Setting up a hospital requires skills that aren’t taught in medical schools – devising a sustainable business plan, obtaining necessary finances, being more visible to potential patients, and the sorts. The process is undoubtedly long-drawn and, without prior know-how, can be a series of trials and errors before bearing fruit.
Nonetheless, the below-mentioned sections underscore certain aspects you need to keep in mind if you are willing to know how to start a hospital on your own.
A slew of formalities precedes a hospital set up. You need to obtain several licenses and permits, which include:
Land and construction
Select a non-agricultural land and acquire permissions from the local authority and government to set up a hospital wing. Obtain approvals on documents like architect’s plan, land deed, and the sorts.
Seek permission from the local board concerning a sewage and drainage system.
Electricity and water
Procure permit for water supply and electric meters in the hospital. Gauge the water supply required beforehand, to ensure you have sufficient finance for your medical business.
Fire and health license
Obtain a Fire license from the local municipality council to attest the hospital won’t pose dangers to the life of patients and health workers. A health license is necessary before the facility can start treating patients.
Other than these, the hospital needs to be registered under the Clinical Establishment Act, 2010 (if applicable), Companies Act, 2013, and a one-time registration of concerned directors. Acquire hospital finance to get these licenses.
When you start a hospital plan, two of the foremost considerations are its location and the facilities you intend to provide. Location plays a determinant role in the undertaking’s success. Evaluate factors like competition and accessibility via public transport facilities to select a suitable location. Decide the services your establishment will encompass after factoring in the local population’s median age.
After these details are ironed out, consider the steps mentioned below to know how to start a hospital business that’s sustainable and profitable.
1. Devise a business plan
It should ideally be the first step when considering a hospital set up. Prepare a comprehensive business plan detailing every minute expense to be undertaken in setting up the facility and carrying out day-to-day activities.
Subsequently, estimate revenue projections and chalk out the roadmap to achieve the same. Spread out expenses only with potential revenue in mind and set aside a nest egg for daily activities when preparing the hospital plan. A detailed plan is also vital to obtain the necessary finance for the endeavour.
2. Acquire hospital finance
Once you have a comprehensive plan, approach financial institutions to set things in motion. In this regard, Bajaj Finserv offers dedicated doctor loans, which you can obtain by submitting only a handful of professional and personal documents.
In most cases, the application gets approved within 24 hours*. Before applying for a loan for doctors, evaluate all the expenses you intend to address with it to avoid under or over-borrowing. Consider the cost of procuring or leasing equipment, hiring staff, and the likes before proceeding.
3. Buy equipment and machinery
To gain a competitive edge, buying state-of-the-art equipment is imperative. Consider a medical equipment loan to cushion the strain of such investments. Also, set up advanced communication systems and computers to facilitate speedy administrative processes.
These factors, although initially expensive, pave the way for a profitable and sustainable medical facility. Develop a comely décor, institute strict hygiene measures across the board, and keep sizeable spaces to accommodate more patients as and when necessary. Obtain a doctor loan if any of these outlays exceeds the owned capital.
4. Marketing the hospital
Knowing how to open your own hospital isn’t sufficient for it to be gainful. It’s also essential to be visible and effectively communicate your services to the targeted audience. When devising marketing strategies, laser in on what sets the facility apart. Create an online presence and be consistent. Provide valuable information to establish credibility among patients.
Starting a new hospital is a significant, overwhelming undertaking. It’s imperative to be on the backfoot, devise and evaluate everything to the last detail, and gain a robust understanding of finance for business to ensure sustainability.
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