A medical practitioner carrying out an independent practice needs to take care of multiple responsibilities apart from medical assistance to patients. Regular expenses like upgrading technology, restocking medicines, paying salary & rent, and hiring competent staff, among others, can put pressure on individual savings.
To avoid that, doctors can consider debt financing to manage cash flow and liquidity. Availing a doctor loan lets an individual cover their big-ticket and small-scale operational costs easily. Affordable doctors loan interest rate and minimal paperwork further ensure such financing options are more accessible to professionals.
Ways to use a business loan to expand the medical practice
Following are a few ways individuals can use a doctor’s loan to further their practice –
- Hiring professionals
The best usage of business loans for doctors is hiring experts for a clinic. A clinic ideally needs technicians, janitors, etc., for smooth functioning. A competent staff is vital to the success of a practice, and individuals can utilise a business loan to cover the costs of recruiting professionals.
- Training team
Alongside recruiting new staff, it’s imperative to train the existing team across various updates and changes, especially in the telemedicine sector. Individuals need to ensure they are carrying out regular training sessions to improve patient engagement, increase efficiency, and enhance service quality. One can use a loan for doctor to cover such costs if they are being outsourced.
- Move into larger space
As a practice grows, it becomes crucial to accommodating the increasing number of patients comfortably. It’s also conducive if one is widening the scope of his/her services. An individual can also use a loan for doctors to defray the leasing cost and minimise the strain on savings.
- Invest in new equipment
Expansion of operations and upgradation of medical equipment goes hand in hand. Improvement in patient care, faster treatment, and lower operational costs are a few reasons to upgrade medical equipment today. A business loan for doctors is an ideal financing solution to meet related costs. Owing to affordable doctors loan interest rate, a borrower can ensure they can upgrade the medical equipment in their facility without incurring a hefty burden on the cash inflow.
- Incorporate medical billing software
Incorporating the latest medical billing software can make a significant impact on workflow and financial management. Installing the right software can aid a clinic to keep a track on the billing code. This encourages robust liquidity and fewer claim denials. Moreover, advanced medical software gives the reputation that a clinic or office is well managed. Hence, a medical practitioner or clinic owner must check the a-z guide of hospital management and billing software for smooth functioning.
- Online and offline promotion
Advertisements are an effective way to promote one’s services. An individual can utilise a doctor’s loan to spread the word about their practice. Ideally, the cost of promotions offline and online is quite affordable. This would again help in expanding a practice efficiently.
Achieving these goals requires an investment of considerable funds that can be accessed by availing a doctor’s loan. Ideally, these customised loans require no collateral or guarantor, which simplifies the disbursal process. Nevertheless, it is crucial to find a reliable lender that levies reasonable doctors loan interest rate and is transparent about all the associated charges. For instance, NBFCs like Bajaj Finserv offer loans for doctor up to Rs.35 lakh at affordable rates and zero hidden charges.
It also brings pre-approved offers on products like personal loans, business loans, etc. These offers quicken the application process and disbursal time and minimises the paperwork formality. Check your pre-approved offers by entering a name and contact number.
Nonetheless, understanding the role of smart investment in expanding practice is crucial besides medical know-how. Availing business loans for doctors is ideal in this regard as it lets the borrower ease the burden on their savings while undertaking key outlays that’d pave the way for increased revenue.