Healthcare management or healthcare administration covers a plethora of activities dealing with the management of healthcare facilities like hospitals and clinics. A professional working in this sector is responsible for tasks like budgeting, maintaining staff, and driving sales. In other words, professionals in charge of the healthcare facilities oversee everyday activities and ensure smooth operations.
In recent times, the industry of healthcare management has emerged as an exceedingly rewarding career avenue for professionals. Here is everything you need to know about this highly lucrative vertical.
The Industry Is Growing At An Impressive Rate
The healthcare industry is growing at an impressive rate at the International as well as the national level. The coming years have incredibly positive outlooks for this sector especially in the Asia Pacific regions, where healthcare is being given utmost importance by consumers and government alike. The Indian healthcare industry is expected to reach US$32 Billion by 2022, owing to the rising incomes, growing awareness about health, and access to health insurance. In addition to this, the availability of affordable quality healthcare has the growth of medical tourism in this country, which has proved to be a major facilitator of the development of this sector in the country. The Ayushman Bharat Yojna initiated to provide affordable healthcare to the rural and urban poor has played a pivotal role in this development.
There Are Multiple Job Roles Available In The Verticle
Healthcare Management is a versatile industry and has opened numerous career avenues for professionals. Some of them are given below:
To ensure the smooth and seamless functioning of a healthcare facility, it is essential to have a fully functioning administrative structure. A healthcare administrator is responsible for formulating and monitoring the business plan of the hospital by regulating the budget, ensuring the safety of the work environment, and monitoring outsourcing activities. These activities are critical for any businesses in every industry, including healthcare.
Like any domain, legal issues arise in the healthcare industry as well. It is the responsibility of the healthcare administrator to handle these issues along with the legal team. In addition to this, they are also responsible for designing strategies to deal with crisis situations. All insurance-related responsibilities also fall upon these professionals.
Human Resource Management
Maintaining and hiring human resources is a crucial task for all organisations. Healthcare facilities deal with saving lives and re-establishing health, which is why it is absolutely necessary that only the most competent human resources are hired in hospitals. A healthcare administrator is responsible for ensuring the same.
The healthcare administrator is also responsible for handling the finances and budgets of the healthcare facility. This includes managing cash flow, monitoring payroll, regulating audits, reviewing department budgets, and several other activities related to accounts and finances.
Students with an MBA in Healthcare Management can also take up jobs in the Health Insurance sector. Attaining education in this vertical helps you acquire the required skills to organise, create and manage health data, which are very important as a healthcare insurance specialist. As a health insurance specialist, one must have expertise in the areas of medical billing and medical coding and payment.
Professionals In This Field Can Expect Attractive Remuneration Healthcare Management has emerged as a very attractive career avenue for candidates as a result of the attractive salary it yields for professionals. Freshers in this field can make anything around 4-5 lakhs per annum and this can go up to more than 20 lakhs with experience. An MBA in Healthcare & Hospital Management is a programme that allows students to get the required exposure and lets them directly join at a senior level.
The varied responsibilities of the healthcare administrators, make them an important contributor to any healthcare facility. However, in order to take up this role, students need to take up professional courses, which equip them in the skills needed to function in the industry. ICRI has a highly lucrative course in this domain in the form of MBA in Healthcare and Hospital Management. This course is designed keeping the latest advancements of the industry in mind and covers all major features of the industry. With the help of this course, students can ensure a smooth entry into the industry and get an opportunity to interact with top recruiters like Apollo Munich, Star Health and Allied Insurance, Max Healthcare, Fortis, and Apollo Hospitals, among other such illustrious companies.
The writer of this content is a talented writer. ICRI is a reputed educational institute that offers many useful courses to the students including clinical research courses.