Published on Dec 6, 2019Updated on Nov 28, 2023
Imagine being able to set your own working hours, and being able to decide how you run your practice? What sounds better than offering your specialized services to those who need it, while being your own boss at the same time? All doctors have at one point in their careers toyed with the idea of opening their own practice. While many stop because they think it will be too much administrative work, others stop due to a lack of funds.
But is this really the answer for you? Should you stop thinking too much and just take out a doctor loan to set up your own practice? Despite the obvious requirements of financials and admin work which may seem as deterrents, you may also feel tempted due to the way patients at your workplace specifically ask for you, or for the sheer thrill of being your own boss.
You may be wondering if this is the right move in your career.
Here are four favourable factors why you should certainly consider this option seriously.
A report published by the Center for Disease Dynamics, Economics & Policy (CDDEP) in the United States earlier this year showed that there is an estimated shortage of over 600,000 doctors in the country. While other medical professionals such as nurses, radiologists and other professionals are also low in supply the doctor to population ratio in India paints a worrying picture. In fact, as per a study published in 2017, in order to reach a very modest doctor to population ratio of 1 to 1000, India will need to have around 2 million more doctors by 2030. The World Health Organisation (WHO) recommends a ratio of 1:1,000 doctors for population, and currently, in India, there is one doctor for every 10,189 people . This signifies a market greatly in need for more doctors and medical clinics.
As per a report produced by consulting firm Ernst and Young, one of the main challenges of the growing medical industry in India is to come up with a solution for the ever-widening health care demand vs. supply gap, while still maintaining affordability . Taking advantage of this and setting up your own practice after taking a doctor loan may certainly be a very smart move, particularly if you insist on performing specialised services for those with insurance from trusted third parties, so that you are never behind on receiving payments.
Earlier last year, the government said during a parliamentary session that India will have 34 crore people over the age of 60 by 2050, which is higher than the total population of the United States. This number is predicted to be even higher by international agencies such as the United Nations and WHO. Due to this colossal change in the demographic composition of the country, there will be a huge proportion of the population that will be ageing. In fact, as per the “India Ageing Report 2017” produced by the United Nations Population Fund (UNFPA), the share of population over the age of 60 could increase from 8% in 2015 to 19% in 2050. One of the key demands of an aging population is more and better healthcare services. This shows that in the near future the demand for healthcare and services is likely to increase even further, making it an opportune time for you to start your own practice.
A big deterrent for many doctors considering starting their own practice was the administrative hassle that comes along with it. Keeping track of patients, their appointments and follow ups was a lengthy and time consuming process and one often needed to appoint an administrative or office assistant to do the same or had to devote valuable time. However, now with the availability of the electronic media records system (EMR) which helps your business become more efficient, you no longer have to worry about administrative management or any such hassles. The cost of purchasing an implementing such as system can be covered by a doctor loan and you can pack back in EMIs as you take advantage of an expanding customer base and more efficient operation.
If it is still the thought of financials that is bothering you, all you really need to know is that credit for skilled professionals, especially doctors, has never been more easily available. To promote health care in the country, more and more financial companies are offering specialised business loans for doctors or doctor loans. A doctor loan is a loan for doctors specifically crafted to help them advance their medical practice. Such loans are usually collateral-free, professional and have a speedy disbursal process, with flexible repayment schedules along with competitive interest rates. You can use the funds for anything from buying new medical equipment to hiring new staff. You can easily apply online, and can avail an amount of upto Rs. 75 Lakhs*.
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*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.