In current times, it is worth noting that the cost of running a medical practice is extremely high. Inconvenient payment systems and the constant build-ups of accounts receivables make it increasingly difficult for doctors. Business loans for doctors can often provide solutions for the countless practitioners who are seeking to adapt to the competitive landscape. The following are the reasons why business loans can prove to be a necessary management tool for medical practices-
- Medical practice operates a lot like a business. The small aspects of small business financing, things like managing cash flow, are just as important as having the latest equipment and a trustworthy rapport with patients. The cash flow in a medical practice can be inconsistent and unpredictable. Often it takes weeks or even months to control when patients or insurers pay. The longer your business cycle, the tougher it is to manage your cash. Even physicians in practice for years have managed to avoid creating a strategic plan.
- Borrowing can make your practice stronger. When it comes to small business loans for medical practices, the key is to choose the right type of loan and the right lender. The loan should be availed based on your goal, be it to pay down debt, purchase medical or office equipment, remodel medical or surgical facility, purchase a building, market your practice, build a clinic from the ground up, and so on. The right business loan can help your practice recuperate if you have poor credit.
- Rising expenses for improvements- medical practices are typically located in high-priced rental properties, which, like every other property, are now more expensive. On top of that, there is the most of the latest technologies used to maintain medical records and keep track of delinquent payments. Amidst such a scenario, business loans become all the more necessary to incur these expenses for the up-gradation of the healthcare services.
- Build-up of delinquent payments- this renders medical practices poor in terms of cash when faced with expenses that must be taken care of immediately. Examples include new equipment, new staff members, and new furniture. Also, with business loans, doctors can save their precious time and energy that they would otherwise have spent in figuring out how to get patients to pay them accordingly. When a doctor doesn’t have to worry about payments coming in, he/she can focus entirely on helping others. There is little chance of a patient leaving a practice if customer service does not suffer due to payment issues.
A Bajaj Finserv Loan for Doctors has been exclusively designed to cater to the professional and personal needs of a medical practitioner. The following are the offerings of Bajaj Finserv:
- Personal loan for doctors: doctors can get a loan of up to Rs. 35lakh to manage major expenses like a vacation or a wedding, home renovation, or overseas education costs.
- Business loan for doctors: Doctors and medical practitioners can invest in the latest medical equipment, renovate/expand their clinic, or integrate the latest technology into their practice by availing this loan from Bajaj Finserv. Maintain your cash flow with a maximum amount of Rs. 35 lakh.
- Home loan for doctors: Doctors can get up to Rs. 2 crore to buy a new house. He can also avail a high top-up loan to attend to other expenses or transfer the balance on his existing home loan and enjoy a better rate of interest.
- Loan against property for doctors: by availing this loan of up to Rs. 2 crore, doctors can fund high-ticket costs like new clinic premises, costly medical equipment, child’s overseas education, and so on.
Flexi loans, part prepayment facility, and online account access and some of the key advantages of the Loan for Doctors offered by Bajaj Finserv. These loans also promise doorstep services and are absolutely hassle-free.