Most of the medical treatment decisions are based on pathology results, and therefore, setting up a business in pathology is an extremely lucrative career option. If you are planning to start your pathology practice, here are five 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. Apart from the capital to start and run the lab for at least two years, some of the things to consider are 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. Additionally, budgeting for medical practice costs, including licensing, staffing, and operational expenses, is essential to ensure financial stability. 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 anticipate the funds needed accurately. A loan based on a wrong estimate can lead to missed opportunities in case of under-borrowing. It may also result in the payment of unnecessary interest costs in case of over-borrowing.
In such a case, a Flexi Loan for doctors proves to be a perfect financing solution. This unique facility takes care of all financial requirements when setting up your lab. It also lets you make multiple withdrawals when you need them. You can prepay when you start earning some revenue and have some surplus funds with you. A Flexi Loan for doctors also allows you to pay interest-only EMIs for the initial tenure, reducing your EMIs to some extent compared to regular Term Loans.
3. Medical equipment
You need adequate medical equipment to run a pathology centre. So, make a list of all the new equipment and peripherals you need to ensure that the quality of your diagnostic services is top-notch. The accuracy and speed with which you can do your job depend on the quality of medical equipment you pick. So, ensure that you get the best equipment that fits your practice’s budget. If you do not 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. These employees will help 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 and III: A growing market for doctors to leverage
5. Appropriate licence and registration
Once the blueprint is ready, you have to get the licence for your business. As per the law, these licences 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 licence and registration and any other permission that you may need. Also, remember to renew these licences from time to time.
So, if you are planning to start a pathology lab, remember one thing. You are not only a medical professional but a business owner as well. To help you stay on track, the above-mentioned guidelines will serve as a starting kit. Organise the finances that you need and pick your location wisely. Apart from this, connect with reputed doctors and specialists and ensure that they know your services.
Additional Read: How to expand your clinic
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