According to the WHO, India needs 80,000 more hospital beds every year to meet the demands of its growing population. Currently, the ratio between hospital beds and patients is 1:1668. In such a scenario, starting a self-owned practice that bridges the gaps in patient care while using the latest technologies would be ideal for creating a niche for yourself in the healthcare sector.
Depending on the location and other components, the cost of setting up a clinic may differ from practice to practice. Here are the requisites for setting up a new practice and their costs:
Before settling on software or equipment, review the various options available to you. Whether you choose to go in for equipment financing or machinery upgrade to manufacture goods faster and more efficiently or invest in office software, you must make a wise decision.
Other legal requirements
You need to register with the local authority, report professional tax, shop act license, bio-medical waste registration, income tax, etc.
Premises and Infrastructure
Clinic space, furniture and fixtures, registers, and other miscellaneous items for smooth functioning of the practice.
This would be required depending upon the nature of your practice. The need for special equipment such as oxygen cylinders, ECG monitors, pulse oximeter, nebulizers, etc., will vary according to the services provided by the clinic.
Nurses, pharmacists, receptionists, ward boys, and cleaning staff are essential in ensuring a smooth practice.
|COMPONENT||PRICE RANGE (In Rupees)|
|1||MCI registration||1,000 - 10,000|
|2||Premises||20,000 - 2,00,000 per month (on lease, depending on the area/ locality and size of the practice)|
|3||Infrastructure and Legal Requirements||2,00,000 – 5,00,000|
|4||Basic Equipment||1,00,000 - 2,00,000|
|5||Advanced Equipment||10,00,000 and above|
|6||Support Staff and Recurring Expenses||1,00,000 - 3,00,000 lakh per month|
|7||CME||Up to 1,00,000 per annum|
|8||Total||One-time: Rs. 13 - 17 lakhs
Per month: Rs. 1,30,000 – 5,10,000
Based on the overview of requirements for establishing a practice, getting all these elements together is imperative.
Apart from this, you may also want to be the one with an efficient practice that is technology-driven and runs on innovative and intelligent digital techniques. Here are some technology must-haves that will help you sustain your practice and move ahead despite severe competition.
Electronic Health Records (EHRs)
EHRs are the latest technological advancement that provides a seamless flow of patient information such as medical history, radiology reports, laboratory findings, vital signs, personal statistics, etc. in one place. They are more efficient in extracting medical information about the patient anytime and anywhere, thus helping the practitioner create a long-term association with the patient.
What are the costs? The price of an EHR varies from Rs. 9 lakh - Rs. 45 lakh depending upon its functionality and performance.
Practice management tools
Day-to-day operations of any medical practice would include scheduling appointments, tracking patient inflow, generating clinic related reports, insurance claims and billing tasks. Practice management tools or software can cater to these requirements efficiently.
What does it cost? Between Rs. 16,000 - Rs. 32,000, depending on the type (in-house or web-based) and functionality of the software.
Technological advances such as telemedicine, video-conferencing, innovative practice management tools such as self-management literature, care guides, and helplines are widely used to improve practice efficiency and sustainability.
Starting a medical practice, like any business, requires a strategic plan and a certain investment. A robust project proposal with clearly defined objectives would pave the way for a self-owned practice that you are proud of. Medical professionals can choose to fund their new clinic with a business loan for doctors- an innovative financing option custom-made for the requirements of doctors.
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