4 Ways a Professional Loan can Help you Expand Your Medical Business

For a medical practitioner, setting up his/her own practice and then eventually moving towards expansion can be a challenging task, considering the anticipated shortage of funds being a real concern. This is where a loan for doctors can be of help.

Few lenders and NBFCs offer a suite of customised professional loans for doctors that is a hassle-free source of finance. These loans provide much-needed liquidity that medical practitioners can then use to fund a variety of purposes – from purchasing the latest medical equipment and expanding their practice to integrating technology with work and training new recruits on the job.

Read on to find out how a professional loan can aid healthcare professionals in expanding the scope of their practice:

• Purchasing new medical equipment and machinery

While investing in the latest equipment might prove costly initially, the decision is most likely to prove immensely beneficial and rope in increased returns over a longer period of time. However, prior to taking the final call, professionals should be abreast with the current costs and price outlays of investing. For example, the prices of modern MRI machines and CAT scanners can run well into crores of rupees.

Medical practitioners can avail a professional loan and use the funds to make some of the most important far-sighted investments in state-of-the-art machines and equipment. These high-value funds can bolster their practice with some of the most advanced machines available in the market today, thereby creating opportunities for increased revenue generation owing to the more patients that they diagnose and treat on a regular basis.

• Integrating technology with practice

Every business needs to employ technology to expand. Considering a significant shift in patient attitude and behaviour – most millennial patients manage their appointment schedules and surf the latest trends in preventive healthcare on convenient mobile apps – it has become imperative for medical practices to give software and technology-driven systems their due.

Purchasing software suited for patient engagement, maintaining e-records, telemedicine and practice management doesn’t come cheap and might derail the cash flow if not planned in time. Add to that an angle of unpredictability to when software becomes outdated, and it becomes difficult to gauge the quantum of funds.

• Enhancing routine operations

Expanding medical practice warrants leveraging every possible opportunity on offer, and one of the most important elements is getting a bigger office space. In addition, on-boarding motivated staff that is dedicated towards their job can bring in a world of difference to how patients perceive a practice. Further, healthcare professionals will have to get the basics of marketing right in order to get newer patients by the day, besides keeping the existing clientele satisfied.

All these expenses can prove formidable if there is no contingency plan in place. A high-value professional loan can be that extra injection of cash, thus aiding doctors to finance these requirements without eating into their savings/other corpuses.

• Consolidating existing debts

Running a practice requires a steady flow of cash on a regular basis, something that might not be possible all the time. In order to plug such financial holes, healthcare professionals avail a number of financing options, such as credit line and other short-term loans. With many of these individual debts sneaking up, they might often fall into the proverbial ‘debt-trap’, getting out of which might not be all that easy. In addition to this, a practitioner’s credit score takes a hit as well, further denting chances of loan approval.

Instead, medical practitioners can make use of medical business loans to pay off the existing individual debts in full, by combining the various monthly payables into a single payment. The best part is that you can consolidate these debts and get a lower interest rate thereon.