India’s hospital industry of India is likely to reach $132 billion by 2023, registering a CAGR of 16-17%. This has opened up ample opportunities for medical professionals to set up their own practice and reap the rewards of this opportunity. Besides, Government initiatives, financial institutions are also offering professional loans for this purpose.
If you wonder what is a professional loan, it is a credit facility tailor-made for medical practitioners to help them establish their practice or renovate their current one. Besides knowing its definition, professionals should also learn how it can aid them in managing their practice.
Ways to manage a medical practice
Professional loans extend a borrowing solution for doctors when they need to improve or expand their medical practice. This financing option has several exclusive features, including flexible repayment, affordable interest, etc., ensuring an uninterrupted medical practice. This is primarily a collateral-free loan that allows medical professionals to upgrade medical equipment, business expansion, recruit skilled professionals etc.
Besides knowing what is professional loan, here are some ways one can manage their medical practice to ensure substantial revenue from it –
- Investment in advanced technology
With the advancement of technology, the health care sector has also become automated. The treatment technique has drastically progressed. With the introduction of e-pharmacy, teleconsultation and various other facilities, doctors can now treat patients without even visiting their location. However, doctors need to ensure that they invest in the right equipment and technology to offer the treatment smoothly.
In this regard, with a loan for doctors, borrowers can invest substantial funds and invest in the technology to ensure quality treatment for the patients.
- Recruit skilled professionals
Recruiting efficient and professional staff is required as a prerequisite for every sector. Having a skilled workforce in the healthcare sector makes a significant difference in service. However, hiring such well-trained professionals will increase the wage budget and increase stress on the working capital.
Nonetheless, to avail of this facility, one needs to know how to be eligible for a doctor loan and take necessary measures to avail their preferred loan amount.
- Invest in infrastructure
To meet the rising demand for quality health care in the country, it is crucial for medical professionals to establish their clinics in other locations or cities. However, expanding or renovating a clinic requires a substantial amount. Thus, with professional loan assistance, one can invest in the existing infrastructure of the clinic or setup a new one with modern facilities.
Besides, this sanctioned amount allows medical professionals to purchase high-end equipment such as medical lasers, surgical appliances, upgrading medical software etc. Besides upgrading necessary equipment, this instant loan for doctors allows borrowers to manage working capital to maintain daily operations without any disruption.
- Invest in marketing
Apart from these, medical professionals can take the assistance of this financial product to make their practice more visible by investing in marketing. Installing high-end equipment or setting up a world-class infrastructure will not be fruitful if people do not know about it.
Nonetheless, individuals planning to opt for a professional loan cab turn to NBFCs like Bajaj Finserv, offering attractive interest rates and repayment flexibility. Additionally, the financiers also extend pre-approved offers available on a wide range of secured and unsecured financial products. These offers streamline the loan application process and save time. Therefore, borrowers can check their pre-approved offers by mentioning their name and contact information.
Therefore, apart from knowing what is a professional loan is, one needs to know how to use these funds to manage their medical practice, which will help it grow further.
