Pros & cons of MBA in healthcare management

The alarming incidents of chronic diseases and the emerging AI-powered market trends in the healthcare industry are driving the global healthcare sector worldwide. As per a report, the size of the global healthcare services market is likely to grow by USD 6.26 trillion from 2024 to 2028. Similarly, the Indian healthcare sector is also experiencing rapid growth and is projected to reach USD 638 billion by 2025. 

The rapid growth indicates exceptional MBA healthcare industry scope offering wide opportunities for qualified individuals. Working professionals looking to transition to careers in the healthcare industry can find MBA healthcare job stability by pursuing this master’s degree program.  This blog further delves into the pros and cons of pursuing an MBA in healthcare management to answer a relevant question, is a healthcare MBA worth it?

Advantages of an MBA in Healthcare Management

India’s healthcare industry has immense potential to grow across sectors. Healthcare is one of the largest sectors offering employment opportunities to a large section of India. Pursuing an MBA in Healthcare Management equips candidates with the skills and expertise to excel in this field.  Further, the healthcare MBA salary growth motivates many graduates to pursue this course for rewarding healthcare administrative career options. Professionals already working in the healthcare industry and looking for career advancements can also opt for this program offering several Healthcare MBA advantages as mentioned below.

1. High demand for healthcare administrators

Driven by the increasing need for quality medical services and advancements in technology, the healthcare sector has grown manifold to become an in-demand sector across the globe. The growth has created a rising need for healthcare professionals in hospitals and pharmaceutical companies. This need has surged the demand for administrators and managers in this sector equipped with the right managerial and operational abilities.      

2. Salary growth & career stability

The healthcare sector offers tremendous growth and career advancements for MBA professionals in healthcare management. Healthcare management salaries in India range between INR 5,00,000 and INR 25,00,000 per annum with an average annual salary of INR 15,00,000. 

However, experience plays a crucial determinant of MBA healthcare professionals’ salary. Fresh graduates can earn an average annual salary of INR 5,80,00,000, which increases with 3-5 years of experience to reach up to INR 15,00,000 and beyond.

3. Versatility of the degree

Among the several healthcare MBA advantages, the degree unlocks numerous opportunities across the healthcare sector for professionals to explore impactful roles and leadership positions. Candidates can perform a variety of roles like hospital administrator/manager to ensure operational excellence in hospitals. They can work for the insurance sector as healthcare consultants to shape policies and strategies and solve complex healthcare-related challenges. 

An MBA degree equips candidates with skills to optimize and improve the financial performance of healthcare organizations and lead innovations in the rapidly evolving industry with unlimited possibilities. They can further explore roles like medical practice manager, health service manager, clinical research manager, and pharmaceutical project manager.

Challenges of pursuing a healthcare MBA

An MBA in healthcare management is regarded as the gateway to better career opportunities and professional growth. However, the significant costs incurred in pursuing the degree and the need for industry-specific knowledge are some challenges of pursuing a healthcare management degree as discussed below.

1. Cost vs. ROI

The cost vs. return on investment or ROI of an MBA degree in healthcare management depends on the overall expenses of pursuing the degree vs. the long-term earning potential the degree offers. Tuition fees, the loss of income during studies, and other related expenses of pursuing an MBA degree are high compared to other professional degree programs. However, the long-term MBA healthcare industry scope and benefits compensate for the costs incurred. Mid-level professionals can gain a visible healthcare MBA salary growth and career advancement into leadership roles within a few years of completing the degree. Fresh graduates can also expect better starting salaries after completing the program.

2. Industry-specific knowledge requirement

The need to have medical expertise or knowledge is a major challenge in pursuing an MBA in healthcare management. Unlike in general MBA, healthcare management graduates must have a know-how of medical guidelines, policies, and the dynamics of caring for patients. They are also required to stay abreast with the latest trends in the healthcare industry. The lack of such knowledge might pose a challenge for graduates without a healthcare background. They might have to study additional courses to bridge the gap and grasp the concepts on short notice.

3. Work-life balance while studying

Working professionals pursuing an MBA in healthcare management may struggle to maintain a work-life balance. They are required to juggle between work responsibilities and completing coursework. Balancing personal commitments and work responsibilities requires them to manage time to complete assignments and perform work responsibilities, making family and peer support necessary. 

Is a healthcare MBA from MAHE worth it for you?

An online Master of Business Administration (MBA) in healthcare management offered by Manipal Academy of Higher Education (MAHE) is a two-year program crafted to equip students and professionals with industry-relevant skills and knowledge needed to thrive in the healthcare industry.  The program supports learners in acquiring valuable career-oriented skills in leadership management, financial, and strategic management. Designed for working professionals, the program allows them to upskill while working full-time and fulfilling their work responsibilities to fast-track their career progression.

Who should consider this path?

To fulfill the eligibility requirement for an MBA in the healthcare program, applicants must hold a 10 + 2 + 3-year bachelor’s degree from a recognized university/institution with a minimum of 50% aggregate marks. Having a year of work experience in reputed organizations is also needed. NRI and foreign candidates who have completed their 10+2 or bachelor’s degree from outside India should produce an equivalent certificate issued by the Association of Indian Universities. 

Choosing the right healthcare MBA program

Here are 3 key considerations when choosing the right healthcare program:

1. Program structure: Considering the program structure and curriculum is crucial when choosing the right healthcare management program. Consider the teaching methodology employed by your preferred institutions, the specializations, and the core and elective courses offered. Check if they are healthcare-specific and align with your educational aspirations and career goals. 
2. Accreditation and faculty expertise: Accreditation ensures the best quality of education and industry recognition while faculty expertise with strong academic backgrounds and industry experience is significant for valuable insights and practical knowledge. Institutes and programs accredited by recognized bodies and a robust team of faculty go a long way to enhancing the credibility and career prospects of learners.   
3. Time commitments: The time commitment to complete an MBA in healthcare management differs based on the program format or mode of study. Full-time programs can be completed in 1-2 years duration, while part-time and online programs may take 2-3 years. However, with online programs, you get complete flexibility and the option to study at your own pace by dedicating 15-20 hours per week.

Conclusion

Choosing the right Healthcare MBA program requires careful consideration. Learners must compare the advantages and challenges of pursuing a healthcare management degree to answer the question, is a healthcare MBA worth it? The program is best for professionals working in the healthcare sector or those looking for MBA healthcare job stability after a career transition. 

With an online MBA in Healthcare Management offered by MAHE on the esteemed Online Manipal platform, learners can gain several incredible advantages. One of the best features of this degree is that it is presented in a fully online mode for the convenience and flexibility of students and professionals. This valuable online program will help candidates acquire managerial and leadership roles to reach the top hierarchy in the healthcare sector.