India currently has a deficit of around 6 Lakh doctors and medical practitioners. Primary healthcare is concentrated in the urban areas, significantly affecting the rural population of the country.
Healthcare professionals can expand their business by availing a doctors’ loan for the clinic, thereby allowing medical treatment to become more accessible to individuals.
How can you start your own medical practice?
Doctors can start their own business to provide diagnosis and treatment. Adequate revenue generation from the same can be ensured provided the following tips are kept in mind –
Meet doctor loan eligibility
The amount of loan sanctioned as professional loans for doctors depends on the educational qualifications of an individual applicant. For unsecured loans, the stipulated criteria can be listed as follows –
Individuals having an MBBS or MD degree need to be registered with the Indian Medical Council.
For doctors with a degree in dental surgery, homoeopathic or Ayurvedic medicine, medical registration certificate and 2 years of work experience are normal mandates.
Secured credits can be obtained against property or machinery as well, provided you know how to be eligible for a doctor loan.
Such loans are generally availed to finance high-value expenses, mainly during business expansion projects. Doctor loan eligibility in such cases is –
Individuals with an MBBS or MD degree, proof of registration under the Medical Council of India, and proof of work experience for at least 3 years need to be submitted.
For orthodontists, a 5-year work experience certificate along with relevant educational documents sums up the additional requirements.
Doctors specialising in Ayurvedic or Homeopathic medicine have to show a work experience of a minimum of 6 years.
Develop an adequate business strategy
A proper business plan is crucial for the success of a start-up medical practice. Such planning includes purchasing high-end equipment required for accurate diagnosis, as well as hiring requisite workforce for smooth operations of the clinic.
Doctors’ loans for the clinic can cover such expenses, allowing medical practitioners to provide requisite treatment without undermining quality to all patients. They can additionally utilise top medical software available in India to reduce logistics and streamline the services provided.
Pick a suitable location
This factor is a crucial determinant in the success of a newly launched start-up clinic. The place should be easily navigable to individuals so that a higher number of patients visit the clinic for treatment. This increases the aggregate revenue generated by the business.
Accurate treatment provided to patients ensuring their speedy recovery increases their overall life expectancy as well, leading to the higher overall productivity of patients.
Competitive pricing
Start-up clinics should maintain an average pricing module on all diagnostic and treatment facilities. This attracts a more extensive clientele of patients, leading to higher revenue generation.
Proper diagnosis and treatment extended to such patients generates a sense of loyalty as well. Thus, clinics can increase their average treatment costs in the future and still retain regular clients.
Hire trained supporting staff
Doctors alone cannot ensure the success of a medical business venture. Thus, trained and experienced support staff such as nurses and associated medical professionals has to be hired, just where a doctors’ loan for the clinic can become useful.
Such professional Loans for Doctors financing multiple needs are offered by major financial institutions such as Bajaj Finserv.
Establishing a private clinic with the help of such professional loans is extremely easy in the current market, due to increased availability of credit. A prospective borrower only needs to suffice the doctor loan eligibility to avail the loan.
Such loans allow medical professionals access to investments which can help them offer better services and run their healthcare setups better. Also, establishing such a clinic makes medical care more accessible to individuals, increasing their overall health and productivity rates.
You must be logged in to post a comment Login