Top Programs for MBA in Healthcare Management

Are you someone who wants to make a difference in the field of healthcare but hasn’t been able to? Don’t worry; being a doctor or a medical team member isn’t your only choice.  You must be asking how this is possible; so let us tell you that even if you don’t come from a traditional medical background, you can make a difference. 

You don’t have to be a doctor to achieve that; in fact, there are several different ways you may contribute your work to this sector, one of which is an MBA in healthcare, which is offered by many top B-schools.

After reading this article, you’ll be well on your way to fulfilling your ambition of working in the healthcare industry. This article addresses all of the possible ifs and buts that you may have. So, what are you holding out for? let’s dive right in 

ABOUT MBA IN HEALTHCARE MANAGEMENT

With new ideas and technology, the area of health and human services is quickly developing and evolving. Obtaining a master’s degree in that field’s management includes acquiring the abilities necessary to discover new and inventive solutions to the industry’s issues.

To administer its numerous facilities, the modern healthcare sector has recognized the necessity for business management specialists. For their leadership and business abilities, MBAs with a specialization in healthcare management are in high demand.

The professionals are in charge of management responsibilities at hospitals, pharmaceutical firms, or other healthcare organizations. Aside from that, hospitals face crises, which necessitates an MBA in healthcare specialization to cope with the problem via crisis management.

WHO USUALLY OPTS FOR AN MBA IN HEALTHCARE MANAGEMENT?

A healthcare MBA is a master’s degree in business administration with a focus on healthcare. Young professionals who want to make a career in the medical business and financial aspects apply for this course.

Healthcare managers are the backbone of any hospital or medical practice, ensuring that everything runs properly. In hospitals and nursing homes, healthcare managers supervise topics such as quality of care and finances. Because these organizations deliver healthcare to a vast number of individuals, the job of healthcare executives has a direct impact on the patient’s care quality.

TYPES OF MBA IN HEALTHCARE MANAGEMENT

If you decide to pursue a career in healthcare management, you will most likely begin your career in an entry- or mid-level management role. This job may focus on a particular area, such as:

• Patient care services 
• Government relations
• Finance
• Human Resources
• Nursing administration
• Medical staff interaction 

Students frequently question what job options are available after completing an MBA in healthcare management, so with that in mind, we’ve compiled a list of employment options that may be followed once the course is completed.

1. Health administrator

Hospitals, long-term care institutions, health care systems, nursing homes, pharmacies, and health insurance companies are all examples of dynamic, complex health care organizations that require management, leadership, oversight, and administration.

2. Manager of clinical research

Clinical research managers are in charge of keeping track of the government funding for clinical trials and pointing out any inconsistencies. Anyone interested in working in this sector should be familiar with financial and budgeting strategies.

3. Managers of health data

Health information managers watch their patients’ medical records to see if they are in good hands. They also supervise people like IT experts, who maintain these records and ensure they are lawful and available to patients.

4. Social media Managers 

The healthcare industry relies heavily on social media advertising and public relations. They assist hospitals in building their brand image by handling crisis management on various social media platforms, and they are also in charge of executing healthcare ad campaigns.

5. Administrators of hospitals

Hospital administrators ensure that the hospital works smoothly and effectively. If they work for a major hospital or network, they handle all departments within a small institution or a single department. They may hire and train new employees and perform several duties like developing budgets, conducting employee assessments, and arranging professional development opportunities.

This isn’t all; an MBA in healthcare administration may lead to various employment opportunities; we’ve highlighted the most popular ones that most students pursue after completing their programme.

SYLLABUS OF MBA IN HEALTHCARE MANAGEMENT 

Healthcare MBA programmes do not develop healthcare leaders in a one-size-fits-all fashion. Even though almost all programmes contain fundamental courses like as finance, analytics, accounting, management, crisis management, and so on, few areas that students focus on during their studies, such as

• Healthcare Systems in Comparison
• community health decision-making.
• Management of Health-Care Institutions’ Finances
• Informatics in Health Care
• A Managerial Approach to Health-Care Delivery
• Administration of Health-Systems
• Operations in the Health Sector
• Data & Analytics in Healthcare
• Information Technology and Healthcare Delivery
• Economics of Healthcare
• Entrepreneurship in Healthcare
• Finance in the Healthcare Industry
• Policy on Health Care
• Healthcare Human Resources
• Managing Health Care Organizations Legal Aspects of Healthcare
• Strategic Issues for Healthcare Organizations: Public Policy and Healthcare Risk Management
• Healthcare Structural Dynamics

DURATION OF THE COURSE

Earning a degree in healthcare MBA from one of the finest business schools typically requires two years of full-time study, as it does for most MBAs. Students generally take three or more courses every semester during this period.

LIST OF TOP 10 MBA FOR HEALTHCARE MANAGEMENT

The top ten MBA programmes with a degree in healthcare management are listed below.

1. Anderson (University of California, Los Angeles)
2. Columbia Business School (Columbia University, New York)
3. Darden (Virginia)
4. HAAS (Berkeley)
5. Harvard Business School 
6. Kellog (North-western University)
7. Slon (Massachusetts Institute of Technology)
8. Yale (School of Management)
9. Stern (New York University)
10. Wharton school of business (University of Pennsylvania)

BEST B-SCHOOLS FOR MBA IN HEALTHCARE MANAGEMENT (EUROPE)

1. INSEAD (FRANCE) 

2. LONDON SCHOOL OF BUSINESS (UNITED KINGDOM)

3. HEC PARIS (FRANCE)

4. IESE (SPAIN) 

5. IE BUSINESS SCHOOL (SPAIN)

EXPECTED FEE FOR PURSUING THIS COURSE

The course price will vary depending on the school you pick, although there are few differences between the fees.

* For the precise cost/tuition (please check the school websites)*

B-School	The Total Annual Attendance Cost
Anderson (University of California, Los Angeles)	$67,800
Columbia Business School (Columbia University, New York)	$77,400
Darden (Virginia)	$72,800
HAAS (Berkeley)	$72,000
Harvard Business School	$73,400
Kellog (North-western University)	$76,000
Slon (Massachusetts Institute of Technology)	$79,000
Yale (School of Management)	$76,770
Stern (New York University)	$79,000
Wharton school of business (University of Pennsylvania)	$83,200
INSEAD (FRANCE)	$107,000
London School of Business (United Kingdom)	$80,000
HEC Paris (France)	$76,000
IESE (Spain)	$89,950
IE Business School (Spain)	$61,200

WHAT SALARY SHOULD I EXPECT AFTER GRADUATING FROM A QUALITY HEALTHCARE MBA PROGRAM?

On average, an MBA in healthcare management graduate earns about $82,000. If you graduate from a top institution, your chances of earning a lot more are excellent.

Many students ask us why a few students make more than them, so let us tell you, it’s not only about academics. At the same time, the top healthcare MBA programmes are undeniably challenging. The location also plays a significant part in this; let us give you an example.

With well over 100 pharmaceutical firms in Cambridge and the Kendall Square neighbourhood alone, it is no wonder that Boston is the leading US pharmaceutical centre. While the Boston region is home to numerous start-up firms, it is also home to several renowned pharmaceutical corporations, including Merck, Sanofi, Pfizer, Biogen-Idec, and Novartis. Pharmaceutical employment in Massachusetts, particularly in Cambridge, is abundant.

Which makes this place full of opportunities for you to form business relationships and earn more money than the average pay scale in this sector.

WHAT TO CHOOSE MASTER’S IN HEALTHCARE OR AN MBA IN HEALTHCARE MANAGEMENT?

Now that we’ve covered MBA in healthcare management, we’ll move on to the last issue that we’d like to discuss with you. Many students wonder if they should pursue an MBA or a Master’s degree in healthcare.

These two degrees appear to be similar, but they are not; there are several things to consider when comparing the two.

Lastly, both the courses are valuable, and the rewards are excellent for any program; Choose the path that matches your needs, or look for an institute that offers both the course and a good foundation.

If you want to know what will work best for you, you can talk to an expert who has previously helped many young professionals get into top B-schools. 

Schedule a 1:1 conversation with our expert and get your questions answered. Additionally, you can get your free profile evaluation to get a head start.