The healthcare crisis prevalent since March 2020 has made the lack of advanced medical facilities in India, especially Intensive Care Units, quite apparent. According to the Human Development Report 2020, there are only 5 beds per 10,000 citizens in this country, highlighting the necessity for rapid development of facilities.
In this context, the expansion of ICUs and hospitals is perhaps the most viable route to bridge this gap.
Hospital expansion or renovation is essential on several fronts. This includes accommodating more patients, optimising workflow and patient engagement, and serving a more extensive pool of individuals, among others.
However, it is imperative to be wise about the involved costs and determining the undertaking’s viability before setting things in motion.
Expansion of hospital services spells several challenges, based on the type and scale of the same. Two of the primary obstacles in this regard are –
It is tricky to develop a cost-efficient design for the new or renovated premises without sparing on the desired efficiencies and concepts. Any flaw or oversight in the architectural and infrastructural layout can compromise the vision for hospital growth.
Securing the required working capital to address the necessary outlays is another hurdle medical practitioners face in hospital expansion projects. That’s why the previous step is so essential. Estimating costs becomes difficult without a meticulous plan, creating issues in selecting a suitable financing source.
To effectively devise a plan for a hospital expansion project, consider the tips mentioned below –
Hospital or ICU expansion can be financed by exploring various routes. One is by getting investors on board, especially when expanding into new healthcare verticals. You can also consider doctor loans to finance hospital expansion projects. Bajaj Finserv offers such dedicated loans in both secured and unsecured variants.
Avail up to Rs.35 lakh under unsecured business loan for doctors and as much as Rs.50 lakh as a loan against property for doctors. Obtain the funds by meeting a few necessary eligibility criteria and submitting a handful of documents. A significant benefit of this external financing is you do not have to liquidate your stake in the hospital for clinic expansion.
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