In 2019- 2020, the only career choice associated with healthcare in India was hospitals, doctors, and that’s all. Well, things have certainly changed drastically since then. The Indian healthcare sector is expected to reach close to USD 372 billion this year and every single one of the hospital chains, diagnostic centers, insurance companies, and health-tech startups behind this growth requires someone to run the healthcare business.
This is precisely what an online MBA in healthcare management aims to address.
What Does an Online MBA in Healthcare Management Cover?
An online MBA in healthcare management cannot be considered a cheap replica of a standard MBA course with the healthcare management tag attached. It is a combination of basic business principles, finance, operations, strategy, and human resource management coupled with topics that specifically relate to managing a healthcare institution such as hospital operations, health economics, healthcare policies, patient care systems, and quality management.
Another advantage for working professionals lies in the fact that there is no mandatory requirement of having a science or medical degree to enter this program. The majority of universities consider applicants with any bachelor’s degree, and entry is straightforward without an entrance examination. This is a great chance for someone who already has experience working in operations, finance, human resources, or even outside the healthcare sector to make a shift and pursue this course.
Also, it can be noted that, over time, the curriculum gets updated in accordance with the changes in the industry. Thus, today digital records for healthcare, use of AI diagnostics, and telemedicine platforms are commonplace in all hospitals and health insurance companies.
What Career Opportunities Can You Get After an Online MBA in Healthcare Management?
The entry-level salaries for candidates who have acquired an online MBA in healthcare management would generally range from ₹4 to ₹8 LPA. However, the more important aspect here is the salaries that are earned beyond these initial periods. Candidates with around five years of experience would be making a salary range of ₹10 to ₹18 LPA. For senior management positions such as a Hospital Director, Chief Operating Officer, and Health Care Strategy Head, the salaries would range from ₹25 LPA to ₹50 LPA and higher.
It is the stability of this particular career choice that sets it apart from other careers. While finance and marketing are generally influenced by the overall performance of the economy, healthcare does not really come down in terms of demand. People need healthcare-related facilities irrespective of the state of the economy.
How Much Can You Earn After an Online MBA in Healthcare Management?
This is not a one-size-fits-all recommendation. The online MBA for healthcare management would be the best choice for you in case:
- You have an operational or managerial job at the moment in hospitals, clinics, or other healthcare facilities, and you are considering advancing into management.
- You currently have an MBA-related job (finance, HR, operations, etc.) and you want to shift into the area that has more predictable growth compared to other sectors.
- You are interested in learning about the business aspect of health technology, insurance companies, or the pharmaceutical industry – all those industries are recruiting people with both knowledge of business and the healthcare system.
- You are looking for a graduate degree program that would allow you to keep earning money while studying.
Is an Online MBA in Healthcare Management Worth It?
The first drawback of pursuing a regular MBA is being unable to work for two whole years. In fact, for any experienced and successful person who already has a career, such a situation will not be acceptable. An online MBA allows solving all the problems at once. This means that you can continue studying using recordings, live webinars, and coursework in your own time and continue your job as usual.
The program fee of the online MBA course in healthcare management varies between ₹90,000 and ₹2,00,000 depending on the university, which is significantly cheaper than a residential MBA course, taking into account that you lose your salary for two years. Moreover, virtually any university offers EMI options for paying the tuition fees, making it very easy to justify your choice.
Moreover, it does not matter where you want to study, since there is no need to go somewhere for the duration of the studies. If you already have a job and/or family, this factor is able to play a key role in the choice to pursue or not to pursue a postgraduate degree.
Final Thoughts
It’s not just a “safe” option for career success – it’s actually a good path towards future-proofing your career with an online MBA in healthcare management. Hospitals are expanding into corporations. Tech firms are recruiting management talent aggressively. Insurance and pharmaceutical companies need managers who understand the intersection between business strategy and health care management.
Earning an online MBA in health care management means you’re entering that pipeline without having to leave your current career behind.
If you’re looking at earning an MBA online and are even considering the option of going into health care management, you should consider it seriously. The industry is only growing, and with it the need for great management talent.
