The healthcare sector in India is likely to grow three-folds by 2022 to reach Rs.8.6 trillion, prompting the government to increase its spending on the same to 3% of the country’s GDP by the same financial year.
This has presented an exciting opportunity for medical professionals to invest and expand their practices to serve more Indians. In this regard, medical small business loans can be the ideal financing solution for them. Benefits like high loan quantum, easy repayment terms and competitive interest rates impart individuals with a better borrowing experience.
Know how medical small business loans can help to expand a practice
Here are the ways a medical professional can use a business loan to grow their practice –
Improving and expanding infrastructure
Expanding any business requires access to better infrastructure, and medical practice is no different. With assistance from a funding option like this, individuals can improve their clinic’s infrastructure by investing in new technology.
Additionally, they can use this credit instrument to expand their clinic network by opening a new branch at a new location. Doing so will require them to rent or purchase a property and install the necessary equipment to support the practice.
Hire skilled staff
When expanding a practice, professionals will need more staff to support their infrastructure. Nonetheless, an extended workforce requires additional funds to pay salaries and other benefits until the practice is ‘up and running’. In this regard, a business loan for doctors can be a great option to meet the requirements.
Moreover, to hire a well-trained workforce, one needs to pay higher salaries, and debt instruments like these can bridge any financial shortfall.
Invest in new technology
The field of healthcare is growing rapidly, and technologies that are top of the line today may become outdated in a few years. Thus, it is imperative to invest and update equipment to offer better service to the clients.
Integrating new technology involves two parts, administrative and diagnostics. In terms of administrative technology, one can consider the electronic media records system or EMR as an example. This device allows doctors to store the information of their patients digitally to reduce the hassle of maintaining paperwork, and it is safe as well.
Nonetheless, it is not a very cost-effective solution and requires significant investments. Small medical business loans can help professionals meet the funding requirements to integrate this technology.
In terms of diagnostics equipment, the introduction of AI has improved the devices significantly. This technology has enabled doctors to get diagnostics results that make way for better treatment. For instance, there are startups in India that are working on perfecting an AI screening tool that can detect diabetic retinopathy within a few minutes. Technology like this is expensive to implement but allow patients access to better treatment.
To support such investments, professionals can rely on small business loans and their bouquet of benefits. Alongside, they should also know the comparison of leasing vs buying and which strategy to opt for.
Invest in marketing
Marketing is an integral part of business outreach, and it is vital to get the word out for clinics to attract patients. Hence, running a marketing campaign is imminent. However, marketing is a costly affair, and a credit instrument like this can provide the necessary finance to medical practitioners.
Apart from these, this financing instrument’s benefits can help professionals meet an array of business expenses. Additionally, they should also know how to be eligible for a doctor loan to avoid facing any complications in the process.
Benefits of availing of a business loan
- Collateral-free: This financing instrument does not require one to pledge any collateral to avail it.
- No end-use restrictions: It has no restrictions over its usage, which allow professionals to meet a wide range of expenses.
- Flexible repayment: This debt instrument comes with multiple repayment options that further increase the convenience of borrowers. Hence, one can repay the credit without any hassle.
- Quick disbursal: Business loans are preferred by many due to their instant disbursal benefit. Typically, leading financiers like Bajaj Finserv approve a loan application within 24 hours, considering one meets the eligibility criteria without fail.
The availability of pre-approved offers further expedites this process. These offers streamline the loan application and are available on personal loans, business loans, etc. Borrowers can check their pre-approved offer online in a few simple steps.
Small medical business loans help to cover the costs of expanding a practice. The affordable repayment terms further aid professionals to repay their debt and use the benefits to their advantage.