Want to expand your medical practice? Here's how a doctor loan can help
As a doctor with your own practice, you don the hat of a medical professional and that of an entrepreneur. And similar to any entrepreneurial venture, you are required to run your practice with smarts and savvy. With the festive season in full swing, now is the best time to take the initiative and grow within the Indian healthcare industry.
You’ll find this time of year ripe with opportunity, as suppliers, retailers, and service providers are all launching exclusive offers. What’s more, lenders extend a similar benefit, meaning you don’t have to worry about capital either. With a personalised, high-value doctor loan, you can easily fund an expansion of your medical business without affecting your cash flow or efficiency. To know exactly how a doctor loan can help you expand your practice, take a look at the following pointers.
Expand your current location to accommodate a higher footfall
With the continuing pandemic, healthcare services are sure to remain a priority for the masses. Moreover, with the current social distancing protocols, you need more room to accommodate patients comfortably. These reasons warrant expanding your current clinic area by either moving to a bigger place or carrying out structural changes in your current location.
Further, depending on the speciality, you may need more examination, surgery, and observation rooms to accommodate the influx of patients. While all these expenses might seem challenging to finance from your pocket, you don’t have to bear the brunt without assistance. The large sanction from a doctor loan is the perfect tool for such undertakings, and it can help ensure these changes without compromise.
Invest in a marketing outreach program to increase awareness
An online presence is essential for every business, including your medical practice. Without making an effort to inform and draw attention, potential patients will remain unaware of the services you offer. Without a constant inflow of new patients, your practice may struggle to stay afloat. Therefore, marketing is now a crucial part of every service in the healthcare industry.
You can undertake this endeavour with professionals or depend on word-of-mouth publicity. From the two, the first option is more efficient, as hiring a dedicated marketing agency can increase your efforts tenfold. This also allows you to focus more on your practice’s organisational and medical aspects. New media marketing can be quite expensive and isn’t usually a one-time expense. Thankfully, Bajaj Finserv’smedical practice loan helps in this regard, as you can easily acquire a leading agency for your practice and pay their fees without dipping into the practice’s capital reserves.
Increase staff to serve more patients
Hiring is an integral part of an expansion, and your growing medical practice is no different. A well-trained and proficient staff ensures that your patients have a pleasant experience. Moreover, having designated staff for other aspects of your business can help you deliver a focused and more care-oriented experience to your patients.
With a doctor loan, you can invest a sizable chunk of your newly acquired capital into hiring nurses, lab technicians, administrative staff, and diagnosticians.
Embrace advancements in diagnostic and administrative technology
Investing in technology in the healthcare industry is crucial and can take shape in numerous ways. For instance, you can upgrade your current medical equipment and machinery or adopt newer technologies, such as AI-based medical imaging and scanning machinery. Another option would be to invest in administrative technology such as electronic health records, e-prescription, telemedicine, and billing software products.
Integrating technology into your practice increases its efficiency and ensures that you provide prompt service to your patients. It also reduces your organisational efforts, enabling smooth workflow across all departments. There is no doubt that investing in such top-notch technology is expensive. However, you can easily cover all these expenses with a doctor loan and do so cost-effectively. By availing of a favourable interest rate, you can ensure that interest stays in check all through and extracts the maximum value for you.
Whether you’re looking to hire trained staff, rent a bigger space, or set up a completely digital practice management ecosystem, you need financial backing. Expanding your practice is an ambitious effort, and so you need the right financial partner in your corner. With the right doctor loan, you can finance your endeavours easily without any hassles. For such an experience, tailored to medical professionals like yourself, choose the Bajaj Finserv Business Loan for Doctors.
Bajaj Finserv offers a competitive doctor loan interest rate with a sanction of up to 42 lakh. With no collateral and minimal documentation, you can access the loan amount in less than 24 hours. Moreover, you can repay the loan over a flexible tenor of up to 96 months and ensure that the practice’s working capital reserves are always healthy. Check your pre-approved offer today to take advantage of these benefits and enjoy funding without any hassles whatsoever.