Healthcare industry in India is growing by leaps and bounds. Running a doctor clinic and establishing a private practice is challenging. The cutting edge technology developments have introduced AI-enabled imaging and other state-of-the-art diagnosis machinery.
Doctors are first choices for offering loans
Doctors may face a cash crunch on equipping their medical clinics with the latest equipment that is required to attract clientele. Banks and financial institutions provide business loans for doctors as they are some of the most reliable professionals in society and have a very less probability of default.
Doctors loan can go up to a maximum of rupees 30 lacs. Depending upon the requirement and the field of specialisation of the doctors, they can avail loans to expand their medical practice into new frontiers.
Immense competition for Medical practices in urban areas
There are a lot of MBBS graduates that are being churned out by the universities in India. The people who are seeking medical services have become highly knowledgeable and they want to seek the best medical services of those professionals who have sophisticated medical equipment at their disposal.
Also the metro cities like Bangalore, Delhi and Bombay are fast becoming hubs of world-class medical infrastructure which is even attracting international medical tourists. In order to meet the great demand for specialised services, doctors can avail of a business loan to set up a medical practice.
Let’s look at the various ways in which aspiring and ambitious doctors can utilise the business loan for doctors in catapulting their practice into the highest orbit.
1.Hiring more technically proficient staff
The reputation of a doctor’s practice depends on so no small measure on the technical capabilities of the supporting staff like nurses, diagnostic and imaging personnel, and paramedics. The staff with excellent technical capabilities is in great demand in the healthcare industry. A bank loan for doctors can be used to increase the budget for the recruitment of top auxiliary staff for the doctors.
The workload of the doctors is greatly decreased by having a well-functioning staff. The patients can get their test results inefficient way. Hiring good efficient staff helps the doctors to spend more time with patients and to have a personal interaction with the patients, which in turn increases the satisfaction factor and enhances the reputation of the doctor’s service.
The present hospital industry is presently plagued with low-quality administrative staff. Ambitious doctors need to work on finding the right set of support staff to set themselves apart from the growing competition of medical practice clinics mainly in top cosmopolitan areas.
Business loans can be availed to offer good employment conditions so that the best of the existing talent pool will help in not only increasing the level of comfort to patients but also in maintaining the integrity and technical efficiency of the doctor’s practice.
2.Administrative technology is a crucial aspect of a good practice
The Healthcare system in the present world is highly automated. With electronic media records, the whole process of consultation, diagnosis, treatment is highly streamlined which provides clarity to both the patient and the doctors.
- Deploying the right infrastructure helps the customer saving their time in back-office work like insurance and reimbursement processes.
- In addition to that, patient management records can be used to compare the medical statistics of patients so that an effective treatment plan can be established.
- Robust administrative policies not only enhance the prestige of the doctor in society but also help to increase the profits of the medical clinic in the future. A business loan for doctors is a Win-Win situation for both the doctors and the patients.
- The process of applying for a business loan for doctors has become very easy. All you need to do is to log on to the internet and apply for a business loan online.
3.Doctors also need marketing campaigns
It is a myth that professionals like doctors and lawyers do not require traditional marketing initiatives. In this world where the attention of consumers is low, it is all about who first gets the eyeballs of your business customers as quickly as possible through social media for the word to mouth referrals.
- Cash injection through business loans to doctors can be used to advertise the services of the medical professional offline and online. Full-page advertisements in National newspapers have a heavy price tag.
- Also, recruiting a dedicated social media manager to manage the perception of your medical services in the digital world is important.
- Social media managers pay close attention to conversations surrounding your medical practice and how the collective viewpoint is shaping the opinion.
- Marketing initiatives help the doctors to put their clinic name in the first 3 search results in a Google search. As this catches the customer attention, and depending upon the efficiency of your services, more customers are bound to come in the future
- An aggressive marketing strategy is essential with the help of a business loan for doctors if the business is to survive in the highly competitive medical industry.
4.Diversify your practice into other geographic locations
Patients in big cities are scattered all over the city and they may find it difficult to reach your clinic from such long distances. Instead of losing the business of the valuable customers, the doctors can use a business loan to set up another office or offices in prime business areas, where a lot of patients are expected.
This not only increases the profile of the doctor in the city and surrounding regions but also provides a perfect launching pad to elevate the reputation of the doctor into one of the top medical professionals in the city.
5.Increase quantum of investment in purchasing state-of-the-art medical technology
In the context of the increasing population, the need for effective medical equipment is now more important than ever. Machines can save the lives of many people as they can detect any anomalies in the vital organs of the body at an early stage and does improve the probability of life. Technology helps to save the time and intellectual resources of the doctors, and they can in turn concentrate on finding the latest medical treatments in consultation with other international doctors. Banks provide business loans to doctors up to rupees 50 lacs.
Western doctors have a great reputation on the world stage due to their superior infrastructure compared to doctors from other third-world countries. In this globalised world, all individuals are demanding equal access to healthcare air equipment. Doctors should seriously consider getting a business loan so that handwork and talent are translated into monetary gains and their reputation is increased at the domestic level and then can expand to the international level.