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4 Ways in Which Technology Can Make Your Medical Practice Profitable

  • Highlights

  • Benefits of medical technology for your practice

  • Popular ways to integrate technology

  • The cost involved

  • Improves treatment efficiency

Technology in medicine extends life, alleviates pain, and generally improves the processes of diagnosis and treatment. Medical technology includes a wide range of health care products, like medicines, equipment, devices, etc. In fact, this industry is now worth nearly USD 400 billion globally.

Introducing medical technology is almost a must in your practice. It can improve your practice, and also generate greater revenue to a large extent. However, medical technology is expensive.

For example, electronic health records (EHR) costs are expected to rise to USD 25.98 billion in the year of 2020, according to a report by a CAGR. Luckily though, medical practitioners like yourself can avail professional doctor loans to meet such requirements. With custom-made solution like loans for doctors up to Rs.2 crore with quick loan approvals, doctors can easily leverage technology for their practice.

Here are a few ways in which you can incorporate medical technology to your practice to improve profitability:

1. Switch to Electronic Medical Records

This is the first step to transforming your practice, and it can improve accuracy in patient data. Introducing this software will also allow you to diagnose better, improve treatments, and communicate better with your patients. What’s more, the reduced paperwork, improved safety, reduced duplication of testing, and improved health, reduces overall costs in your practice, thereby improving profit.

2. Introduce Health Information Exchange (HIE)

HIE allows for easy and secure patient information exchange among physicians of different specialties. It also allows patients to access data about their own health. All this leads to better, faster and more effective care for each patient, based on their specific requirements. When patients are pleased with the quality of care, they will keep coming back, and also refer your practice to their friends. This will bring you more customers, and in turn more profits.

How doctors can take their practice to the next level

How to apply for a Business Loan for Doctors

With an easy 4-step online application process, availing a Business Loan for Doctors has never been simpler.

You simply need to fill in some basic details on the form, post which our representative gives you a call to confirm your offer and schedule a document pickup. Next, he arrives right to your doorstep at the scheduled time and collects the needed documents like your KYC documents and medical degree certificate. After the verification process is complete, the loan is disbursed to your account within 24 hours.

What makes a Business Loan for Doctors score over a regular business loan for your practice is that these take into consideration your medical degree and professional qualifications while processing the loan and hence offer you loans with minimal documentation and loan disbursal within 24 hours.

The money in bank in 24 hours feature thus, helps in taking care of any immediate practice need.

3. Use A Telemedicine App

Introducing this with your appointment scheduling and other management tools, is a great way to improve your care services. It simplifies a remote visit’s logistics for physicians, and will be useful to provide routine and follow-up care for patients with mobility challenges, those who stay really far away, and those who are too busy to actually visit your hospital (businesspersons, stay-at-home moms, etc.). The improved patient service keeps them happy enough to give you referrals, which in turn will help you improve sales and profit.

4. Use Barcode Scanning

This particular technological advance is long overdue. Barcodes provide a unique identification for medicines, and even for sample specimens (blood, urine, etc.) that need to go for testing. This unique id ensures accuracy in the tests conducted, and in the medicines supplied to patients. Thus, scanning can reduce inventory errors, ensure proper pricing, and cut down on inventory management time. This in turn increases profits, through the more efficient use of available infrastructure. Thus, technology greatly improves the efficiency of your practice along with improving profits.

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