Hi Gohil,
The Admissions process involves a variety of 'pieces' - so the answer to your immediate question is YES - Programs consider more than just an applicant's GMAT Score. That having been said, the GMAT is an exceptionally important part of the application (and often the first thing that Admissions Officers look at). Since it sounds like you might be interested in improving on this initial 500 score, it would help if you could provide a bit more information on how you've been studying and your goals:
Studies:
1) How long have you studied?
2) What study materials have you used so far?
3) How have you scored on EACH of your CATs (including the Quant and Verbal Scaled Scores for EACH)?
4) What were the Quant and Verbal Scaled Scores for this 500?
Goals:
5) What is your goal score?
6) What is the application deadline for this specific Program?
GMAT assassins aren't born, they're made,
Rich