Setting Up Your Own Medical Practice: All You Need To Know
Starting your very own clinic is both challenging and rewarding. It allows you the freedom to make decisions that directly affect the quality and standard of healthcare delivered to your patients. Setting up your own medical practice offers several benefits as you’re in complete control of taking all crucial decisions. They include the following:
- Deciding how many patients you want to treat, and the cases that particularly interest you (based on your specialisation).
- Handpicking your staff to suit your requirements.
- Choosing the location of your setup, depending on factors like accessibility for patients and availability of modern equipment.
- Registering better growth as an independent healthcare provider by gaining experience in the medical, administrative, and managerial fields.
- Being an entrepreneur and increasing your income.
If you decide to go ahead and follow this path of action, here are some basic factors you should consider:
- The cost of renting or leasing a premise fit for a clinic.
- Purchasing medical equipment and suitable furnishings.
- Investing in medical billing and administrative software for running your clinic effectively and investing in invoicing options like credit card machines.
- Hiring trustworthy and skilled staff including doctors, nurses and clerks.
- Getting malpractice insurance for your new clinic.
- Hiring tax consultants and legal advisors.
- Choosing between having an in-house pharmacy or lab for your patients.
- Building a marketing strategy to attract patients.
- Registering your practice or clinic as a legal entity and intiating the process of getting a tax ID.
Now that you have a better understanding of the benefits and costs involved, you can focus on getting the finances needed to set up your own practice. Since it is not advisable for you to fund all the various expenses on your own, finding an affordable source of finance is important. Here’s where a business loan for doctors is your best bet. Bajaj Finserv offers one of the best customised Business Loans for Doctors with competitive interest rates..
If you are an MD or MBBS degree-holder, you can also use a Bajaj Finserv Business Loans for Doctors to set up a brand new clinic. Regardless of your speciality, you can utilize this loan’s unique offerings to better manage your day-to-day finances. Here are a few of them:
- Nominal Interest Rate:
Bajaj Finserv’s Business Loan for Doctors features a high loan amount of up to Rs.30 lakh, at a very competitive interest rate. Compared to other popular options like credit cards, the interest rate offered is much more reasonable. Since a good interest rate means faster repayment that is also more affordable for you, this is sure to help you repay the loan more efficiently. The loan also provides attractive part pre-payment options and a flexible tenor of up to 96 months.
- Line of Credit:
Managing clinic-related finance is difficult, especially with other medical responsibilities taking up most of your time. With the line of credit option, you can easily exercise complete control over your cash flow and manage unpredictable costs of setting up your practice with ease. Bajaj Finserv offers you an exclusive credit line for a fixed duration, where you only pay interest on the funds you use. Your EMIs consist of interest only, with the principal amount payable at the end of the tenor. This means that you save on interest for the unused sum and pay as you borrow. You can also make a part prepayment when you have the funds to do so, without paying any extra charges.
- A Range Of Attractive Facilities:
The Business Loan for Doctors by Bajaj Finserv offers simple and transparent rates and charges that ensure you receive the best possible loan terms. The processing fee does not exceed 2%. There are no charges for loan, interest, and principal statements. The application process is quick and sanctions approval within just 24 hours.
Now that you know everything about the right financing option for your own practice..