The healthcare industry in India is growing at a rapid pace. As per a survey, the Indian healthcare industry will grow at a CAGR of 16-17% until 2022.
Notably, this estimated growth is expected to be a product of the immense investments and expansion of medical business, an occurrence that is bound to help both medical professionals and patients.
Understandably, a major contribution to the same also stems from private practitioners and healthcare clinics, which already holds a significant place in the Indian healthcare system.
While necessary financing for such expansion is available through professional loans, doctors must also understand how they can expand their practices.
Consequently, these pointers discussed below explore the impact of such loans on medical businesses.
● Upgrading technology: One of the most vital aspects of expanding a medical practice is that of acquiring innovative technology.
While it can be costly to purchase and integrate such upgrades regularly, it is vital to do so since this professional sector strictly deals with the lives of people.
Upgrading available technology at a clinic usually also adds to the revenue generated since patients always try to get the best medical service possible. Loans for doctors can be an effective way to fund such a project.
● Expanding service: Medical professionals with personal clinics can also consider expanding their services.
This can be done in numerous ways, which include expanding treatment capacity at a specific clinic, opening new allied clinics, and even expansion of a clinic to extend other medical services.
While these definitely require a considerable investment, professional loans can go a long way in funding such expansions.
● Hiring professionals: Practitioners need to hire capable professional help in their medical service.
It often also includes specialized training for professionals like paramedical and ancillary staff, which can also be funded by the lines of credit offered by various financial institutions in India.
● Improving administration: Administration of a clinic or a healthcare center is as vital as its equipment and staff.
While these latter aspects run the system, it is the former, which ensures every resource is used at its maximum potential.
Consequently, integration of medical administrative software, though costly, can help with better service and increased revenue in the long run.
To this effect, doctors should learn how to shortlist the best software for their clinic, ensuring greater efficiency.
● Integrating diagnostics: Doctors can also consider integrating diagnostic centers in their clinics. While loans for medical professionals can easily fund such an expansion, these can help both the doctors and their patients.
While the former can get reports more conveniently while generating greater revenue, the latter does not have to go through the hassle of visiting another diagnostic center.
While these are some of the most notable impacts, there are many other avenues of expansion too.
Doctors considering expansion of their medical business with professional loans should also note that lenders usually offer various allied features, which make such lines of credit even more attractive.
Along with options of prepayment, choice of tenor, etc. reputed financial institutions, such as Bajaj Finserv, also offers prompt disbursal within 24 hours from their application.
Additionally, it also provides pre-approved offers, making such loan applications convenient and fast. These pre-approved offers are provided on various financial products like professional loans, personal loans, business loans, etc.
Noteworthy, potential borrowers should check their total repayment amount and EMIs before deciding on their professional loan tenor. This especially helps in repayment and reduces the chances of default.
Furthermore, doctors should also note their eligibility and document requirements beforehand to avoid any chance of rejection. In this regard, they should also learn how to be eligible for a doctor loan, in case they do not meet the necessary criteria.