The healthcare sector in India is flourishing considerably despite a lot of challenges. As more and more doctors run their practice, the competition has become tough, with patients opting for doctors that offer the best care at affordable fees.
Now, the days of running a clinic with just basic medical equipment like a stethoscope, BP monitor, etc., are fading away. The latest technology developments in healthcare, including AI-enabled imaging and other state-of-the-art diagnosis machinery, are the need of the hour, making the clinic more expensive to set up and manage.
As a physician in your private practice, you are responsible for successfully treating patients and running your business. With healthcare going more digital and more patients opting for online consultation, you might plan to expand your business. Incorporating digital patient management software, converting your existing single doctor clinic into a polyclinic or hospital, setting up a branch in a new location or upgrading your medical equipment, etc., can help you offer excellent care and service to your patients.
To make this happen, you can avail of a Business Loan provided by various lending institutions based on your Doctor Loan eligibility. Let’s discuss five ways in which you can use these funds at an affordable physician loan interest rate to expand your business.
Top 5 Ways of Using Physician Loans for Expansion
- Hiring Talented and Proficient Staff
A physician’s success in diagnosing and treating patients hinges on the experience, staff management skills, and the lab technician’s prowess. The staff with excellent technical and management capabilities can reduce the effort of physicians significantly, giving more time for personal care and treating more patients. A Doctor’s Loan eligibility can help to secure the required funds to recruit the best talent available in nursing and diagnostics. Get State of Art Medical Equipment for Treatment and Diagnostics
Technologically advanced machines can save the lives of many patients as they can detect ailments at an early stage and reduce complications that can be life-threatening if not treated within time. With new machines, physicians can make better diagnosis and help patients recover faster. In this way, the clinic’s reputation will grow, boosting revenue that can help add more services. Through an affordable physician loan interest rate, you can buy cutting-edge medical equipment with high accuracy and easy to maintain regardless of their prices.
- Incorporating Administrative Technology
The healthcare system is witnessing automation at various stages and practices. With the extensive use of EMR (electronic media records), consultation, diagnosis, and treatment are highly streamlined, providing up to date information to doctors and patients. Using the funds received through a Doctors Loan, you can,
- Installing the right infrastructure helps patients save their time and effort in insurance claims and other non-medical steps.
- You can purchase administrative software to help your staff manage appointments, bills, medical reports, etc., to automate patient management as much as possible.
- Maintain SOPs and policies for both patient management and staff training.
- Carry Out Marketing Campaigns
Marketing is necessary for almost every field, and healthcare is no exception. As people’s attention span is low these days due to fast-paced life, you must make sure every resident of the locality around your clinic is aware of your services. Also, social media presence is crucial these days, so hiring a dedicated marketing team to organise an outreach campaign can bring more patients to your clinic. They can also create creative content and help your clinic’s name appear in the first three Google search results. Overall, marketing can help you increase search traffic both online and offline, thereby increasing the number of patients seeking your consultation.
- Set Up More Branches of Your Clinic at Different Locations
Patients in metropolitan cities stay at faraway places and may find it challenging to reach your clinic due to heavy traffic. Instead of losing patients, you can use the finances to set up branches at various locations in the city.