The global medical equipment financing market is expected to reach US$210.46 billion by 2027, with a CAGR of 9.5% during the predicted period. The projected growth widely covers the healthcare sector of India, which has witnessed considerable growth over the past few years.
Nowadays, medical professionals can not only introduce new technologies but also incorporate advanced solutions in the healthcare sector. Read on to know how healthcare sectors can benefit from adopting new technologies. Also, know how availing a medical equipment loan can help in this cause.
Technology adoption in the healthcare sector
Digital transformation in healthcare emphasises on a patient-focused approach. Telemedicine, AI, and Blockchain-enabled records are some of the powerful examples of digital transformation which reflects the changed scenario of interaction with doctors and data maintenance and share among providers and healthcare professionals.
- Artificial Intelligence
The importance of Artificial Intelligence (AI) cannot be stressed enough. The healthcare crisis, which has been prevalent since the end of 2019, has highlighted the importance of AI, one of the emerging technology trends in the medical industry.
- Blockchain technology
Blockchain refers to a shared, immutable record that maintains a list of ordered records, known as blocks. These blocks are held together by cryptographic keys. The stored data is publicly shared but are only accessible by individuals recognised as whitelisted.
Benefits of Blockchain technology in the health care sector include decentralised management, immutability or unchangeability of records, robust data protection, etc. Blockchain technology is used in managing electronic medical record (EMR) data, Personal health record data management, electronic health records data management.
- Tele-consultation facility
As per the Economic Survey 2019-20, the doctor-population ratio in India is 1:1456. The ratio is concerning as WHO recommended doctor-population ratio of 1:1000. This issue can easily be alleviated if medical professionals adopt teleconsultation or telemedicine in treating patients.
AI-based chatbots and advanced sensing devices can be remotely used to diagnose and treat patients. Therefore, as a medical professional, you can use a telemedicine app which is one of the effective and affordable ways in which technology can make your medical practice profitable and advantageous for patients.
Hospitals thinking about ICU expansion can opt for ‘eICU’ (Electronic Intensive Care Unit) which is also known as teleICU. Here, the diagnosis and treatment of hospital patients who need the most critical care will be handled via remote intensivists by utilising technologies like videoconferencing. Adopting this new technology in ICUs will help critical care professionals connect with patients face-to-face within a few seconds.
The budget allotment of the Indian Government will help hospitals to grow massively by integrating new technologies. Further, a medical professional can access more funds by availing medical equipment loans or loans for doctors from lending institutions or NBFCs. Reputed institutions like Bajaj Finserv provide medical equipment loans up to Rs.150 lakh.
These financial institutions also extend pre-approved offers to make the loan availing process hassle-free. These offers are also available on other financial products such as business loans, personal loans, loans against property, etc. Medical professionals can check their pre-approved offers by entering name and contact details.
By opting for a medical equipment loan, healthcare professionals can enjoy the benefits mentioned below.
Benefits of medical equipment loan
- Medical professionals can fund the cost of expensive equipment such as CT scanners, X-Ray machines, ECG machines, monitors, etc.
- They can invest in new technologies and marketing strategies to generate revenue and bring accuracy in treatment.
- They can avail the loan at a competitive interest rate against simple eligibility and minimal documentation.
The advancement in technology and its adaptation in the healthcare sector have positively impacted clinic and business operations. Integrating machine learning, predictive tools, cloud-based software-as-a-service (SaaS), robotic process automation (RPA) in the healthcare sector with the help of medical equipment loans will further ensure improved patient experience and management.
