Whether you want to grow your business, improve your skills or diversify into another field of medical care, it is important that you pay attention to adopting the right finance practices. After all, buying a bigger clinic space or pursuing an additional degree overseas, comes at a hefty price. But, as long as you’re well versed with a few basic concepts, you will be able to make good financial decisions that allow you to provide top-notch medical services and fuel your practice’s growth.
Take a look at 4 financial mantras that you must adopt to ensure that your costs stay low and that your margins are high.1.Purchase professional indemnity insurance and health insurance
A professional indemnity insurance policy provides cover if and when you face legal charges pertaining to negligence, misdiagnosis or malpractice. It works like a shield and guards you from the high costs that you have to pay to fight a legal battle. Besides this, you must also invest in health insurance. Since your exposure to diseases and bacteria is high, a health insurance policy can prove to be useful too. It will ensure that your own health isn’t compromised and will allow you to run your business without any glitches.2.Hire equipment instead of buying it
The right medical equipment can vastly improve the quality of your diagnosis and treatment. From surgical equipment to hospital beds, from EKG machines and ultrasound machines to defibrillators, there is a lot of equipment you need to invest in. Besides, with technology advancing at the speed of light, updated versions of these machines are sure to be available every few years. So, buying all the expensive equipment isn’t a wise move, as repurchasing it every few years will take a toll on your finances. So, hiring equipment is a better alternative-it is less expensive and allows you to make upgrades frequently, without worrying about incurring a loss. This will also allow you to buy more units of equipment to cater to more patients. You could also take a business loan for medical equipment purchase to further ease your financial burden.
3.Have a clear financial growth plan for your practice
If you are aiming for a long-term growth, then a well-chalked out financial plan is an absolute must. It is important to devise time-bound goals so that you can chart out the amount of money that you need to achieve them. When you work off a financial plan, you will find it easier to buy a larger clinic space, accommodate more patients and ultimately make your business more profitable. This will also alert you to insufficient funds and give you ample time to make arrangements. Planning an external source of affordable finance in advance, like Bajaj Finserv’s Loan for Doctors can help you bridge the gap when it comes to working capital requirements, clinic expansion, hiring more nurses, etc., without missing a single step. This loan offering gives doctors like you, a suite of 4 loans to choose from: a home loan, loan against property, business loan and personal loan. All these loans come with a high loan amount, quick approval and disbursal and easy eligibility, making it ideal for your personal and professional needs.4.Invest smartly
Apart from taking care of the areas that need immediate attention, you should also plan for the future. Even though you are a part of a profession that does not come with a retirement age, it is prudent to plan for it. Develop a robust financial strategy that involves investing for yourself and your business. Building a corpus of funds for your and your business’ future will allow you to tackle challenging situations with ease. Invest in real estate, equity, mutual funds, and safer options like FDs.
When you adopt these four financial mantras into your daily practice, you will be able to utilise funds in the most efficient way possible. Whether it is protecting your business from legal charges or spending smartly on necessary medical equipment, this guide is sure to hold you in good stead.