Today, the concept of healthcare management has totally changed in context of global scenario. It has not remained limited to merely the medical staff, but has rather extended beyond the sphere of hospitals, with the amalgamation of sectors that provide goods and services related to curative, preventive, rehabilitative and palliative care.
With the concept of healthcare going beyond hospitals, the healthcare industry in India has witnessed notable growth in the past few years. Major factors contributing to this growth could be growing demand of superior health care facilities, rising health awareness and health policies.
Healthcare is one of the most vibrant industries and it includes vast areas, including hospitals, clinical trials, medical devices, equipment, health insurance and medical tourism, as a part of the healthcare management.
Indian firms are entering into merger and acquisitions with domestic and foreign companies to drive growth and expand new markets.
Healthcare management is also referred as healthcare administration. It is the administration or management of healthcare facilities, systems, public health systems, hospitals, hospital networks and other related medical facilities.
Healthcare industry is growing at a tremendous pace owing to its strengthening coverage, services and increasing expenditure by public as well private players. So, the demand for healthcare professionals is increasing day by day for smooth functioning of hospital administration, diagnostic centres, wellness centres and other specific departments like marketing, finance, policy analysis and accounting.
Growth of Healthcare Industry
Healthcare has become one of India’s largest sectors both in terms of revenue and employment. The industry is growing at a tremendous pace owing to its strengthening coverage, services and increasing expenditure by public as well private players.
According to India Brand Equity Foundation (IBEF) during 2008-20, the market is expected to record a CAGR of 16.5 per cent and total industry size is expected to touch $280 billion by 2020.
This continual growth within the industry is expected to advance at the rate of 22.87% in the coming years. This will eventually enhance the scope of healthcare services in India paving the way for plentiful new employment opportunities, both in medical as well as the non-medical field of education.
Though, the public sector healthcare organizations are gradually shifting their focus towards improvement of the facilities, and it is the private sector players who are taking the initiatives for development of the healthcare industry with their large investments, skilled medical professionals, and state-of-the-art diagnostic facilities.
Major market players driving in new opportunities are Apollo Hospitals Enterprise Ltd, Fortis Healthcare Ltd, Care Hospitals, Max Hospitals, Manipal Group of Hospitals, Narayana Health etc.
Scope of Healthcare Management
In the present scenario, the scope of healthcare industry is immensely broadening, bringing in ample opportunities in terms of employment.
In addition to the doctors and other paramedical staff, the healthcare industry looks forward to competent and specialized healthcare management professionals who have a handful of knowledge to handle the administrative and the management needs well. This is mainly because the promising growth has put forth the need for classification of roles in administration and management areas.
Considering the fact that Indian healthcare industry is growing at a fast pace, the need for professional healthcare administrators is even growing so as to bring about improved administrative functioning, that focuses on providing superior quality healthcare services.
Seeing the increase in demand for working healthcare professionals, Postgraduate programs in healthcare management are emerging as a potential course options for students in the coming years. MBA, PGDM and other related programs help prepare the candidates with a strong education background to take up the roles and responsibilities in healthcare sector. These programs help the students learn to face the economic, epidemiological, legal, social, political challenges related to hospital administration. Program will develop excellent healthcare management professionals to effectively lead the global healthcare organizations.
No doubt, in the recent times, healthcare industry would certainly become the best career destination for aspiring candidates, and post graduation degree in Healthcare Management would become a promising career choice. The aspiring candidates should look for reputed institutes offering relevant program. There are numerous institutes providing these professional programs. Asia-Pacific Healthcare Management has collaborated with Peoples’ Friendship University of Russia, Moscow, also known as RUDN, a leading state higher educational institution in Russia. The amalgamation resulted in a unique program MBA in Healthcare Management with a global perspective to Indian education and an exposure to the Russian education system and culture. For more information please click here https://asiapacifichealthcaremanagement.org/