Question 2.
What is the expected salary after MBA in Hospital Management?
Answer:
A candidate with this degree can earn an average salary ranging from 4.5 lakh to 25 lakh per annum.
Question 3.
What is the fee structure of an MBA in Hospital Management?
Answer:
To do an MBA course on Hospital management, a candidate has to spend an approximate amount of 7.5 lakhs depending upon the institute.