Financial Mistakes Doctors Make While Setting Up a Clinic

By November 21, 2018
financial mistakes doctors make

Doctors or Physicians who are just setting up their own clinics have to spend a lot of money in mainly three key aspects. They are equipment, employees, and furnishings. The problem is that such new establishments take a lot of time and money. Instant liquidity is needed.

This is where a business loan for doctors comes in. These short-term loans make sure that any medical practitioner will have enough money to run his small clinic, laboratory, or pathology centre.

There are certain financial mistakes which doctors make while setting up a new clinic. You can avoid committing such mistakes once you know how to evade such errors.

Avoidable financial mistakes doctors make

Doctors who are opening their own clinic may either be experienced ones or novices trying to learn the art. The mistakes are mostly the same.

Mistake 1

Employing too many staff:

A doctor starting out may end up hiring more manpower than required. At the initial stages, two or more telephone operators, an unnecessary number of non-medical assistants, and even too many pathological assistants are not necessary. You must try and cut down the number of staffs and keep the overhead cost under control.

How to avoid:

  • Initially, hire a single receptionist-cum-patient registration expert with experience. This will make it easy for you to run your business smoothly.
  • Never try and run a pathological laboratory simultaneously. It is a cost-intensive plan and you may need to avail a physician loan for that.

Mistake 2

Too many expensive decorative items for the clinic:

It is easy to understand why physicians try and decorate their new clinics. They are opening a new business establishment. Besides, serious psychological studies have shown that cheerful decoration inside a clinic makes people happy and also relaxes them, especially before complicated medical tests. However, such decorations can cost a ransom.

How to avoid:

  • Avoid flashy decorations. Instead, hang the doctor’s ‘Hippocrates Oath’ inside. Some testimonials from domestic and foreign universities can also be on display. A picture of a smiling baby also does the trick.

Mistake 3

Not becoming a digital doctor:

In this era of connected medicine, digitisation is a must. Your clinic must have all the modern aspects of a digital medical chamber. Video calling with patients, online test-result evaluation, and even online consultation is important. Thus, several patients nowadays prefer consulting a digital doctor.

How to avoid:

  • Avail a business loan for doctors to buy all the necessary equipment.
  • Various international medical journals have dedicated pages on how doctors can shun the primitive methods of treatments and adapt to digitisation.

Mistake 4

Not buying an Accounting Management Software:

Doctors must pay taxes on the total profits earned. To avoid late payments, penalties and interests, an AMS is very important. It helps professionals to keep a tab on medicine inventory, staff salary, and clinic maintenance.

How to avoid:

In order to make sure that your clinic does not face the same problem, avail a Loan for physicians from reputed financial institutions like Bajaj Finserv. It will help you meet immediate liquidity requirements and make sure your new clinic is off to a flying start.

How to avail a Loan for Doctors

Reputed NBFC, Bajaj Finserv provides pre-approved offers on home loans, personal loans and business loans, besides many other financial products and services. This way, they simplify the process of availing financing and also saves you time.

Some more tips

  1. Before you apply for a business loan for doctors, make sure that you keep all the necessary details and documents handy. The most important document is your medical registration certificate, issued by the Indian Medical Association.
  2. Never take multiple loans for doctors at the same time. It reduces your repayment capability. Thankfully, the doctor loan interest rate is also quite affordable.

Obviously, you can avoid these financial pitfalls easily. Do proper researches before setting up your new clinic. With proper financial planning, you will soon have a profitable clinic.

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