As the integration of telemedicine has improved the quality of healthcare service in India, it has become mandatory for doctors to incorporate the same into their existing practices to retain a competitive edge over others.
However, the average cost of setting up a telemedicine facility may be around Rs.25 lakh to Rs.30 lakh. The fact that medical professionals also have multiple other ancillary expenses does not help either. In such a situation, eligible professionals often resort to suitable healthcare finance options to easily meet all of their professional requirements. The section below helps gain some insight into the same.
Top ways in which healthcare loans helps medical practitioners
Usually, healthcare professionals can avail of a funding option to meet these requirements –
- To start a new practice
Leading financiers often sanction a substantial loan amount of up to Rs.35 lakh to eligible applicants. Such a hefty quantum offers medical professionals the additional financial support they require to start or maintain their new practice.
- Opening a new clinic
Medical professionals may use the sanctioned loan amount to open a new clinic or expand the premise of their current location. They can further upgrade their clinic’s set-up, refurnish it with more comfortable seating arrangements to improve patient’s waiting room experience, among others.
- Upgrading diagnostic tools and technology
The healthcare sector’s growth and a professional’s career prospects depend significantly on how rapidly telemedicine and other advanced techs can be incorporated into medical practice at the grass-root level. To partake in such developments and keep up with the latest trends, professionals can resort to healthcare finance to upgrade or repair their current diagnostic tools and software without worrying about ensuing cost.
- Purchasing the latest medical equipment
Medical practitioners can even opt to buy the latest medical equipment and telehealth device in their clinic to provide advanced healthcare service. It takes at least Rs.25 lakh to Rs.35 lakh on average to set up a new telemedicine unit. Doctors often look for a more customised loan product catering to a specific need like purchasing medical equipment. Subsequently, they also check medical equipment financing rates to decide the overall repayment burden before applying.
- Hiring qualified staff
An advanced healthcare centre can function smoothly only if it is operated by qualified professionals and technicians. However, many practitioners often run their clinic with limited human resources or settle for staff with poor qualifications due to lack of funding for proper recruitment or salary payment. Some professionals resort to financing options like a loan for doctors and use the sanctioned amount to hire qualified professionals and staff to remedy the situation.
To make the most of such healthcare finance options, individuals should look for a loan option that comes with borrower-centric features and terms of service like –
- High loan value without the need for any collateral security.
- Competitive rates and zero hidden charges.
- Flexible repayment terms that may stretch up to 96 months.
- Additional features like Flexi loan facility.
- Quick loan disbursal, say within 24 hours of approval.
Other than these, they should look for financiers who offer clarity about additional charges, right from the beginning. For instance, leading NBFCs like Bajaj Finserv inform applicants about the additional loan charges and repayment terms in detail and do not levy any hidden charge.
They also extend pre-approved offers that make the borrower’s experience of applying for a loan simpler. Generally, such offers are available on financial products like personal loans, business loans, credit card loans, etc. Check your pre-approved offer online with your name and contact number.
Besides these, doctors also benefit from healthcare finance in situations wherein they need extra help to maintain their cash flow reserve or keep everyday operations afloat. This constitutes one of the crucial reasons professionals take business loans for doctors with the funds serving the purpose effectively.
