The Indian healthcare market is expected to triple in size and reach Rs.8.6 trillion by 2022. This has also encouraged Government’s investment into the sector and targets to increase its public healthcare spending to 2.5% of the GDP by 2025.
The Indian healthcare sector is diversified, vast, and full of untapped opportunities. Therefore, medical professionals who are already working or have just completed their degree can now take advantage of it by setting up their own clinics. In this regard, they can opt for a doctor loan for their financing needs.
Substantial loan amount, repayment flexibility, and attractive interest rate make it a go-to financing option while establishing or expanding a clinic.
Understand how a doctor loan can help you to expand your dental practice
Here are some suggestions on how a financing method curated for medical professionals can help you to scale up your practice.
- Improving a clinic’s current infrastructure
Expanding any business needs access to improved infrastructure, and a dental clinic is no exception. Therefore, with the necessary funding, one can purchase necessary equipment, furniture, and any other material on their dental clinic setup list.
Besides purchasing new items, medical professionals can use these funds to refurbish their clinic as well. They can complete the needed construction works and repaint their clinic to give it a better look.
- Opening a new branch
Besides refurbishing and upgrading the current clinic, a loan for doctors can be useful to open a new branch. They can use these funds to rent or purchase a property and then set up a clinic with the necessary equipment to support the practice.
- Hiring better staff
When expanding their clinic, medical professionals need additional staff to manage the additional patient count. Also, it is only natural to look for better trained and experienced staff to handle equipment and clients better and offer an improved service.
Hiring such well-trained staff will incur additional costs in terms of salaries and offering employee benefits. A doctor loan, however, can help them to support that expenditure.
- Strengthen the working capital
Expanding the clinic network will also increase expenses, which will require medical professionals to strengthen the working capital requirements of their practice. In this regard, they can take the assistance of such tailor-made financing options to fulfil that need.
- Invest in new technology
The technological advancement of healthcare has been rapid, and technologies that are considered advanced today may become out-dated in a few years. Thus, it is vital to invest and update equipment to offer better service to the clients/patients.
Integrating new technology has two parts, administrative and diagnostics. In terms of administrative technology, one can consider the electronic media records system or EMR as an example. This device allows doctors to store their patients’ information digitally and reduce the hassle of maintaining paperwork, and it is safe as well. However, it is not a very cost-effective solution and requires significant investments. Loans specially curated for medical professionals can help professionals to meet the funding requirements of integrating this technology.
In terms of diagnostics equipment, the introduction of AI has improved the devices significantly. This technology has enabled doctors to get diagnostics results that make way for better treatment. For instance, an Indian start-up named Aretlus is perfecting an AI screening tool that can detect diabetic retinopathy within a few minutes. Technology like this is expensive to implement but allows patients to have better treatment.
To support such investments, professionals can rely on small business loans and their bouquet of benefits. They should also know the comparison of leasing vs buying and which strategy one should opt for.
- Invest in marketing
Marketing is an important part of business outreach, and it helps clinics to catch the attention of prospective patients and spread the word as well. However, running a marketing campaign is not an inexpensive affair.
Therefore, with credit instruments like these, medical professionals can find the necessary funds to meet such expenses.
Apart from these, financing products specified for medical professionals comes with benefits that can help them meet various business expenses. At the same time, they should also know how to be eligible for a doctor loan to avoid facing any complications in the process.
Advantages of getting a doctor loan
- No end-use restrictions: It has no restrictions over its usage, which allows professionals to meet a wide range of expenses.
- Collateral-free: This financing instrument does not require one to submit any collateral to avail it.
- Quick disbursal: Doctor loans are preferred by many due to their quick disbursal nature. Typically, leading financiers like Bajaj Finserv approves a loan application within 24 hours, considering one has met the eligibility criteria without fail.
- Flexible repayment: This debt instrument comes with multiple repayment options that further increase the convenience of borrowers. Hence, one can repay the credit without any hassle.
The availability of pre-approved offers further expedites this process. Such offers streamline the loan application process, and borrowers can check their pre-approved offers online in a few simple steps.
Doctor loans help to cover the costs of expanding a practice. Furthermore, the affordable repayment terms have helped professionals to repay their debt and leverage its benefits.