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Important checklist for doctors wanting to start a pathology lab

  • Highlights

  • Plan your finances for setting up a lab

  • List out the essential equipment

  • Layout the hiring plan

  • Strictly adhere to legal compliances

70% of all treatment decisions are based on pathology results, setting up a business in pathology is an extremely lucrative career option. If you’re on the path to starting your own pathology practice, here are 5 things that you should keep in mind.

1.Plan in advance:

Planning in advance ensures that you have time to weigh your options and the repercussions of each decision before executing it. This way, you can keep your financial losses to a minimum. If you are working anywhere else, you may want to take some time off to set up your business. Some of the things to consider apart from capital to start and run the lab for at least two years, is location and interior ambience.

2.Ample capital:

There are several costs involved when setting up a pathology lab. First, you have to buy or rent the property that will house the lab. Next, you will have to focus on the equipment that forms the backbone of the services that you provide. Finally, you will need ample working capital to meet costs like overheads and salary expenses.
While setting up a lab, one might not be able to accurately anticipate the funds needed. A loan based on a wrong estimate can lead to missed opportunities, in case of under-borrowing, or may result in payment of unnecessary interest costs in case of over-borrowing.
A Flexi Business Loan for Doctors then proves to be a perfect financing solution as it not only takes care of all financial requirements when you’re setting up your lab, but also lets you make multiple withdrawals as and when you need and repay as you start earning some revenue and have some surplus funds with you. A Flexi Business Loan for Doctors can save you upto 45% on EMIs of your regular term loans.

3.Medical equipment:

You cannot run a pathology centre without adequate medical equipment. So, make a list of all the equipment you need, including blood collection equipment, X-ray machines, CT-scan machines, USG machines and heart monitors. You will also need peripherals such as microscopes, blood cell counters, centrifuge and necessary chemicals, to ensure that the quality of your diagnostic services is top-notch. The accuracy and speed with which you can do your job depends on the quality of medical equipment that you pick, so ensure that you get the best equipment that fits your practice’s budget. If you don’t have the funds on you, you can always opt for Medical Loans which are custom-made for your practice needs.

4.Dedicated employees:

Since a pathology laboratory is an extremely specialised profession, you will need a team of highly-qualified employees. You have to hire doctors, lab technicians, nurses, and management executives too. Ensure that you have enough employees to ensure a short turnaround time that helps doctors diagnose and treat medical conditions quicker. Remember that staff would be integral to the day-to-day affairs of your business. Apart from core employees, you will also need administrative staff, housekeeping personnel and an HR and finance team. Ensure that you have a good recruitment plan for hiring the right people and their payroll plan too.

Additional read: Path lab centres in tier II & III: A growing market for doctors to leverage

5.Appropriate license and registration:

Once the blueprint is made, you have to get the license for your business. As per the law, these licenses vary from business to business. However, they are a compulsory requirement and must not be taken lightly. Take the correct legal measures and apply for your license and registration, and any other permission that you may need. Also, remember to renew these licenses from time to time.

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So, if you are making a foray into the world of pathology, remember that you are a medical professional, as well as a business owner. To help you stay on track, the above-mentioned guidelines will serve as a starting kit. Organise the finances you need and pick your location wisely. Apart from this, connect with reputed doctors and specialists and ensure that they are aware of your services.

Additional Read: How to Expand your Clinic

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