Medical practice financing is a tailor-made credit product to support doctors in their quest of establishing independent practices. Considering the current situation of the Indian healthcare sector, where the growth index is upwards, this is a perfect time to invest in this field.

In the recent Union Budget, the government also allocated Rs.37,130 crores to support the ‘National Health Mission’ in favour of this sector. Also, the attractive interest rate of medical practice acquisition loans further encourages medical practitioners to set up their clinic or improve their existing ones.

6 ways to use medical practice financing

Here are some ways you can utilise a medical practice acquisition loan –

  1. Improve the current infrastructure

Since the medical financing scheme does not come with any usage restriction, professionals can use it to better the existing infrastructure of their clinic or polyclinic. They can use the funds to meet expenditures like buying new furniture, refurbishing, or acquiring additional property for expansion.

  1. Hire staff

Skilled and experienced staff enhances the reputation of any medical practice. However, employing such individuals incurs a significant investment. With monetary assistance from business loan for doctors, one can meet such demands. They can recruit experienced and well-trained staff to elevate their service quality. With the funds availed through small business loans for medical practice, one can pay salaries and other benefits.

  1. Purchase updated equipment

The advancement of technology outdates any equipment within a few years, and the same is applicable for medical equipment. Additionally, artificial intelligence has also played a pivotal role in bringing various technological updates and transforming the machinery used in the healthcare sector.

Nonetheless, these machines are not cheap. With assistance from this financial product, doctors can make this investment. Also, the affordable interest rates and flexible repayment structure makes it easy to pay off this loan without any difficulty. At the same time, professionals should also be aware of the reasons to upgrade their medical equipment today to make a knowledgeable decision.

  1. Support the working capital

Working capital is a vital component of any business, and medical practice is no different. It helps organisations run their day-to-day expenses without any hiccup. Therefore, it is imperative to keep this portion of a business strong to withstand any financial turmoil. Professionals can take the assistance of a medical practice acquisition loan to strengthen the working capital of their enterprise.

  1. Invest in marketing

Marketing plays a major role in the success of any business, and the same goes for medical facilities. When a venture is just starting, it is important to let people know about its existence and facilities. Marketing campaigns are essential in this regard. For instance, if you have installed a modern X-ray machine, you can let people know about its advantages to catch their attention. A well-formulated marketing strategy can leverage such developments to bring more clients.

However, marketing is seldom an affordable solution. But with the help of a medical practice financing option, one can invest in it.

  1. Debt consolidation

Owing to the restriction-free usage of this financial product, professionals can also use it for debt consolidation. 

Doctors can also utilise medical practice financing to make their clinic or polyclinic medical tourism-friendly. It’s imperative, however, to understand the detailed doctor’s guide on medical tourism to make informed decisions.

The advantages of a medical practice acquisition loan allow borrowers to meet an array of expenses. However, before applying, they should learn about its eligibility criteria and documentation to avoid rejections.

Alternatively, medical professionals can bypass the hassle of application with pre-approved offers. Such offers streamline this process and save time. Leading financiers like Bajaj Finserv extend such offers to their existing customers on secured and unsecured professional loans. Borrowers can check their pre-approved offer online by submitting essential contact details.

Medical practice acquisition loan is a purpose-built financing scheme that enables concerned professionals to source the necessary funds for their practice. The favourable terms of such financing schemes also make it easy to repay them.