8 Ways to Use a Doctor Loan for the Growth of Your Practice

As a part of the growing healthcare industry, doctors must always have the best technology and staff. For smooth operations, you also need to ensure you meet everyday expenses, expand when needed, and constantly upgrade your facilities and skills. This is crucial because any negligence can put your patients at risk.

However, a major hurdle in this can be the substantial working capital you are likely to need. You can swiftly manage this by opting for a doctor loan offered by various banks, NBFCs and other financial institutions. This loan is a customised financial solution for medical professionals.

Most lenders ensure the doctor loan interest rate is competitive, giving you access to affordable funding. You can use the funds in several ways and ensure you are best equipped to offer superior care to your patients.

Read on to get valuable suggestions on how you can use the doctor loan amount to expand your practice.  

Upgrade to the Latest Technology

Every year, manufacturers introduce new medical technology that can help provide better treatment or quicker results. To stay competitive, for example, you must have the best diagnostic tools. Some of the equipment you can use for a quick and accurate diagnosis are:

• EKG machine 
• Diagnostic ultrasound defibrillator 
• Electro-surgical units 
• Other advanced medical equipment

Using robotics has also become increasingly common in the medical industry, as it helps with precision and intricacy while maintaining sanitation. But equipment like this can cost a fortune, which can put a lot of pressure on your pocket. However, with a doctor loan, you can easily access funds to purchase state-of-the-art equipment. 

Expand Your Current Facility 

If you have a private clinic, you may plan to expand to accommodate your patients better. With the right expansion plan, you can have a bigger office space, cubicles or rooms, and waiting areas to accommodate more patients and offer other benefits.

All of this requires substantial funding, which you can access with a loan for doctors. You can also take advantage of the competitive doctor loan interest rate and expand your practice without financial strain.

Train and Hire Professional Staff

Private clinics and hospitals require skilled professional staff who can handle their responsibilities well. These include technicians, administrative department specialists, nurses, and more. 

Once you hire the required staff, you must provide training to ensure they can handle equipment and their tasks optimally. For example, to help technicians operate the X-ray or MIR machines, you may have to get expert healthcare consultants for training.

However, hiring and training the right staff can be expensive as you must appropriately compensate the experts and your team. You can rely on a doctor loan for such needs.

Provide Better Tools to the Administrative Staff

For the smooth functioning of your clinic or hospital, you must employ the best-in-class technology even for your daily operations. Some of the software and technology that you can get for your clinic with a doctor loan are: 

• Medical billing and patient management software 
• Cloud storage for electronic health records 
• Virtual executive assistants

These tools and software allow the administrative department to work efficiently. They can better manage finances, keep records of the patients and communicate with the staff. They can also help you reach out to patients electronically, submit reports digitally, and more.

Handle Operational or Emergency Costs 

Any clinic or hospital has several day-to-day financial requirements. This includes rent, electricity, water supply, sanitation products, and more. However, sometimes, an urgent or unexpected expense can also affect your budget. 

For example, if the air conditioner breaks down during the summer or light bulbs get damaged, patient care will be affected. In such instances, instead of dipping into your savings, you can leverage a loan for doctors. This way, you can secure the required funding affordably and without any collateral. 

Since maintaining ideal conditions for patients falls under your prerogative, you must always have steady working capital. You can use the funds from the loan during an emergency or create a contingency fund to take care of unexpected expenses.

Consolidate any Existing Debts

Whether you are a doctor or in any other profession, debt consolidation is a wise option. Instead of paying multiple loans with variable interest, it is better to get one loan at an affordable rate. Thanks to the competitive doctor loan interest rate, you can get affordable funding of up to ₹45 Lakhs or more and easily cover the majority of your loans.

For example, say you have taken an equipment loan and an existing student loan for medical school. Now, instead of paying multiple EMIs for these loans, you can use a loan for doctors as a debt-consolidation loan. With it, you can close all your other loans. Now, you only have to pay EMIs for the doctor loan. This can also help you save more as your interest outgo may decrease.

Moreover, you can invest the money you save on EMI in your clinic or hospital. This can help you pave the way for accelerated growth.

Invest in Marketing and Outreach Programs

Nowadays, marketing is as important as providing quality service. Without the right marketing and promotion activities, it isn't easy to showcase your expertise and reach the right audience. By promoting your clinic online, your audience can be informed about the treatments and services that you offer. 

This will bring in more patients, boosting the growth of your practice. Since marketing and promotion can be expensive, you can easily opt for a competitive doctor loan. This will enable you to manage the expenses without jeopardising your financial well-being. 

Start an In-house Pathological Department and Pharmacy

To offer holistic care, you can start an in-house lab facility where your patients can get tested without leaving the clinic. This will offer them convenience and add to your competitiveness and efficiency.

Furthermore, patients prefer a clinic or hospital with an in-house medical shop to ensure they get the right medication conveniently. With a doctor loan, you can invest in a lab, hire a lab technician and pharmacist, buy the required stock of medicines, manage inventories and more.

How to Apply for a Doctor Loan

Once you finalise your lender, you can easily apply online. Here are the general steps you can follow:

• Step 1: Visit the lender’s official website
• Step 2: Visit the doctor loan application section
• Step 3: Check your eligibility
• Step 4: Click on the option to apply online
• Step 5: Fill in the required details
• Step 6: Check your offers
• Step 7: Upload the necessary documents and complete the application
• Step 8: Submit your application

The lender will evaluate your application and on approval, disburse the sanctioned amount. You can use the funds for any requirement related to your practice as well as personal needs.

All in all, getting a doctor loan can help expand your practice affordably. Moreover, you can get the funding with a flexible tenure going up to 84 months or more. As such, you can repay easily and avoid burdening your finances.

With lenders offering competitive doctor loan interest rates, you have several options to choose from. Simply meet the eligibility criteria and gather the required documents before applying.

Disclaimer: No Deccan Chronicle journalist was involved in creating this content. The group also takes no responsibility for this content.