October 1, 2022

According to a recent report, around 80% of the doctors who are residing in an urban location are assisting 28% of the population. However, since 70% of the populace comprises rural India, it is left unexplored with substantial market potential. In addition, poor hospital bed ratio, insufficient medical facilities, and overburdened hospitals stimulate the opportunity for doctors to establish their own clinics and practice.

In this regard, medical professionals can resort to healthcare finance options to fulfil professional needs. The section discussed below will help borrowers to gain insight into the same.

How does health care finance help medical practitioners?

Here are some of the actions medical practitioners can undertake more easily with the help of health care finance:

  1. Improve existing infrastructure 

Since such a credit facility does not come with any end-use restriction, medical professionals can use it to improve the existing infrastructure of their current practice. They can use the borrowed amount to meet expenditures like purchasing new furniture, acquiring additional property for expanding clinics, refurbishing clinics, etc. With the help of doctor finance, individuals can level up their practice and also transform their clinics into polyclinics. 

Moreover, individuals can establish a range of medical service centres across the cities, allowing doctors to generate profit.

  1. Purchase medical equipment

In terms of the increasing population, the requirement for effective medical equipment is essential. However, the progress of technology obsoletes any equipment within a few years, and it happens with medical equipment as well. Moreover, artificial intelligence also played a significant role in including different technological updates and upgrading machinery used in the healthcare industry.

Nonetheless, this equipment comes at a high price, and the availability of this financial product ensures that professionals are buying the right medical equipment.

  1. Invest in technology

Once individuals are aware of a loan for doctors, it will allow them to manage funds better. Over the years, the process of treatment has significantly evolved. Moreover, with the evolution of teleconsultation, e-pharmacy, telemedicine and other modern facilities, doctors can treat their patients even in remote locations without any need to visit them. It further assists in diagnosis, and doctors can use this advanced technology to ensure quick recovery of the patients by investing in the right product.

In this regard, doctors can choose health care finance and use the funds to invest in the right technology and promise quality treatment.

  1. Invest in marketing

Marketing always plays a pivotal role in making a business successful, and medical practice is no exception. When an individual start a venture, it is essential to let people know about its existence, services and facilities. A well-defined marketing strategy can be utilised as a business USP and attract more clients.

However, marketing does not come as a cost-effective solution, and with the assistance of health care finance, one can hire a marketing team for his/her business. This will further help the business to grow and generate substantial revenue from investments.

  1. Hire proficient staffs

A well-structured health care sector can only function if it is managed by qualified and skilled professionals and technicians. However, many medical professionals run their clinics with poor human resources and recruit staff with insufficient knowledge due to the shortage of funds for paying salaries or proper hiring.

In this regard, individuals resort to doctors’ loans and use the sanctioned funds to hire qualified and skilled professionals to address the problem.

Now when borrowers are aware of the essentials of clinic management, they should seek credit facilities that come with borrower-centric features and services such as – 

  • Substantial loan amount without any requirement of pledging an asset
  • Attractive interest rates with no hidden charges
  • Additional features such as the Flexi loan facility
  • Flexible repayment tenor of up to 96 months

Apart from seeking for a financier to avail substantial advances, borrowers must make proper financial planning and keep certain points in mind.

Renowned NBFCs, such as Bajaj Finserv, also have exclusive pre-approved offers for existing borrowers against financial products, like personal loans, business loans, credit cards, etc. Availing of such offers can help individuals bypass the hassle of extensive documentation and accelerate the loaning procedure. They can simply provide their name and contact details to check their pre-approved loan offer.

To sum it up, health care finance in India comes in the form of professional loans that allows intending borrowers to acquire funds for their medical practice. Besides, such funds also help borrowers to maintain cash flow reserve in their business and ensure the smooth running of day-to-day operations.

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