Hi there,
Thanks for posting, and good for you for doing some solid research, planning, and asking the important questions 1-2 years before b-school; that will only help you with this process as it's good to do thorough career and school research in advance. To your questions:
1. I understand I come from a non-traditional background. Is this going to hinder my dream of getting into a Top 20 university?
Not at all; it may put more pressure on your 'why' (i.e. explaining why the MBA is right for you, and having a clear post-MBA plan), but if emphasized right in the application, it can be a plus and help you be remembered... focus on what you can share with your classmates from your background that others may not have experienced, since a lot of learning at b-school comes from classmates!
2. What other things can I do in order to build my profile?
Leadership certainly helps!! That could be stepping up and offering to lead a certain project or new initiative... or a team or mentoring someone... or suggesting a new way of doing something which also shows your own initiative.... outside of work continuing to pursue leadership roles in volunteer organizations can be a plus.
3. I'm thinking of quitting my job in the end of 2019, travel back to India and finding a job in Healthcare consulting (visa restrictions doesn't allow switching jobs here). Would that help clear the path to MBA?
If it all worked out well I suppose it would add another dimension to your background and further connect with your future goals. It also sounds risky since if it doesn't work out to find a role you'd like, then you'd be applying unemployed which is difficult and raise a lot of questions about why you left. Wonder if you could line something up before quitting?? Either way you'd definitely need to fully explain any big change like that.
4. Is a score of 720 competitive enough to get me in?
There's no 'yes' or 'no' answer to that as it depends upon so many factors... what schools, what is their average GMAT and acceptance rate, what were your past academic grades, how will you stack up against other applicants when you apply.... that said taking the GMAT multiple times has no negative impact, and average scores at the very top schools are above 720 so in that case you may wish to aim higher or consider taking it 2-3 times since it should only help. Also keep in mind that admission is not based solely on GMAT... it's a holistic admissions process and the admissions committee will consider your full profile.
5. What are my chances of fellowships and scholarships?
Too difficult to assess currently; that is based upon your overall profile (including GMAT) and how it stacks up amongst the class... the more you stand out as a stronger than average candidate at a particular school the higher your chances of scholarship.
5. Any other valuable inputs that you can give me?
Feel free to register for a free consultation at any point if desired,
www.mbamission.com/consult, where you can send over a resume and have a 30 minute discussion with one of our consultants and discuss further nuances! Good luck to you!