The majority of doctors aim at setting up their own practice, irrespective of their specialised department of medicine or their financial abilities at that point of time. If the latter is an issue, numerous financial institutions already have different loans to cater to financial requirements in setting up a new practice.
For doctors deciding to start off with their own clinics, there are numerous things to consider. Of these, it is crucial that they address the mistakes early on so that they can avoid both financial and energy loss.
Irrespective of whether a medical practice loan is financing a new practice or if it is self-financed, there are quite a few key areas, which must be considered beforehand. Especially in case of a business loan for doctors, anything other than a smooth performance of the chamber can have a detrimental effect on the financial stability of a doctor.
The underneath list addresses all key areas which are susceptible to mistakes and concerns that medical practitioners might face while setting up their personal clinic.
- Lack of proper planning beforehand: From expanding an existing practise to opening a new one, planning ahead of time is a must. There are primarily two aspects to this. On one hand, remains financial concerns which can be addressed more conveniently if planned ahead in time. There are many financial planning tips for doctors to keep in mind like indemnity cover, diversification of investments, etc.On the other hand, it is only with time that any practitioner can have a better understanding of all his or her requirements. It is imperative to plan ahead so that all the requirements can be addressed in time.
- Not checking all available finance options: Numerous financial institutions and NBFCs offer loans to doctors to set up their practice as well as expand existing ones. While most schemes are tailored to suit the requirements of a doctor, they must check all the features in detail to ensure they choose the right medical practice loan for themselves.
- Lack of precise estimation of overall expenditure: There are many requirements to set up a medical practice. This includes medical equipment beginning from a simple stethoscope to complicated and specialised equipment like ECG machine and its likes. Even EHR and business management software have become part of the list of requirements while setting up a medical practice. It is essential that doctors estimate the overall expenses in detail.
- Lack of proper research on locale: Location of a clinic greatly influences the revenue generated since it directly contributes to factors like patient accessibility, nearby pathological labs, etc. With convenient doctors loan interest rates, practitioners can spend a little more to access the best locale for setting up a practice.
- Not finding the right staff: Along with doctors, running a medical clinic requires numerous professionals like nurses, cleaners, pathological experts, managers, etc. Consequently, it is essential for doctors setting up their own practice to look for the right staff to run their clinic.
Addressing the mistakes listed above ahead of setting up a practice ensures the smooth functioning of the clinic. Consequently, in case a practitioner has opted for a loan, it is easier for them to clear the EMIs. Generally, these EMIs are not too high because of convenient doctors loan interest rates. Along with low rates, the application methods are typically easy.
NBFCs like Bajaj Finserv also bring you pre-approved offers that make availing business loans quick and easy.
These medical practice loans are also approved quickly with the prompt disbursal of money within 24 hours. However, irrespective of whether a doctor is self-financing or availing a loan, they must be cautious to avoid common mistakes that affect a doctor’s business along with pre-planning everything on time. Subsequently, this also ensures convenience for patients who can avail a smooth service.
