The recent pandemic has taught us how vital healthcare is and, more so, how important it is to manage them. We have witnessed a shortage of beds, news about poor management etc. In such a case, the question arises of how one can improve this. This is where the professionals who administer and manage healthcare centres, hospitals, and health centres play to offer the services efficiently in health care centres.
And the most qualified professional to manage and administer all this is an MBA in Hospital Management. The two-year post-graduation program of MBA in Hospital Management trains the students for administrative and managerial roles.
What is Hospital Management?
Hospital Management is all about managing the hospitals- right from planning, coordination, implementation to operational management of the hospitals, health centres, and institutes.
They are the ones who supervise, manage, and evaluate the work activities of nursing, medical, and technical. They also engage with the doctors to determine that the most favourable supporting patient care delivery methods carry out.
Hospital management courses are primarily offered at the post-graduation level, but few courses are available at the graduation level too. An MBA in Hospital Management can be pursued as a full-time or a part-time course.
The Eligibility criteria for an MBA in Hospital Management
The following are the essential eligibility criteria for a candidate to be eligible for an MBA in Hospital Management
- Bachelor’s degree under any specialisation, with a minimum of 50 per cent
- IELTS or TOEFL English Proficiency test
- GRE varies depending upon the university requirement
The following is an overview of the main topics taught in the course of MBA in Hospital Management.
- Hospital Enterprises Management
- Fundamentals of Healthcare Administration
- Managed Healthcare
- Quantitative Methods and Techniques for Making Decisions
- Financial Management and Inventory Control in Hospitals
- Healthcare Policies and Regulations
To know in detail about the admission process, refer to How to Get Admission in Foreign Universities for Post-Graduation?
Best Countries for MBA in Hospital Management
United States of America
The USA has some of the best universities that offer an MBA in Hospital Management, and the requirement for Healthcare administration professionals is increasing rapidly in the USA. The USA is an excellent decision as it provides the student with a great experience by making them work in the local hospitals. The salary offered in the country for an MBA in Hospital Management is pretty good.
Several students all over the globe pursue an MBA in Hospital Management in Spain. As Spain, this country of Europe has several universities that provide quality education content to the students in a relaxed experience.
Undoubtedly, Canada is one of the best destinations for a student to gain experience in almost any field. The Healthcare professionals believe that Canada provides them with the opportunity to serve a hospitable environment. Pursuing an MBA in Hospital Management from Canada allows students to learn techniques, principles, and responsibilities from well-addressed professors beneficial for a student’s future. Though there are limited universities in Canada that offer an MBA in Hospital Management, the universities that offer this program are known for their quality.
Top universities of MBA in Hospital Management
- Johns Hopkins University (USA): $74,500 / year is the tuition cost
- University of Barcelona (Spain): 8.460,00 € / year is the tuition cost
- University of Southern California (USA) $ 60,774 is the tuition fees for the whole course
- Harvard University (USA): $85,000 is the tuition cost for the entire course
- University of Michigan (USA): $71,048 / year is the tuition fees
There are several job opportunities for professionals with a degree of MBA in Hospital Management that requires professional perspective and dedication. Hospital Management is a social activity that people around the world highly value. The following is a list of jobs offered to an MBA in Hospital Management·
- Medical Officer Administrator
- Social and Community Service Manager
- Health Care Human Resource Manager
- Hospital Administrator
- Health Information Manager
- Healthcare Consultant
- Hospital CEO/CFO
How to know if an MBA in Hospital Management is apt for a student
Let us go through the three most essential skills which make an MBA in Hospital Management qualified for you to pursue
Planning, building, and managing healthcare organisations
Hospital management is for those who want to develop competitive skills in planning and managing healthcare organisations at top managerial levels.
Decision making and administrative competence
The hospital management course enhances the decision-making and managerial competence to help them face the day-to-day challenges of the healthcare industry.
The healthcare industry is highly competitive and pursuing a degree in this discipline adds to the challenges of the hospital administration.
Who benefits by pursuing an MBA in Hospital Management?
Graduates in the non-medical field who are aspiring to accelerate their career by pursuing a management course to apply for a managerial position
The Paramedical professionals current;y working in Healthcare industries and institutions looking for a skill upgrade
Medical professionals or Medical Business owners involved in management and administration
The salary prospects
After pursuing an MBA in Hospital Management, the salary depends on the level of expertise and experience a candidate holds.
For instance, a candidate with an MBA in Hospital Management and with experience of 2 years has a better scope of earning than a candidate with just an MBA in Hospital Management or even graduation in Hospital Management.
The data shown below showcases the information from the top five current job postings with salaries that fall under the BLS medical and health services manager classification:
The CEOs are positioned at the top rung of hospital executive teams. They are among the highest-paid professionals in the healthcare system. The latter ensures that a hospital’s vision and mission are consistently met by implementing policy and business strategy and efficient and effective operations.
As of May 2019, the BLS reported the hospital CEOs as the top paid executives in healthcare with an average salary of $184,460.
Hospital administrators are the ones who work behind the scenes and ensure that hospitals and other healthcare facilities operate as efficiently as possible.
The average annual salary is $110,430, according to the 2019 BLS statistics.
Hospital chief financial officers (CFOs) are responsible for the hospital or healthcare system’s bottom line. CFOs earn an average salary of $129,890 as of 2019 BLS statistics.
Pharmaceutical Product Manager
Pharmaceutical product managers are the stars of the show in pharmaceutical sales, earning an average annual salary of $138,950 as of 2019 BLS statistics.
Medical Practice Manager
The Medical practice managers are tasked with many of the same duties as hospital administrators, just on a smaller scale. They have in creating and maintaining budgets, hiring and managing staff, ensuring legal ordering supplies.
They have an annual salary of $91,600 as of 2019 BLS statistics.
In the above blog, we talked about an MBA in Hospital Management, eligibility criteria, top universities, and countries for the same, and other significant information. Though all the necessary information about an MBA in Hospital Management has been explained above, you may still need a second opinion from an expert. For this, you can contact us to be able to connect with an expert. They will talk to you about all of these things and much more in detail and help you gain scholarships for the same and evaluate your profile.