As a medical practitioner, you need to upgrade your clinic from time to time to serve your patients in a better way. To expand your clinic or grow your practice, you may need to buy a new medical instrument, train your staff to use it or even renovate your clinic to make some extra space for your patients. You need a large sum of money to fulfill these requirements, and a doctor loan from leading financial institutions can help you meet your needs.
How will you fund the expansion of your clinic?
A doctor loan is a collateral-free loan that provides a substantial sum of up to Rs. 50 lakh and is disbursed to your bank within 24 hours of the document verification. This is one of the best solutions that can help you manage your multiple expenses.
In case you need a larger amount of money, you can apply for a loan against property which is a secured loan and get funding of up to Rs. 2 crore. This high-value loan will facilitate the funding requirement that you need to buy high-end equipment such as ECG machines, MRI scanners, etc.
Depending on your requirement, you can choose the funding option and apply for a loan that can help you manage your big or small expenses.
Importance of a doctor loan
As a doctor, you must treat your patients while also running your business. As healthcare and medical processes become more digital, you’ll need to consider your expansion strategy.
You need funds for new dental clinic setup and use digital patient management software. In addition, if you want to upgrade your medical equipment, you need a high corpus of funding. To help you manage all of these expenses, various doctor loan schemes can assist you financially. It will also help you improve your practice while also helping your patients.
Best ways in which funds can be utilised to grow your medical practice:
Take a look at the following tips to learn more about how a doctor loan can help you expand your practice.
- Open a new clinic or expand an existing one
With the ongoing pandemic, healthcare services will undoubtedly remain a top priority for the general public. Furthermore, with current social distancing protocols, you’ll need more space to accommodate patients comfortably. For these reasons, you should consider expanding your current clinic space by either moving to a larger space or making structural changes to your current location.
2. Hire more staff to offer better service to your patients
Hiring is an important part of growing a business, and your expanding medical practice is no exception. Your patients will have a better experience owing to the well-trained and competent staff. You can put a large portion of your newly acquired capital into hiring nurses, lab technicians, administrative staff, and diagnosticians with a doctor loan.
3. Take advantage of technological advances in diagnostic and administrative areas.
Technology investment in the healthcare industry is critical and can take many forms. You could, for example, upgrade your existing medical equipment and machinery or adopt newer technologies like AI-based medical imaging and scanning machinery. Another option is investing in administrative technology like electronic health records, e-prescriptions, telemedicine, and billing software products.
A doctor loan from leading NBFCs will help you with funds to meet these big-ticket expenses. All you have to do is check your preferred lender’s website and ensure that you meet all the required eligibility criteria. Keep all your documents handy to avoid any last-minute rejection.
