As per a report, India’s healthcare sector is expected to reach Rs.37,200 crore by 2022, fuelled by increased awareness of health, lifestyle, and disease management. Doctors can contribute significantly to this expected nationwide growth by expanding the scope of their practice and including advanced state-of-the-art diagnostic equipment in their clinics. It is, however, easier said than done as expanding the practice calls for sizable investment. In such circumstances, applying for business loans for doctors can be beneficial.
Several financial institutions offer attractive doctor loan interest rates that can help individuals scale up their medical practice. So, here’s how availing a business loan can aid doctors in expanding their practice and thus help them contribute to the nation’s growing economy.
How can business loans help doctors expand their practice?
Doctors need to incorporate and streamline improved equipment and skilled personnel in their healthcare facilities to provide enhanced medical care to patients. Availing business loans for doctors can thus be helpful, allowing medical practitioners to expand the scope of their services.
Listed below are six important ways business loans can be beneficial for doctors.
Investment in advanced medical technology
Doctors can use funds availed via a business loan to invest in specialized equipment such as EMR or electronic media records system to streamline business processes and manage finances well in the long run.
Hire skilled personnel
A clinic or hospital requires a team of skilled professionals across multiple domains. Doctors can, therefore, use the acquired capital to hire more doctors, IT professionals, administrative staff and skilled technicians to operate sensitive equipment like ELISA and HPLC. Hiring skilled personnel will allow doctors time to interact one-to-one with patients, thereby guaranteeing quality medical services. In the end, all these factors will play a crucial role in expanding the practice.
Investment in marketing
Even doctors are advised to undertake outreach programs to broaden their customer base. Availing business loans for doctors, they will thus be able to fund online and offline marketing campaigns to reach out to a larger audience.
Funding for practice expansion to new locations
A primary way to expand practice for doctors is to set up clinics or nursing homes in new locations. It is indeed a costly affair, but a doctor loan can be helpful in such cases.
Buy advanced diagnostic equipment
Doctors can improve their practice’s outlook by investing in state-of-the-art equipment that can enhance diagnostics and treatment regimens as well. Several advanced diagnostic machines now come equipped with Artificial Intelligence and are thus costly. However, availing funds through business loans for doctors can help professionals to purchase such expensive equipment without any hassle.
Funding to up-skill for medical practice
There is no limit to skill development, and the same also applies to doctors. They can avail of business loans for doctors and enroll for skill development courses. This will serve as an added advantage and aid in their practice expansion in the long run while increasing patient footfall. They should also acquire effective business skills to run their practice.
These are some of the ways that make business loans for doctors ideal for expanding their practice conveniently.
Besides, there are several other ways that a doctor loan can help professionals expand their business for a healthier financial outlook. One should, therefore, carefully compare business loan offers provided by several lenders before deciding. Healthcare professionals should thus first identify the reasons to take business loans for doctors to expand their practice.
Several lending institutions like Bajaj Finserv offer business loans for doctors at attractive interest rates that make it affordable for professionals to repay the loan conveniently.
The lender also brings pre-approved offers on financial products like business loans and personal loans. With these offers, borrowers can avail of a loan without any hassle and in a short amount of time. They can check the pre-approved offer only with their name and contact details.
Thus, doctors and medical practitioners can expand their businesses by incorporating structural and administrative changes. The said changes demand hefty investment, and thus, these professionals can avail business loans for doctors to expand their practice. They should, therefore, opt for such a loan from a reliable lender at favorable terms that keep loan repayment affordable.