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Strategic Business Tips for Running a Medical Practice

  • Highlights

  • Evolution in the Indian healthcare

  • Innovative approaches to healthcare

  • A holistic approach to run a practice

  • Financing options for practicing doctors

Healthcare in India

India's healthcare sector has evolved a great deal over the last 10 years. India has the largest number of medical colleges in the world, churning out 30,000 doctors and 18,000 specialists every year. A new medical practice setup is the most common choice for most physicians. The challenge of attracting patients commences right at the outset of this noble profession.

While patient care should always be the first priority in any medical practice, you can't ignore key performance indicators that tell you how your practice is performing comparably financially. Increasing competition and higher standard of living leads to the need for an efficient and sound strategy to reach out for any medical setup.

Financing practice operations

Every expenditure in your practice should buy you something necessary to your quality of care, quality of service, or quality of life. To maintain this quality capital is required. This is why Doctor Loans are an ideal solution. With the advantages of high loan amounts, easy eligibility, minimum documentation, a speedy disbursal process, flexible repayment schedules and competitive interest rates doctor loan in India is designed for enterprising medical professionals who require instant access to finance.

Following are few business tips for running a medical practice:

1. Create a budget

Unless you have a budget (or targets) for the financial side of your medical business, how do you know if you’re improving or going backwards?
Preparing a 12-month budget for the business/practice is probably one of the most important things to be done to drive the medical business forward.

2. Analyse financial statements

Make sure your cash flow is gaining. You'll have to know how to analyse a profit and loss statement, as well as a balance sheet.

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. Create a USP

Create a USP, or "unique selling proposition." This is a brief statement of why someone should see you as opposed to somebody else. Here are some good examples from the past. When Domino's first started, their USP was "fresh, hot, pizza delivered in 30 minutes or less or your money back.”

4. Create a system

Your entire practice needs to be run on systems, and each person in your office should be aware of how these systems work.

A good clinical set-up, with good interiors and ambience will give patients a good feel which is vital to your practice.

5. Use Technology

Use technology to help make you more efficient. Examples of how you can take advantage of the equipment in your office include computerized employee timekeeping, sheet-fed photocopiers and computer-generated bills with account history printed on them and reference numbers for tracking lost charge slips.

6. Hire wisely

Make sure you have a system in place while hiring. Remember, when interviewing a perspective person, it is important to go over the traits that are important for your practice. In other words, you can predict future behaviour by learning about past behaviour.

In an effort to maintain your income, you may be obsessing with cutting overhead. You're against wasteful spending, but cutting costs isn't the only way—or even the best way—to preserve your bottom line.

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Why should you choose a Bajaj Finserv Business Loan for Doctors