Do you want to expand your medical practice? Here’s how a doctor loan can help
As a doctor practicing your own activity, you wear the hats of a health professional and that of an entrepreneur. And like any entrepreneurial business, you need to run your practice with intelligence and common sense. With the holiday season in full swing, now is the best time to take the initiative and grow within the Indian healthcare industry.
You will find that this time of year is full of opportunities, as vendors, retailers, and service providers all launch exclusive offers. Plus, lenders offer a similar benefit, which means you don’t have to worry about capital either. With a personalized and high-value medical loan, you can easily finance an expansion of your medical business without affecting your cash flow or your efficiency. To find out exactly how a doctor loan can help you broaden your practice, take a look at the following pointers.
Expand your current location to accommodate greater footfall
With the pandemic continuing, health services will certainly remain a priority for the masses. Plus, with current social distancing protocols, you need more space to comfortably accommodate patients. These are the reasons for expanding your current clinic by moving to a larger location or making structural changes to your current location.
Additionally, depending on the specialty, you may need more examination, surgery, and observation rooms to accommodate the influx of patients. While all of these expenses may seem difficult to fund out of pocket, you don’t have to bear the brunt without help. The significant sanction of a doctor loan is the perfect tool for such endeavors, and it can help ensure these changes without compromise.
Invest in a marketing awareness program to increase awareness
An online presence is essential for every business, including your medical practice. Without making an effort to educate and gain attention, potential patients will not be aware of the services you provide. Without a constant influx of new patients, your practice can struggle to stay afloat. Therefore, marketing is now a crucial part of every service in the healthcare industry.
You can undertake this business with professionals or depend on word of mouth. Of the two, the first option is more effective, because hiring a dedicated marketing agency can increase your efforts tenfold. It also allows you to focus more on the organizational and medical aspects of your practice. New media marketing can be quite expensive and is usually not a one-time expense. Fortunately, Bajaj Finserv medical 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 integral to expansion, and your growing medical practice is no different. Well-trained and knowledgeable staff ensure that your patients have a pleasant experience. Additionally, having designated staff for other aspects of your business can help you deliver a focused and more care-focused experience to your patients.
With a medical loan, you can invest a significant portion of your newly acquired capital in hiring nurses, lab technicians, administrative staff, and diagnosticians.
Adopt advances in diagnostic and administrative technology
Investing in technology in the healthcare sector is crucial and can take many forms. For example, you can upgrade your current medical equipment and machines or adopt newer technologies, such as AI-based medical imaging and scanning machines. Another option would be to invest in administrative technology such as electronic health records, electronic prescriptions, telemedicine and billing software.
Integrating technology into your practice increases its efficiency and ensures that you provide prompt service to your patients. It also reduces your organizational efforts, allowing a smooth workflow across all departments. There is no doubt that investing in such advanced technology is expensive. However, you can easily cover all of these expenses with a doctor loan and do it inexpensively. By taking advantage of a favorable interest rate, you can ensure that the interest stays in control throughout and extracts the maximum value for you.
Whether you’re looking to hire skilled staff, lease larger space, or build a fully digital practice management ecosystem, you need financial support. Expanding your practice is an ambitious endeavor, so you need the right financial partner in your area. With the right doctor loan, you can fund your efforts easily and hassle-free. For such an experience, suitable for healthcare professionals like you, choose the Bajaj Finserv Business Loan for Doctors.
Bajaj Finserv offers competitive interest rate for medical loans with penalty of up to 42 lakh. Without collateral and minimum documentation, you can access the loan amount in less than 24 hours. Plus, you can repay the loan over a flexible term of up to 96 months and make sure the firm’s working capital reserves are always healthy. Check your pre-approved offer today to take advantage of these benefits and enjoy hassle-free financing.