Healthcare management- an overview about this booming industry!

With increased focus on quality healthcare and rising demand for virtual services, the healthcare industry has witnessed tremendous change during the pandemic period. 

The global healthcare services market is expected to grow from $6872.86 billion in 2021 to $7548.52 billion in 2022. 

Increased life expectancy, a steady rise in lifestyle disorders, increased health awareness, and treatment affordability are some of the key factors that drive the growth of the healthcare sector. Like all other businesses, healthcare organizations also need a strong management system to ensure top-notch services and patient care.  

Although the term healthcare management is not very new, it may be unfamiliar to many among you. In this article, we’ll discuss in detail what is healthcare management and its growing relevance in the present world.

What is healthcare management?

Healthcare management refers to all the non-clinical activities involved in managing a public or private healthcare organization. It is a branch of management that deals with the business aspects of healthcare systems and companies. Healthcare organizations either provide a healthcare service or a healthcare-related product. 

Healthcare managers are people who have specific knowledge about healthcare operations and legal regulations. They ensure the smooth functioning of departments within healthcare facilities such as hospitals, clinics, product manufacturing units, etc. 

Importance of healthcare management

Healthcare management is a booming industry as it enables healthcare organizations to streamline their operations, control the budget and deliver better care for patients.  

As the COVID-19 pandemic continues to throw new challenges for caregivers and healthcare professionals, healthcare facilities are focusing more on how to improve their services and products. 

Digitalization has made healthcare services more affordable and accessible for people around the world. Artificial intelligence is driving a huge transformation in the healthcare sector with its multiple applications. 

More and more companies are exploring the benefits of using Artificial Intelligence in healthcare. A majority of healthcare providers are leveraging the power of technology in many areas like drug manufacture, treatment, disease diagnosis, and office administration.  

What do people in healthcare management do?

Healthcare managers are responsible for planning, supervising, and coordinating the nonclinical activities of a healthcare organization or facility. 

From empowering caregivers to taking strategic business decisions and overseeing day-to-day operations, these change-makers wear many hats while doing their job. These professionals are usually well-versed in healthcare operations and various management techniques. 

Health managers play an important role in business expansion and quality assurance in healthcare enterprises. The responsibilities of healthcare managers can vary depending on the facility and size of the organization.

Essential skills for healthcare managers

We have already discussed the role of health managers, now let us learn what skills healthcare managers should develop.

The duties of a healthcare manager can keep changing every day and this is why it is essential for them to acquire a variety of technical as well as soft skills.

Managers have to be highly adaptable to changing trends and situations in the industry. The healthcare sector is rapidly evolving day by day and healthcare managers are obliged to keep up with it.

A successful career in healthcare management is much beyond qualifications and work experience. There are a lot of personality attributes and soft skills required to fare well in this job role. Empathy and good moral values are the two most sought-after qualities of healthcare managers. 

Here are some of the key skills required for healthcare managers:

Leadership skills

Healthcare managers need good leadership skills to motivate team members and guide them during challenging times. 

Communication skills

Communication is the key to the effective management of a team and managers must know how to communicate with doctors, caregivers, and other stakeholders. 

Empathy

Like doctors and nurses, healthcare managers also deal with ailing patients and their families and that’s why empathy is considered the most valued soft skill required in the healthcare industry. 

Decision making

The role of a healthcare manager demands great decision-making and judgment skills as they work closely with stakeholders and higher authorities. 

Technical knowledge

Healthcare managers should have working knowledge of various databases and healthcare management tools to be able to implement new procedures and come up with innovative solutions. 

Analytical skills

Managers in healthcare should also have a strong analytical mindset to assess data and take appropriate decisions or proactive measures in the organization. 

Regulatory norms

Apart from other skills, healthcare managers should have a detailed understanding of regulatory norms in healthcare to ensure legal compliance.  

Risk management

Healthcare managers should always be prepared to face unexpected challenges and risk factors along the way. Along with other managerial skills, healthcare managers need to be well-trained in risk mitigation and management. 

Healthcare management vs. healthcare administration

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The terms healthcare management and healthcare administration are often used interchangeably as they are closely related fields. 

Healthcare management encompasses the whole organization and its operations while healthcare administration is limited to staffing and administrative activities within the healthcare facility.  

In other words, healthcare managers focus on the business side of a healthcare organization whereas healthcare administrators coordinate and oversee the operations of individual departments, staffing, and day-to-day operations. 

A healthcare manager often focuses on the big picture and takes appropriate measures to ensure business continuity. A healthcare administrator also known as a health service manager determines ways to improve the efficiency of staff members and departments in a hospital, clinic, or other healthcare organization. 

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Even though healthcare managers and healthcare administrators are two different roles, both of them work closely in an organization. In some small healthcare facilities, both of these roles may be performed by a single person. 

Healthcare management jobs

A career in the healthcare industry gives you the power to make a difference in the world and touch the lives of thousands of people. 

Being a healthcare manager allows you to combine your business acumen with humane values and make valuable contributions to society. And the best part is that you don’t necessarily need a medical degree for this job role. 

What are the career prospects for healthcare management?

The demand for healthcare managers is growing like never before. With the increase in the number of private clinics, pharma companies, and healthcare facilities, the number of job opportunities in healthcare management is steadily increasing. 

5 top reasons to study healthcare management

According to the US Bureau of Labor Statistics, about 51,800 openings for medical and health services managers are projected each year, on average, over the decade. 

Pharma and healthcare facilities are in need of skilled managers who can lead the business forward and ensure profitability. Every healthcare organization will need an efficient manager who can improve processes, reduce operational costs, and enhance quality. 

Following is a list of places where healthcare managers can find jobs:

List of healthcare management careers

There are different job roles that fall under the umbrella of healthcare management. Following are a few common healthcare manager jobs:

• Healthcare Manager
• Hospital Administrator
• Health supervisors 
• Clinical Manager
• Medical Director
• Nursing home facilitator
• Public health educator
• Health coordinator

Online MBA healthcare management

What are the online courses for Healthcare Management? 

To pursue a career in healthcare management, you need at least a bachelor’s degree. However, most of the reputed firms and employers will prefer candidates with a master’s degree. An online MBA in healthcare management and leadership would be the ideal course if you are aiming to get promising managerial roles in healthcare. 

What are the benefits of an online EMBA in healthcare management?

Online MBA allows you to continue your current job while getting an accredited Master’s degree in healthcare management. Getting hands-on experience in the healthcare industry is equally important to start a rewarding career in this field. The course will equip you with the necessary skills and knowledge to become a successful healthcare manager. Besides all this, you will also gain a good understanding of legal and regulatory guidelines in the healthcare sector. 

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