Students who pursue MBAs in hospital administration are provided with a solid background in both business management as well as healthcare administration. Students are taught how to face economic, social, ethical, political and legal challenges that are a part of hospital administration. Students who graduate with the specialization are capable of dealing with finance, marketing and operations that are relevant to the healthcare industry. The healthcare industry has been expanding greatly, and specialized professionals like hospital administrators are crucial to running healthcare facilities efficiently.
MBAs specialized in hospital administration mostly work in healthcare institutes, and there are over 26,000 hospitals in India registered by the state and central governments that can offer career opportunities to MBAs in hospital administration. Apart from the government sector, there are countless private hospitals as well from leading organizations like TATA, Columbia Asia, and Apollo etc. There is a dire need of highly talented professionals who can handle hospital administration to assist in smooth functioning of healthcare facilities.
The job roles offered to MBAs in hospital administration involve little or no travel as they need to manage all of the internal affairs of hospitals and other healthcare institutes. Most MBAs in hospital administration are placed in community hospitals, group medical practices, outpatient clinics, hospices and rehabilitation facilities. They work in private offices and are required to have flexible work times as the health care industry functions 24/7 and may require the services of administrators at any time of the day. In many cases, hospital administrators have their own quarters and are required to act as residential administrators at hospitals. Considering the fact that India’s healthcare sector is not the most developed, the need for professional healthcare administrators has been recognized to allow better administration of treatment and efficient systems that focus on providing better healthcare services.
Job Roles and Career Opportunities
Some of the common roles MBA graduates in hospital administration play are:
- Healthcare Finance Managers: These professionals oversee the day to day financial activities of healthcare institutions and are responsible for budgeting, financial planning, financial analysis and reporting of daily financial activities. The job is highly dynamic and requires managers to be constantly updated about the latest insurance and healthcare financing regulations and options to allow efficient payment handling.
- Medical and Health Service Management: MBAs in hospital administration have the opportunity to work as Medical and Health Service managers who are involved in the planning, directing and coordinating of all the healthcare services provided by the healthcare service provider to ensure timely and efficient delivery of all the services.
- Hospital administrators: Hospital administrators ensure that all of the services provided by their healthcare institution runs smoothly and effectively, and patients receive timely treatment. Hospital administrators are also responsible for the recruitment of staff including doctors, interns and nurses. In larger hospitals, there may be multiple administrators in charge of specific departments.
- Medical Director: Medical directors are in charge to ensure proper and timely administration of treatments at clinics, hospitals, blood banks and more. They take care of any kind of grievances any patient might have and is responsible for the assignment of staff for each patient. Medical directors are often in charge of medical ethics and they have to look after the transparency of the organization they work in.
- Blood Bank Administrator: Blood bank administrators are responsible for proper evaluation of inventory and coordinate all operational functions of a blood bank. They provide operational oversight to the three most important functions of a blood bank – receipt, storage and delivery.
- HR Recruiter: This role involves overseeing the recruitment of new staff including nurses, doctors and assistants at hospitals, nursing homes, blood banks, medical clinics and other healthcare institutes. HR Recruiters at medical facilities are responsible for maintaining a healthy atmosphere at the workplace and they also ensure the staff abide all the rules and regulations of the facility and they also ensure the medical professionals carry out their duties ethically and responsibly.
The starting salary of an MBA graduate in Hospital Administration may be anything from Rs. 2,35,000 to Rs. 5,50,000 depending on prior qualifications and the institute. The median salary of MBAs in Hospital Administration is approximately Rs. 4,00,000. The payscale has a steady growth curve and graduates can expect a healthy increase in their pay packages over time as they gain experience.
Some of the major recruiters from B Schools that offer MBA in Hospital Management are Fortis Healthcare Ltd., Apollo Health Care, Columbia Asia Hospital Pvt. Ltd and Roland and Associates. Most of the recruiters have large networks of hospitals and clinics and graduates are initiated into the world of hospital management through various job roles like hospital administrator, finance manager, HR manager, etc. Some of the international recruiters include the likes of World Health Organization (WHO) and GE Singapore Many MBAs also choose to work with major nonprofit organizations to aid them in their efforts to provide proper healthcare facilities to the underprivileged.
Students who take up MBA in Hospital Administration are well prepared for all of the corporate challenges of the medical sector and are capable of taking care of all managerial, economic, social and financial challenges at the workplace. In most cases the first year of study entails a deep understanding of management principles. Students begin at grassroots level and are taught concepts of economics, statistics, mathematics, marketing, finance and human resources. Towards the second semester they are initiated into the world of hospital administration and they begin learning about:
- Health policies
- Clinical services
- Financial planning
- Human resources
- Organization behavior
- Medical laws
- Principles of management
- Business ethics
The second year of study is meant for specialization and depending on the choice of subjects selected by students they are trained for specific roles of their choice. In some colleges, specializations are not offered and a mix of subjects including:
- Pharmaceutical management
- Hospital planning
- Financial health services
Most MBA courses not only involve coursework but students often get to learn through hands on learning, industry visits, group discussions with experts and brainstorming sessions with students from other colleges. Apart from the coursework students are supposed to undergo summer internships provided by their respective institutes so they can have an idea about what it feels like to work in the industry.
Popular colleges offering MBA in Hospital Administration
These are some of the top institutes that are offering MBA/PGDM (considered equivalent to MBA) in Hospital Administration or Healthcare Management. Their eligibility, placements and fee structure have been mentioned below:
Eligibility: Graduation in any stream with at least 50% marks. Students can apply through CAT, XAT, MAT or GMAT.
Placements: The average package offered at T. A. Pai Management Institute is Rs. 9,00,000.
Fees: The course fees for the PGDM program is Rs. 9,50,000.
Eligibility: Graduation in any stream with at least 50% marks. Students may apply through CAT, CMAT or XAT.
Placements: The average package offered at Goa Institute of Management is Rs. 8,70,000
Fees: The course fees for the program is Rs. 6,80,000.
Eligibility: Graduation in any stream with at least 50% marks. Students may apply through ATMA, CAT, CMAT, GMAT or XAT.
Placements: The average package offered at Prin. L. N. Welingkar Institute of Management Development & Research (WeSchool) is Rs. 7,10,000.
Fees: The course fees for the program is Rs. 8,60,000
Eligibility: Graduation in any stream. Students who have prior experience are preferred. There is no entrance examination.
Placements: The average package offered at Hindustan University is Rs. 2,90,000.
Fees: The course fees for the program is Rs. 3,70,000
Full list of colleges offering Hospital Administration MBA
Should you choose to do an MBA in Hospital Administration?
The growth of healthcare management in India has been immense and the industry is growing at about 15% every year since 2010. The scope for careers in Hospital Administration is increasing significantly with a huge number of private hospitals set to be established in the country. The industry has realized the importance of specialized administrators and the sector is becoming one of the most popular in terms of employment. As an MBA in Hospital Administration you will learn the principles of management, efficient business handling as well as the nuances of what goes into the administration of healthcare facilities all around the world. You will have the opportunity to become a management professional of the highest ethical standards and help patients all around the world get timely and efficient access to treatment. It is one of the most promising courses and there is a lot of scope for growth and learning opportunities.