5Owning your own medical business can be a strenuous task and demands a lot of time and attention. If you are a recently passed-out physician looking to set up a clinic or a medical practice, financial affairs can be challenging to get right.
However, if the business is a bit old, you may have to inject the necessary liquidity to modernize it with the times. On such occasions, you should opt for external financial assistance in the form of medical business loans.
Over the course of running your medical setup, you will gradually come to recognize when your business needs finance. On such occasions, availing a loan from financial institutions like NBFCs is essential.
Here are 5 signs to look out for.
When does your medical business need finance?
- You keep losing patients:
Most individuals consult several specialist physicians over the course of their lifetime. Some of them remain loyal to a specific physician. Thus, it is natural to lose a few clients over time. However, if you keep losing patients over several months, there is something wrong. They might not be happy with your services, or they need extra services to be provided.
Extra services may include in-house pathology reports, X-rays, the opinion of other physicians and specialists, or door-to-door sample collection services. That means you will have to invest in extra equipment and personnel, something that a medical business loan can help you with. You may also have to become a digital doctor today, as it is the future of the medical practice.
- You feel the competition is too intense:
It is true that there are many more privately-owned clinics which have qualified in-house practitioners. However, if your business basics are strong and your company has goodwill and strong customer retention, you will not have too much problem to survive.
At times, the competition may become too much to handle. You will then have to read the competition and expand your services. Consider adding a new pathology department, for example. A medical business loan will handle all the funding requirements.
- Paying salaries becomes difficult:
Most small and small-medium companies from around the world have to spend around 20-30% of their revenues to settle outstanding salaries. It can become difficult to sustain a business if you are incurring losses. You can then plan to avail a medical business loan and make the necessary payments.
Most small practices pay their staff salaries on fixed dates. Thus, you may not have too much time on your hands. You can then apply for a medical business loan from leading NBFCs like Bajaj Finserv. Benefit from their 24 hour disbursals post-approval other than attractive doctor loan interest rates and multiple repayment options.
- Your firm’s existing equipment needs an upgrade:
A clinic requires a lot of equipment, most of which need replacements after certain periods. While X-Ray, CT Scan and MRI machines may last for many years, stethoscopes, full-sleeved gowns, X-Ray plates, essential medicines, anesthetics, and other products need periodic equipment. That is when a medical business loan comes in handy.
- When your business has a lot of outstanding debts:
A single large sum availed as a loan can settle all of your previous debts if you have any. It will also aid in debt consolidation. You must maintain the strict financial discipline to ensure that your private and professional debts do0 not become too large to cope up with. There are also certain strategic business tips for running a medical practice which you must follow with diligence.
A medical business loan is also essential when you look for partners and highly-trained specialists to join your firm as shareholders. Else, you can also invest in engaging a social media marketing team to help you fetch a good reputation on the Internet and better patient reviews. It is one good way of generating a steady flow of new patients who will later become your steady clients.
Ensure you check the eligibility criteria for a medical business loan before you apply for medical business loans.