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4 common mistakes that affect a doctor’s business

  • Highlights

  • Invest in professional indemnity insurance

  • Introduce technology to streamline processes

  • Hire specialised staff to support patient footfall

  • Grow your client base with marketing

Setting up a clinic or expanding one’s practice is a big step. It also takes up a lot of your time and resources, which is why you must ensure that you do it right. With a little bit of planning and some precautionary measures in place, you can effectively eliminate or reduce the risk of failure. Also, making yourself aware of the mistakes that you are likely to make will allow you to be careful in the future and avoid them at all costs.
Here’s a look at 4 common mistakes that you should avoid.

1. Not buying professional indemnity insurance

As you attend to more and more patients each day, the chances of human error increase. And, with increased consumer awareness, this can land you in legal trouble if a patient presses charges. The cost of fighting these legal charges and paying compensation, if any, can severely burden your medical practices’ finances. This is why professional indemnity insurance is a must. It will equip you with the resources to take care of such a situation. You can use the

insured funds to take care of these unexpected expenses without having to deplete your business’ savings.

2. Not using technology to make your practice more efficient

Like all other fields, technology has helped to improve the field of medicine as well.It brings accuracy to your practice, improves efficiency, reduces the time taken to diagnose and treat patients and allows you to operate more efficiently. By avoiding the use of technology, you will bring down the quality of your patient care and this will affect your profits.Investing in advanced diagnostic tools such as a dental X-ray machine, MRI machine, and the latest sphygmomanometer, etc. is a worthy, one-time investment. You can also consider investing in clinic management software, or telemedicine programmes.
You can use funds from a customised loan, such as a doctor loan, to make your purchase. A Doctor Loan from Bajaj Finserv is ideal for this purpose. You can get up to Rs.35 lakh through an easy application process and speedy disbursal mechanism when you opt for a collateral free loan and up to Rs.5 crore when you choose a secured loan. Besides, you can also make use of the Flexi Loan facility to introduce technology to your clinic if you’re unsure of the exact amount of funds you need. This facility allows you to make multiple withdrawals from your sanctioned loan amount, and only charges interest on the amount you withdraw.

How doctors can take their practice to the next level

Eligibility for a business loan for Doctors

3. Not hiring according to the volume of patients

Being understaffed is a major obstacle to the efficient functioning of your clinic. When a clinic is understaffed it creates additional pressure on the existing employees andaffects the quality of their work. They are forced rushwith their services in order to cater to severalpatients at the same time. It also brings in an air of chaos and increases waiting time, whichmay dissuadepatients from visiting you.

Having the right amount of trained staff can help you deliver better care and treatment and increase the number of patients you can cater to, thereby allowing your clinic to function smoothly.

4. Not marketing your business adequately

Marketing your business is an absolute necessity. You may offer the best patient care, but, if your audience is unaware of this, it will cost you serious business. So, it is important that you focus on marketing your clinic or hospital wisely. Build online presence through social media marketing and a comprehensive website. Place advertisements in newspapers and encourage referrals from existing customers. Make sure that you are listed on platforms like Practo and Portea Medical where patients can find you or enlist online consultations with you.
With these four suggestions, you can grow your practice and increase your revenue with ease.

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