Money Problems You Should Solve with A Business Loan for Doctors

Posted by Arwind Sharma on February 8th, 2018

For doctors running their establishment, there are several occasions when they need access to an immediate and large amount of capital.

Availability of business loans for doctors from Bajaj Finserv can solve many monetary issues bothering medical professionals running their own practice. Given below are the money problems that you, as a doctor, can overcome by availing such loans and augment your practice by boosting its revenues.

Cash Crunch During Expansion

Expanding your medical practice warrants considerable capital. You need money for buying/renting space, setting up the required infrastructure, hiring staff, regulatory compliance, etc. There are many other unexpected costs too that might crop up when you are in an expansion mode.

Flexi loans for doctors are the ideal financial tool to address cash crunch in such a situation as it gives you an option to borrow as per your expansion requirements and repay as your practice has expanded and you start getting revenues from the same.

Monetary Issues While Buying New and Specialised Equipment

As a doctor, you need to buy new and specialised equipment to provide top-notch care to your patients. Medical equipment is costly, and the price can run from a few thousand to lakhs. At the same time, lack of proper equipment can affect the quality of your practice.

Loan against property for doctors with loans up to Rs.2 crore can provide you with the much-needed finances to buy special equipment to bolster the quality of your practice. You can also use the funds for equipment repairing and maintenance.

Cash Problems While Implementing Cyber Security Solutions

Cybersecurity is a global issue and as a doctor, it's important for you to implement robust solutions to protect critical data and patient information. Loss of patient data may lead to identity theft that can have long-term repercussions on your practice.

The cost of deploying cybersecurity solutions can go as high as Rs. 5 lakh.  Business loans for doctors with a loan amount of up to Rs. 30 lakh, give you the required funds to implement such solutions and manage other cash problems that your practice faces.

Managing Cash Flow Woes

Late settlement of mediclaim and unplanned expenses can take a toll on your finances and lead to cash flow issues. This can hinder day-to-day expenses of running a clinic and may result in late payment to staff and utility bills among others. A flexi loan for doctors in such a situation can be of great help to sort out the problem as it helps you to take care of unforeseen and unplanned expenses which ultimately take a toll on your liquidity or cash flow.

Note that while this loan can help address cash flow issues on a temporary basis, you need to take a proper stock of your finances for a permanent solution to the problem. Problems related to cash flow can act as a major deterrent for your practice in the long-run.

Fund Problems Related to Employee Training

As a doctor running your own practice, cross-functional training of your employees is extremely important for smooth operations. It's worth the time and money to train your support staff in customer service, sales, social media, etc. A business loan for doctors gives you the funds required for undertaking employee training programmes to boost productivity, proficiency and profitability in the long run.