The profession of medicine is an avocation that is accorded to the status of a god. Doctors treat people and make them healthy and the People bless them. Medical professionals are viewed with respect and honor in any country.
Talking about India, there is a great demand for skilled doctors in our country with a population of more than one hundred and thirty crores. There is a great need for not just doctors but also proper medical infrastructure.
Medical education is considered to be the oldest and respected education in India. It takes rigorous 5 years for a person to become a medical graduate with an MBBS degree. It is also a fact that government medical seats are relatively rare and the seats in private hospitals are very expensive.
According to a report by the World Health Organization (WHO), there is only 1 doctor per 11 thousand people. In this context, it is difficult to answer the question that how people get their treatment done in such a scenario
After completing the degree, most of the MBBS graduates are choosing to open their own clinic instead of working in government or private hospitals. Sometimes it happens that the fresh doctors face funding issues in opening the hospital, clinic, etc.
In such a situation, what should doctors do in such a situation? The simple answer is that they have to arrange the money.
What is a business loan for a doctor?
When a situation of lack of fund arises for opening the hospital or doctor clinic then a business loan comes for a rescue. The doctors can use these funds to hire new staff, buy medical equipment, imaging and diagnosis machinery, etc. These doctor loans are available from financial institutions such as Banks/NBFCs/Fintech companies.
Let us know about different ways through which Doctors can start or expand their practice –
Hiring well trained medical and support staff
Every business to prosper require a good team, similarly for a doctor to prosper in his practice he requires an army of highly skilled medical professionals such as a nurse, compounder, paramedics, diagnostics and imaging person, etc. A business loan for doctors can help them to hire the best of the staffs and take their clinic/hospitals to a new height.
Creating a marketing campaign to grab eyeballs
Doctors need to understand that like them there are many doctors in their localities or cities having their own clinic. Hence the Doctor has to promote his clinic and highlight his expertise and the uniqueness of his clinic so that he gets more footfall. A doctor loan can help a doctor to create an online and offline campaign to reach his prospective patients.
Marrying Technology with the Medical process
Getting the administrative process on the technology platform helps increase the doctors’ efficiency, resulting in making more money. A few of the things that can be done are:
- Electronic Media Records – The patient’s medical process and historical records on the online platform saves a lot of customer’s time that gets wasted on filling complex documents and the records can be referred to easily in the future.
- Brings efficiency in back-office work and the reimbursement process
- Provide medical statistics of the patients so that the best treatment can be offered to them
Putting the offline process on the technology medium is a costly affair, hence a Doctor Loan can help in doing the transition smoothly.
Open a clinic/hospital in a different geographical location
If the doctor is planning to expand his clinic/hospital in the second location, where the medical treatment is necessary for the people and good medical service is missing in the area, then the doctors can take the first-mover advantage of opening the clinic/hospital in the area has a high demand for medical treatment with the help of a doctor loan.
Diagnostic lab and machines investments
Having the diagnostics machines installed in the clinic/hospital provide added advantage to the Doctors as it not only saves time for the patients to run like a headless chicken to find the diagnostic labs and then the time is taken by the lab to provide the report but also allows earning more from the value-added service with the medical treatment resulting in more accurate results and better treatment. A Doctor loan can cover such a one-time cost and they can benefit from it immensely.
There are many banks and NBFC companies in the country, from where business loans are given to doctors. There are also a few NBFCs such as ZipLoan, which offers a business loan specifically for the doctors at a competitive rate.