Step By Step Guide on How to Start Up Private Medical Practice

The trend of specialized physicians starting their own private medical practice is not new. Some of the finest physicians in the country are self-employed. There are several reasons why many doctors do not join hospitals- either privately owned or run by the Government. A dearth of challenges, bureaucracy, and a lack of satisfaction are some of them. To start a new private medical practice, a substantial amount of money is required. A doctor’s loan for clinic is useful in such cases.

A private clinic has many advantages. Since you run your own enterprise, you can decide the personnel who will work alongside you. You can also choose the types of treatment you will dispense to your patients. Besides, the willingness of “being your own boss” is a major driving force behind why doctors avail a startup loans. Note that all practices are uniformly successful, however, mostly because the essentials of clinical management are not followed.

Become a successful physician-entrepreneur

Probably the one aspect that many practices fail is because the physician does not know what the costs involved in setting up a medical practice are. To take care of the financial loan, you will need a doctor loan. Most financial establishments including NBFCs offer a wide range of advances designed for physicians.

For example, Bajaj Finserv, one of India’s leading NBFCs, has pre-approved offers on personal loans, home loans and professional loans. Not only do these offers make the process of availing a loan simpler, it saves you time. You can now fill in a few details and check your pre-approved offer immediately.

Once the finances are taken care of, follow this step by step guide to start your own practice.

1. Rent or buy premises: Given the high real-estate costs, it is not always possible to buy a property to start a private medical practice. You can rent or lease a property instead. Otherwise, you can enter a partnership with a fellow-doctor who has a different specialisation. It will not only save you money but will attract more patients. Try and acquire premises near a busy thoroughfare or a main road. A loan such as healthcare equipment finance can provide the necessary financial assistance. Refer to lenders such as Bajaj Finserv for the most repayment-friendly terms and conditions.
2. Purchase the latest equipment: Obviously, buying a portable X-Ray machine is not possible initially. But you should have the opportunity of buying the other smaller yet important equipment. Digital imaging equipment, certain surgical items, medicines, and first-aid items must be bought first. Since the digital approach to healthcare is gaining momentum, the loan must use to purchase the latest models of medical instruments.
3. Hire the right people: Alone, a doctor cannot run a clinic. You need receptionists, sample-takers, nursing staff, security personnel and other people. Employing the top talent in these fields is expensive. Hiring the best front office staff for your clinic is difficult because you may have to put out ads and try various options before settling on one.
4. Upgrade your qualifications: Even a few decades ago, many people visited their General Physicians in times of medical emergencies. Now, doctors with super-specialities are in demand. MD, MS, FRCS/FRCP and DNB qualifications are important. There are many reasons to consider a super-speciality degree.
5. Develop a business plan for the future: In the end, a private medical practice is also a business, and like all businesses need a growth plan. When your clinic has gained a toehold in the market, you can buy better and bigger premises, arrange more services, retain more patients and earn goodwill. There are some financial planning tips for doctors to keep in mind too. Also, a sound business plan will increase your creditworthiness.

Overall, a start-up loan is useful for a doctor just about to start a private medical set up. You must be careful to avoid the common financial mistakes that doctors make. In time, if you follow these steps above, your practice will certainly flourish.