MBA in Healthcare Management: In-Depth Guide for 2022

We carry on with our authoritative MBA series and in this article, we tell you all about MBA in Healthcare Management.

Here’s what we’ll look at today

• What is an MBA in Healthcare Management?
• Why Study MBA in Healthcare Management?
• What is the average salary after studying MBA in Healthcare Management?
• MBA in Healthcare Management vs Master of Hospital Management: What are the differences?
• How much does it cost to study MBA in Healthcare Management?
• Eligibility for MBA in Healthcare Management
• What is the scope of an MBA in Healthcare Management?
  • What are the top colleges for MBA in Healthcare Management?
  • Stanford Graduate School of Business
  • Harvard Business School
  • Wharton School of Business
  • HEC Paris
  • London Business School
  • MIT Sloan Institute of Management
  • IE Business School
  • MBA in Healthcare Management in India
  • How to Apply to Maximize your chances?
  • Let’s get you into top courses without stress!

What is an MBA in Healthcare Management?

A Master of Business Administration (MBA) degree is more is one of the most sought-after programs across the globe, and is pursued by a vast majority of undergraduates who are looking to kick-start their careers in business and management.

An MBA degree offers a wide range of specializations that students can choose from, including

• Data Analytics
• Business Management
• Entrepreneurship
• Finance
• Human Resources Management (HR)
• Healthcare Management
• Information Technology
• International Business
• Supply Chain Management and Logistics
• Marketing Management

One of the least discussed yet very highly paying MBA specializations provided by business schools is Healthcare Management.

Generally speaking, the two-year, full-time post-graduate degree in management focuses on training students in several operations in organizations related to healthcare including hospitals, pharmaceuticals, public health, and other healthcare systems.

With healthcare becoming even more global and the concept going beyond traditional healthcare systems, the industry has seen remarkable growth in recent years, especially in growing countries like India. Developing countries have the most potential to offer when it comes to having fertile ground for deploying newer healthcare standards and models.

However, when it comes to managing the healthcare ecosystem, efficient leadership is not just a requirement – it is a necessity. Valuable skill sets that are necessary to manage healthcare systems are enabled through a degree such as an MBA in healthcare management.

One of the best ways to gain managerial skills that are essential for healthcare management is to pursue an MBA in healthcare management. Such a degree can help one to prepare for roles in the healthcare industry by providing ample knowledge about regulations and commanding management styles.

Healthcare management also involves several processes that an MBA graduate will be capable of handling including budgeting, human resource management, financial management, general management practices, and others.

An MBA in Healthcare management or hospital management is something that will appeal to those who are looking to work in industries including healthcare, pharmaceuticals, government agencies, insurance organizations, hospitals, and other consulting firms in the health and wellness sector.

Among all MBA graduates entering their first employment opportunities, the healthcare industry accounted for 7.2% of all hires. The global average salary of an MBA graduate who has specialized in healthcare management is around USD 100,000.

The average base salaries across various regions are listed below.

• Africa – USD 38,056 – USD 145,000 (INR 31,10,183 – INR 1,18,50,342)
• Asia – USD 25,693 – USD 110,000 (INR 21,00,000 – INR 89,89,915)
• Europe – GBP 90,000-GBP 120,000 (INR 87,77,595 – INR 1,17,03,460)
• North America – USD 82,938 – USD 153,000 (INR 67,78,232 – INR 1,25,04,154)
• Latin America – USD 73,340 (INR 59,93,821)
• Oceania – USD 100,000 – USD 110,000 (INR 81,72,650 – INR 89,89,915)

An MBA in hospital management and an MBA in healthcare management are not all that different. In certain B-schools, MBA in hospital and healthcare management is offered as well. Both deal with managing healthcare systems, hospital administration, managing pharmaceuticals, and other healthcare systems.

While the two are somewhat similar in terms of the skills taught, an MHA (Masters in Hospital Administration) is an entirely different program. An MBA in healthcare management is a broader business degree that also covers all aspects of how to run a healthcare organization.

As MBA is a business degree primarily, concepts such as finance management, risk analysis, operations management, supply chain, and others are taught along with the necessary functions of a healthcare manager.

An MHA, on the other hand, is an immersive healthcare degree that focuses solely on clinical settings and their administration. Unlike an MBA degree, business-related functions and roles are not covered as part of MHA’s syllabus. Instead, emphasis is placed on healthcare personnel, programs, and services.

Also Read: MBA in Banking and Finance: Guide for Indian Students in 2022

Pursuing an MBA can be expensive. If you factor in studying abroad, this amount could be substantial and unaffordable to many students without financial aid or scholarships.

Let’s take a look at the fee structure across different regions to pursue an MBA in healthcare management.

North America

The general fee structure to pursue an MBA from one of the top business schools of North America could be summarized as follows.

Europe

The average fee structure to pursue an MBA from one of the top business schools of Europe could be summarized as follows.

Asia

The general fee structure to pursue an MBA from one of the top business schools in Asia could be summarized as follows.

Oceania

The general fee structure to pursue an MBA from one of the top business schools in Oceania could be summarized as follows.

Africa

The general fee structure to pursue an MBA from one of the top business schools in Africa could be summarized as follows.

Latin America

The general fee structure to pursue an MBA from one of the top business schools in Latin America could be summarized as follows.

Let’s talk about the general eligibility of this program instead of focusing on a specific school

• Bachelor’s/undergraduate or equivalent degree from a recognized university
• Relevant professional experience
• GMAT scores/ GRE scores
• Letter of recommendation
• Curriculum vitaé
• IELTS/TOEFL (based on the country of choice)

As a healthcare specialist who also possesses the necessary knowledge to manage various aspects of a healthcare organization, one may be required to undertake projects that will take care of responding to critical issues related to management within a hospital or other organizations that are part of the healthcare system.

Due to the ever-increasing demand for expert leaders and managers, the healthcare industry is constantly looking out for MBA graduates from top colleges. Upon completion of an MBA in healthcare management program, graduates will find employment opportunities that range from roles in MNCs to being a part of policy-making and other government sectors.

Recruiters – especially those within the healthcare sector, will look forward to hiring MBA graduates with a specific set of skills or at least those that have been exposed to certain courses. Generally, graduates who pursue an MBA in healthcare management degree will be introduced to a variety of courses as part of the syllabus including,

• Health Management
• Human Resource Management
• Financial Cost and Accounting
• Hospital Information Management Systems
• Policy and Strategy Management
• Healthcare Administration
• Medical Emergency Systems
• Health and Development
• Marketing Management
• Essentials of Epidemiology
• Essentials of Demography
• Strategic Management
• Operations Management
• Economics of Healthcare Industries

The roles that an MBA in healthcare management offers to its graduates is considered one of the highest-paying and most rewarding professions. Some of the most popular roles include,

• Healthcare Sales/Marketing Manager
• Healthcare Consultant
• Medical and Health Services Manager
• Public Health Policy Analyst
• Pharmaceutical Project Manager
• Health Insurance Operations Director
• Clinical Manager
• Corporate Development Manager
• Medical Director
• Medical Entrepreneur

An MBA in healthcare management offers the flexibility to balance one’s studies with personal and professional obligations.

When it comes to pursuing a degree such as an MBA in healthcare management, it is important that aspirants know more about the top schools in the world to apply to.

Some of the top MBA schools across the globe are discussed below.

Opened in 1891, Stanford University is a place of discovery, innovation, and creativity. Consistently ranked amongst the top ten universities in the world, Stanford enrolls over 17,000 students every year.

Why study at this school?

The two-year full-time MBA program offered by Stanford is at the top of the list of MBA programs offered by universities across the world. The program has been carefully curated to improve one’s mindset and enable one to think critically and define the future. It has been constantly producing the top executives of various multinational corporations over the years.

The program allows students to gain a strong foundation during their first year. During this period, they will learn the essential skills of becoming a convincing leader at any organization. In the second year, students may choose to pursue joint degrees or opt for courses that are offered by the various schools at the University including the School of Medicine.

What are the career prospects after graduation?

Over 90% of graduates received an offer letter within 90 days of graduation. The mean base salary of an MBA graduate from Stanford in the field of healthcare was a whopping USD 155,000. An MBA from Stanford leads to diverse career paths.

Some of the popular career trajectories of those pursuing an MBA in healthcare management include,

• HR management
• Healthcare services management
• Product management

Eligibility

The eligibility criteria for admission to Stanford Graduate School of Business includes,

• Undergraduate or equivalent degree from a recognized university/institution (The average undergraduate GPA of the candidates is 3.76).
• Relevant work experience (average is 4.9 years)
• GMAT scores/ GRE scores
• IELTS/TOEFL scores
• Letters of recommendation
• Essays (one of the most important criteria)

Stanford does not have a checklist of criteria for admission. The university admits that there are no typically ideal students to offer seats to. The university provides admission based on how truly reflective one’s application is of one’s qualities. One can create their own personalized profile here.

Admission process & Fees

The tuition fee to be a part of the MBA program at Stanford comes to approximately USD 76,950. Other expenses may come up to USD 47,500 per year. The Stanford MBA Program application fee is $275 and is nonrefundable.

The admission process at the Stanford Business School includes,

• Submitting the online application form
  • Submitting necessary documents
• Interview
• Post-interview intimation regarding admission

Scholarship options

Stanford admission is need-blind. This means that depending upon one’s personal financial resources, the university will calculate the total amount that each applicant will have to contribute towards financing their education at Stanford. The popular financial aids provided by the university include,

• Stanford GSB fellowship
• Need-Based Aid

Harvard University needs no introduction. Established in 1636, Harvard is one of the foremost universities in the world that focuses on creating educational opportunities for people through groundbreaking research and infallible academic prowess.

Why study MBA at this school?

Harvard Business School offers a full-time MBA program spanning two years that focuses on providing real-world practice. The school also offers several joint programs that are provided in collaboration with other schools and these include the MS/MBA, MBA/MPP, and MS/MBA among others.

The school offers an MD/MBA joint degree with the Harvard Medical School. This program was established in 2005 as a solution to the critical need for leaders educated in the intellectual disciplines and practices of medicine and management. Students can also choose from a list of courses as their electives in the second year of their MBA.

What are the career prospects after graduation?

With over 50% of MBA graduates from Harvard setting out to become entrepreneurs, the school boasts of having alumni that constantly create ventures to conquer and change the world for the better.

Around 46% of the total student population at the school are women, showing how they have almost achieved gender equality in terms of academic and employment opportunities. Most Harvard graduates tend to quickly move up the corporate ladder.

Of the 74% of students who sought employment post-graduation in 2021, around 96% received an offer letter within the first months of graduation. With a median base salary of around USD 175,000, Harvard MBA graduates are amongst the highest-paid freshers in the world.

Eligibility

The eligibility criteria to pursue an MBA at Harvard Business School includes,

• Four-year Bachelor’s degree from a recognized university/institution or equivalent
• GRE scores/ GMAT scores
• IELTS/TOEFL/PTE/Duolingo
• Relevant work experience

Admission process & Fees

The tuition fees to pursue the full-time MBA program at Harvard Business School is approximately USD 73,440 for 9 months of class. Other expenses including accommodation, transportation, living expenses, and course materials may come to USD 39,000 annually.

Scholarship options

• Need-based tuition assistance
• Summer Fellowships

The University of Pennsylvania, founded in 1740, is America’s first university and a member of the Ivy League. The Wharton School of Business at the University of Pennsylvania was established as a collegiate business school in 1881.

Wharton is located in three regions including Beijing (China), San Francisco (U.S.A), and Philadelphia (U.S.A). Wharton offers a broad slate of academic programs for every stage from the Global Youth Program to Executive Education.

Why study MBA at the Wharton School of Business?

Wharton School of Business offers an MBA in Healthcare Management Major. The program is aimed at providing the right knowledge and skills to students from varied backgrounds including consulting, private equity, digital health, medicine, engineering, health care services, pharmaceuticals, biotech, government, insurance, HCIT, entrepreneurship, and venture capital.

The program’s resources for electives, research, and collaborations include the university’s Schools of Medicine, Nursing, and Engineering, the Leonard Davis Institute, and the University of Pennsylvania Health System.

What are the career prospects after graduation?

An MBA in healthcare management can open up a number of opportunities in the healthcare sector. An MBA from Wharton may lead to job opportunities across top healthcare organizations including,

• Lexeo Therapeutics
• McKinsey
• Genentech
• DaVita
• Rezilir Health
• Oshi Health
• Pfizer
• UCLA Health
• MTS Health Partners

Some of the popular roles amongst MBA in Healthcare graduates include,

• Healthcare Administrator
• Clinical Research Manager
• Healthcare Consultant
• Medical and Health Services Manager
• Health Information Manager
• Administrative Services Manager

All graduates of Wharton’s Healthcare Management program are members of the Wharton Health Care Management Alumni Association which takes care of career planning, networking, and professional conferences.

Eligibility criteria for admission

The application includes the following,

• Background Information
• Application Fee
• Two Essays
• Transcripts (unofficial or official)
• Two Letters of Recommendation
• GMAT or GRE Score
• English Language Test Score
• Resume

The eligibility criteria for application includes,

• Bachelor’s or undergraduate degree from a recognized university
• GRE scores/GMAT scores
• IELTS scores/TOEFL scores
• If selected, students are eligible to apply for either an F-1 or J-1 visa.
• Relevant work experience
• Official academic transcripts

Admission process & Fees

The annual tuition fee for the MBA program at the Wharton School of Business is around USD 84,874. The total annual expenses including housing, food, health insurance, and transportation may reach around USD 118,568.

Candidates are required to complete and submit their MBA application forms through Wharton round 1 or round 2. Interviews for the MBA program are offered by invitation only. The process includes a team-based decision and interviews that are offered to applicants.

Scholarship options

The international students who apply to Wharton may apply for several scholarships or grants to support their education and other expenses. Some of these scholarships include,

• Wharton Fellowship Program
• Joseph Wharton Fellowships
• Emerging Economies Fellowships
• Forté Fellowships
• Corporate and Foundation Fellowships
• Toigo Fellowships

HEC is a world leader in the field of business and management. It has been ranked number 5th in the global MBA rankings list for 2023 curated by QS rankings. HEC’s Master of International Finance has also been ranked number 1 in Masters in Finance Pre-experience 2022 list curated by Financial Times.

Why study MBA at this school?

The school offers several specializations in its MBA program including Finance, Advanced Management, Digital Innovation, and Entrepreneurship, among others. The MBA program offered by HEC is full-time and lasts 16 months. The medium of instruction is English, so international students can fit right in.

The program offers 14 core courses and over 35 elective courses to choose from across 7 specializations. The school has been accredited by AMBA, AACSB, and EQUIS.
At HEC’s Doha and New York campuses, the school offers executive education in healthcare management and policy to deepen comprehension of complex managerial and policy challenges that health systems face and equip students with cutting-edge tools.

What are the career prospects after graduation?

Some of the top recruiters at HEC Paris include,

• McKinsey & Company
• Amazon
• LVMH
• BCG
• EY
• JP Morgan

Eligibility

The eligibility criteria for admissions into HEC Paris include,

• Relevant professional experience
• Showcase leadership potential
• Undergraduate degree
• Completed Application Form
• Completed Essays
• 2 Recommendations
• Current Professional Resume in English
• Passport-style Photo
• Transcripts from all post-secondary institutions
• Copy of Passport
• GMAT/GRE scores
• IELTS/TOEFL scores
• Non-refundable application fee of EUR200

Admission process & Fees

The tuition fee at HEC Paris is EUR 80,000 (USD 78,241). Non-refundable application fee of EUR200 is applicable to all MBA candidates.

The admission process at HEC Paris is a five-week process that includes

• Connect with the admissions team
• Submit application form
• Pre-selection jury
• Two interviews with HEC alumni
• Admission jury and official notification of admission
• Scholarship decision

Scholarship options

• Ford Foundation International Fellowships Program
• HEC Paris MBA Scholarship for Excellence
• Forte Foundation Scholarship For Women Candidates
• HEC Paris MBA Scholarship for Diversity

The University of London is a federal university consisting of 17 independent member institutions. The university was established as a secular alternative to Oxford and Cambridge. With over 45,000 students from across 190 countries studying at the university, it is one of the largest universities in the world in terms of the number of students.

Why study MBA at this school?

London Business School is one of the most prestigious b-schools in the world. The school is accredited by Association to Advance Collegiate Schools of Business (AACSB), the Association of MBAs (AMBA), and the EFMD Quality Improvement System (EQUIS).

The b-school is also regularly featured on the list of top business schools in the world. Recently, the school was ranked 2nd in the Financial Times MBA rankings list, and 3rd in the QS MBA rankings list.

The MBA program offers a wide variety of electives for students to choose from in the second year. Managing healthcare is one of the electives that students can choose to specialize in to pursue a career in the health sector.

What are the career prospects after graduation?

After graduating from LBS, MBA graduates can find a large number of opportunities awaiting them in the business world. In 2021, 93% of graduates received offers from organizations within three months post-graduation. More than 30 students turned entrepreneurs by starting their own businesses.

The average salary of an LBS graduate was $140,072. The maximum salary was $560,113 while the minimum salary offered was $36,310.

Eligibility

The requirements to enroll in the London Business School include

• English proficiency scores – IELTS, TOEFL, Cambridge CPE, CAE, or PTE Academic score.
• Study visa
• Completed online application form
• Application essays
• Curriculum vitae
• References
• GRE/GMAT scores
• Copy of university transcripts.
• Fees

Admission process & Fees

The tuition fee for MBA intake in 2022 is GBP 97,500 (USD 116,182). In addition to this, there is a fee of £270 applicable for the Student Association Fee. The application fee is £200.

The admission process involves,

• Submission of application
• Interviews
• Decision
  • Offer
  • Reject
  • Waitlist
• Waitlist

Scholarship options

• Peace Fellowship
• iSchoolConnect Scholarship
• London Business School Fund Scholarships
• SARI Foundation Trust Scholarship

Massachusetts Institute of Technology is one of the foremost premier institutions that focus on creating a better tomorrow through quality education, research, and innovation. Across MIT’s 30 departments spread over 5 schools and one college, the culture of “learning by doing” is dominant.

Why study MBA at this school?

MIT Sloan offers a full-time two-year MBA program that focuses on developing leaders who can change the world for the better. After the first year, applicants may choose their electives and real-world learning experiences.

Students enrolled at MIT can apply for the MIT Healthcare Certificate which is built on the university’s culture of interdisciplinary collaboration. Students at MIT can choose from a wide range of subjects – one of which is Health Sciences and Technology, which can help to gain specialized skills for the health sector.

What are the career prospects after graduation?

Over 95% of MBA graduates at MIT Sloan graduated with full-time offers in hand. With a median salary package of USD 165,000, MIT Sloan graduates happen to be one of the highest-paid B-school graduates across the globe.

Since the MBA program qualifies as a STEM-designated program, international students get to extend their training in the USA by 24 months after graduation.

Eligibility

The eligibility criteria for admission to MIT Sloan include

• Undergraduate or equivalent degree from a recognized university/institution
• Relevant work experience
• Academic transcripts
• GMAT scores/ GRE scores
• IELTS/TOEFL scores
• Letters of recommendation
• Essays

Admission process & Fees

A non-refundable application fee of USD 250 must be paid during the application process. The average tuition fee to pursue MBA at MIT is around USD 80,400 per year. The total amount including housing, transportation, food, books and supplies, and medical insurance may come up to USD 119,995.

The admission process involves three rounds, post which a candidate will be selected or rejected. The interview process is by invitation only. Candidates must ensure that the duly-filled application form is submitted on time for the admission process to begin.

The application consists of the following,

• Cover letter
• Resumé
• Video statement
• Letter of recommendation
• Additional references
• Transcripts
• Test scores (GRE/GMAT)
• Coursework and professional certifications

The admission process involves,

• Submission of application
• Review of application by the Admissions Committee
• Decision

Scholarship options

• Legatum Fellowship
• McKinsey Award
• MIT Sloan Social Impact Fellowships
• The Zuckerman Fellowship
• Stone Masters Fellowship for Women
• ASEAN Fellowship

IE University is an institution of higher learning that specializes in training impactful leaders capable of creating a better tomorrow. The university offers 7 program areas for students to choose from. These include Business and Management, Finance, Economics and Trade, Marketing, Communication and Sales, Science Technology and Data, Law, International Affairs and Public Policy, Design and Architecture, and Leadership and Talent Development.

Why study MBA at this school?

IE Business School offers several graduate programs including a Master’s in Finance, MBA, a Master’s in Corporate & Marketing Communication, Executive Programs, and PhDs. The MBA program offered by IE Business School has several core subjects where Finance is also taught.

The program taught in two languages – English and Spanish. Students can choose the language they want their learning experience to be in. The school is accredited by AMBA, AACSB, EQUIS, ECPR, and APSIA.

IE Business School’s International MBA offers a concentration in healthcare to cater to those students who look forward to pursuing a career in the health industry. Digital Healthcare Management and an Overview of the Healthcare & Pharmaceutical Industry are the two mandatory electives that are part of the concentration.

What are the career prospects after graduation?

More than 95% of the students found employment within 90 days of graduating.

Eligibility

The eligibility criteria to get admitted into IE Business School includes,

• Bachelor’s degree
• Professional experience of at least 3 years.
• GMAT/GRE scores
• TOEFL/IELTS

Admission process & Fees

The tuition fee for the January 2023 intake is EUR 78,300 (USD 76,576)​ while for the September 2023 intake, it is EUR 82,300 (USD 80,488).
The admission process at IE Business Schools involves the following steps,

• Submission of application form
• Online assessment
• Submission of GMAT/GRE scores
• Personal Interview
• Final Decision

Scholarship options

• IE Scholarships
• IE Women Scholarship
• IE Scholarship for Diversity
• IE Asia Pacific Talent Scholarship

Apart from the mentioned schools and universities, the other top schools to pursue an MBA in healthcare management include,

• INSEAD
• Cornell University
• Boston University
• UCLA Anderson School of Management
• Rutgers Business School
• Yale School of Management
• Kelley School of Business at Indiana University

India too has a wide variety of institutions and management colleges that offer an MBA with specialization in healthcare management. Some of the top MBA Schools to pursue an MBA in healthcare management in India include,

• Symbiosis Institute of Health Sciences, Pune, Maharashtra
• IIM Kolkata, West Bengal
• AIMS Institutes, Bangalore, Karnataka
• Faculty of Management Studies – University of Delhi, Delhi
• SRM University, Chennai
• K J Somaiya Institute of Management, Mumbai

The eligibility criteria to enroll in an MBA in Healthcare Management program in India includes,

• Clearing entrance exams (XAT/ MAT/ CMAT/ NMAT/CAT)
• Undergraduate degree (BBA/B.Com/BSc/MBBS/BPT/BPharm/BE/BTech/BDS etc)
• Relevant work experience
• Posses key competencies including leadership skills, communication skills, problem-solving skills, logical thinking capabilities, etc.

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Also Read: MBA in International Business: Everything You Need to Know Before Making a Decision