A diagnostic centre is an important infrastructure that ensures accurate medical diagnosis and treatment of ailments. If you intend to open a diagnostic centre as part of your clinic or hospital, you will surely require high-quality medical equipment. Having a financing plan in place for purchasing medical equipment for your diagnostic business is critical. This is where medical equipment finance enters the picture.
Here is an overview of the estimated cost of setting up a diagnostic centre:
1. Rent and infrastructure
The rental in a prime location can come around Rs. 50,000 to Rs. 1 lakh for a space between 1000 sq.ft. to 2000 sq.ft. You will have to consider investing in basic infrastructure facilities like electricity, ventilation, and plumbing.
2. Licensing and legal documentation
Diagnostic centres require a range of permits and licences to operate. You will need somewhere between Rs. 50,000 to Rs. 1 lakh to cover the documentation costs.
3. Equipment
Medical equipment such as magnetic resonance imaging (MRI) machines, ultrasound systems, and X-ray machines, is essential for diagnosing patients. Depending on the size of your set-up, the investment in these machines can be roughly Rs. 1 crore to Rs. 5 crore.
Bajaj Finance offers medical equipment finance up to Rs. 15 crore with a tenure of up to 84 months.
4. Laboratory equipment
Blood and urine tests are common diagnostic tests that patients need to do. Purchasing equipment for a lab can have a cost estimate of Rs. 25 lakh to Rs. 75 lakh.
5. Furniture and other essentials
Furniture like examination tables, chairs, and office furniture along with seating in the waiting areas can add to the costs. You may also need to spend on computers. Estimate spending around Rs. 10 lakh to Rs. 25 lakh on these essentials.
6. IT and software requirements
Diagnostic centres need the necessary IT infrastructure and electronic medical software for storing patient data and for the billing process. Getting the necessary IT infrastructure can cost between Rs. 10 lakh to Rs. 25 lakh.
7. Operational cost
There will be monthly overhead expenses to run the diagnostic centre may include electricity bills, salaries, and others.
How medical equipment finance helps
Medical equipment financing offers substantial advantages to firms establishing a diagnostic clinic. Repayment and other financing terms are flexible, enabling businesses to better manage their cash flow and select the repayment schedule that works best for them.
How to get a diagnostic centre funding:
- Obtain essential permits and licences: Before you begin raising money, you must first obtain the necessary permits and licences for your diagnostic centre.
- Determine your equipment requirements: The medical equipment that you require will depend on the types of diagnostic tests you will do at your centre. Conduct extensive research to verify that you are buying the most beneficial equipment for your organisation.
- Submit a finance application: Once you have found a supplier, you can submit your loan application. The online application process for medical equipment finance is simple. But before you apply, you will need to be ready with the eligibility documents such as Aadhaar card, degree certificates, business vintage proof, and others.
Read about eligibility for medical equipment finance - Select the correct equipment: After obtaining funding, take the time to research and invest in reliable medical equipment that suits the demands of your business. This equipment is essential for giving high-quality care to your patients.
Establishing a diagnostic facility involves time, effort, and, most of all, funds. Your initial expenditure can impact the business's cash flow. Financing solutions, such as medical equipment loan, might make procuring necessary medical equipment more doable. By financing equipment, your company can purchase upgraded and reliable specifications on a regular basis, leading to greater patient care.
