Reports indicate that the healthcare market in India is set to increase by almost three-fold, reaching a valuation of Rs.8.6 trillion by 2022. Such immense growth can be partly attributed to the proliferation of the Indian medical tourism market, which is growing at a rate of 18% year-on-year.
In this backdrop, it can be understood that a doctor who is running his or her practice is an integral part of this growing industry. However, to reap the benefits that come with such growth, the practice would necessarily require expansion. It may include the purchase of medical equipment, advanced diagnosis, and artificial intelligence aided machinery, etc. To that effect, a doctor loan would be able to provide the necessary funds required for expansion.
How do loans for doctors help in medical practice expansion?
A business loan for doctors provides the necessary funding required to undertake an expansion of the medical practice. For instance, prominent NBFCs offer business loans for doctors to the tune of up to Rs.25 lakh, which can be utilized for a myriad of requirements. Here are 5 major ways in which such a loan can be used –
Investment in diagnostic technology
Advanced medical diagnostic technology these days comes with embedded artificial intelligence, which eliminates the scope for human error, at the same time-saving money and time apart from increasing patient safety. Integration of such efficiency can be a suitable reason to upgrade your medical equipment today.
Such machinery and equipment usually involve a substantial investment. These costs can, nevertheless, be covered by a loan for a doctor conveniently. Such advances are also affordable to manage with their nominal rates and repayments in easy EMIs.
Investment in administrative technology
Operations of a healthcare center and patient management become easier and efficient with the right administrative technology in place such as electronic media records systems. The return on investment in administrative technology such as hospital management and billing software is substantially high. However, such technology can be costly.
Many financial institutions thus extend a business loan for doctors for the integration of such advanced technology into medical practice. The application process of these advances is also made easier with facilities like pre-approved offers provided by the likes of Bajaj Finserv.
These pre-approved offers make the process of financing hassle-free and consume minimal time. They are available on a range of financial products, including business loans, personal loans, etc. You can check your pre-approved offer by submitting basic details like name and contact number.
Practice expansion to a different location
The fund from the doctor loan can be utilized in setting up in a new location or expanding the existing infrastructure as well. To include specialized units for medical care such as trauma rooms, examinations, pharmacies, etc. requires substantial investment. Such expansion not only increases the credibility of the practice before existing patients but also proves favorable for future business prospects.
With an expansion of the practice, healthcare professionals also need to increase manpower at the facility to scale-up the services suitably. It may be required to engage more frontline staff, both administrative and technical, and rope in doctors for diversification of services offered.
Moreover, the operation of clinics also needs personnel for handling relationships with patients. Hence, the acquired capital must also be invested in hiring the best front office staff for your clinic. A doctor loan can thus be just the right financing option for such funding needs.
Initiating outreach campaigns
Setting up practice in a new location or expansion of existing practice also needs to be communicated to patients for them to avail of the treatment or services. Marketing becomes important in this regard, where funds procured through a loan for doctors can be utilized for both offline and online campaigns. Such outreach campaigns would broaden the existing patient base, and also help tap into newer market segments.
The options for the repayment of a doctor loan can also include a variety of options like part-prepayment facility, repayment in easy EMIs, via Flexi Loan financing, etc. It is ideal to seek a loan option that comes with these repayment avenues for efficient and affordable management of finances. Healthcare professionals can thus avail the option of choosing the loan best suited to their requirements and apply accordingly.