As per a recent report, India needs almost 3.5 million hospital beds and 3 million doctors by 2034. However, to reach this goal and ensure quality healthcare for every citizen, doctors need to invest more in their private clinics to attend to a larger number of patients with better facilities.
In this matter, a professional loan can be a great borrowing solution that doctors can resort to. However, before applying, they need to have a preliminary idea about what is professional loan.
Eligible doctors can avail of a professional loan and utilise the funds to expand their reach and incorporate advanced technology to ensure quality treatment. Following are some of the most basic ways in which medical practitioners can utilise a professional loan to expand their practice –
- Hire qualified staffs
Managing a medical clinic single-handedly is challenging, and thus, hiring specialized staffs is crucial to run such facilities smoothly. Individuals can utilise a professional loan to hire nurses, receptionist, accountants and others and pay their salaries without difficulty. It will help achieve better clinic management, and patients will have a better experience visiting such clinics.
- Invest in technology
Once individuals are aware of what is a professional loan, it will help them utilise the funds better. Over the years, the technique of treatment has evolved drastically. With the emergence of teleconsultation, telemedicine, e-pharmacy and other latest facilities, doctors can now treat patients living in remote areas without visiting them. It helps in prompt diagnosis and treatments. Hence, doctors can use technology for patient recovery by investing in the right products.
In this regard, also, doctors can opt for a professional loan and utilise the fund to invest in the latest technology and offer better treatment.
- Expand or renovate a clinic
In an over-populated country like India, the demand for quality healthcare is high. Hence, it often becomes essential for doctors to expand their practice to a new place or city. However, setting up, expanding, or renovating a medical clinic is not easy considering the sum that goes towards it.
Therefore, doctors-cum-entrepreneurs can scale their practice with access to a loan for doctors. They can avail this fund to transform their clinics to polyclinics so that patients can visit doctors with different specialities and avoid visiting multiple clinics.
Over time, individuals can also establish a chain of medical service centres across the cities. It will help the patients immensely, and doctors can also generate substantial revenues. Individuals must evaluate the costs of such besides knowing about what is a professional loan to determine a suitable loan amount.
- Purchase medical equipment
Doctors need to stock up on the latest medical equipment depending on the treatment they offer. For instance, the latest eye testing computer costs almost Rs.1.5 lakh in India. Similarly, doctors need to have other necessary equipment to diagnose and treat patients. In such cases, a professional loan for doctors can mitigate the financial requirements to finance such machines.
However, doctors also need to ensure that they are buying the right medical equipment before investing.
- Marketing your services
Besides helping patients, doctors also need to ensure that their practice grows and generates a desirable return on investments. Hence, to increase their visibility and promote their services, often doctors take the help of digital marketing. Online presence makes a huge difference in marketing their business. But they may also have to adopt new techniques that cost handsomely.
It requires doctors to hire professionals who can handle their accounts or promote a new clinic opened in a new location, among other tasks. With a professional loan, doctors can also pay for these expenses without engaging working capital.
NBFCs like Bajaj Finserv provide loans for doctors at competitive interest rates. Individuals can avail better professional loan interest rates by maintaining a good credit score of 750 and above.
It also extends pre-approved offers that simplify and hasten the loan availing process. Such offers are available on personal loans, business loans, etc. You can check your pre-approved offer by submitting your name and contact number.
After knowing what is a professional loan, individuals can utilise the funds for the purposes mentioned above. Alongside, they should also opt for the best professional indemnity policy to stay financially protected against any allegation that can hurt their reputation.