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5 Ways Business Loan For Doctors Can Help Expand Your Practice

Published on Dec 31, 2019Updated on Nov 28, 2023

5 Ways Business Loan For Doctors Can Help Expand Your Practice

As a doctor running your own practice you can be a part of the growing healthcare industry of India by investing in your clinic by hiring new staff, buying new medical equipment, Artificial Intelligence (AI) equipped imaging and diagnosis machinery amongst others. However, if a cash crunch is stopping you from expanding your business, you no longer need to worry about the same. SMFG India Credit offers business loans for doctors up to INR 75 Lakhs*. A doctor loan is a loan for doctors specifically crafted to help them advance their medical practice. Loans offered by SMFG India Credit for doctors are collateral-free, professional and have a speedy disbursal process, flexible repayment schedules along with competitive interest rates. You can use the funds for anything from buying new medical equipment to hiring new staff, and finance your ambition through SMFG India Credit doctor loans. Here are some ways you can use your business loan to supercharge your practice.

#1. Hire more skilled staff

You can use the newly acquired capital to hire more skilled staff, including other doctors for your practice that help you diversify the services you offer, IT technicians, administrative staff, ultra-sound and other technicians. As we all know, running clinics requires us to have a personal relationship with patients. However, if you are responsible for administrative duties as well treating patients, you will hardly ever get the time to interact with them on a one-on-one level and patients will most likely be dissatisfied with the kind of service they are receiving. Invest your newly attained capital in hiring more skilled staff, whether it is in diagnosis, treatment, patient services or administration to help improve the customer experience.

#2. Invest in administrative technology

You can also invest in equipment such as an electronic media records system (EMR) which helps your business become more efficient, thereby, helping you make more money in the long run. While such investments can be costly, designed for the enterprising and ambitious doctors, SMFG India Credit offers professional loans for doctors to help expand your business with minimum paperwork and hassle. There is no lengthy paperwork required to avail loans up to INR 75 Lakhs*. All you have to do is apply for a business loan online and avail the doorstep pick service to pick up your documents. You are all set to go!

#3. Start an outreach campaign

Marketing is not limited to restaurants and shops if you are trying to get new patients to come and avail your services and treatments it is critical to get the word out there about the services that you are offering. Obtaining a professional loan for doctors can help you undertake online and offline campaigns for advertising and outreach which will help build up your consumer base and reach out to other audiences and market segments.

#4. Open another location

You can use your newly acquired capital to either open a new location or expand your existing office to accommodate more examination, surgery, trauma rooms or an adjoining pharmacy. Having branches of your practice makes it more recognizable and trustworthy in the eyes of patients and will help you boost your current and future business prospects.

#5. Invest in diagnostic technology

As a doctor, investment in technology can take many forms. While on one hand, you can invest in better medical machinery which could be AI equipped and would allow you to yield better diagnostic and treatment results. Such equipment and machinery generally tend to be a big investment and often even enterprising doctors do not have the funds to make such big investments. Doctor loans can help you cover the costs of the same, and pay back in EMIs as you take advantage of an expanding customer base and more efficient operation.

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*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.