Doctors are widely perceived as having comfortable and lavish lifestyles but this myth could not be further from the truth, especially in 2017. The cost of running a medical practice proves to be extremely high but doctors must wait often months to be just paid in full for their services. As if these two dilemmas were not frustrating enough, recent reports have actually shown that the relationships between doctors & patients as well as insurance providers have grown more complicated with time, and solving these problems also comes with a price. This is why Doctor Loans are important.
Doctors fulfilling Eligibility Criteria to avail personal loan for doctors for almost anything related to their profession. Though it’s called a personal loan, the amount can’t actually be used in other expenses like home or vehicle. For those, banks usually have other plans. The main purpose of these loans is to finance the purchasing of new medical equipment, clinic set up, or expansion of the clinics.
How Can A Loan Help You Enhance Infrastructure?
- Converting patients’ records from actual paper to digital files creates great efficiencies for healthcare providers and their patients. The benefits for patient care are obvious: digitizing patient files creates an electronic record of exams, visits, blood tests, prescriptions and diagnoses that can be shared with other Doctors if necessary. Using electronic medical records though reduces the cost paper and file folders and cuts labour costs; however, digitizing medical records is a significant long-term investment for any medical office. Conversion costs can frequently run in the tens of lakhs of rupees.
- Every Doctor’s medical office requires equipment purchases of everyday items, such as tissues, bandages, etc. as well as big ticket expenses. These can range from defibrillators, surgical equipment, CAT scans, EKGs, laboratory equipment, lasers, stress test treadmills, ultrasound equipment, and wheelchairs.
- Start-up costs for new offices can be significant. Any physician who has purchased or renovated a building or entered into a lease agreement knows that setting up a location is costly.
- Next in line are the purchases of computers, software and equipment, the investment of setting up phone systems and electronic medical record systems, staffing costs and marketing expenses.
To getDoctor Loan to enhance infrastructure, doctors need to have adequate qualifications in any discipline like MBBS, BAMS, BDS, BHMS, GAMS etc. Like any other personal loan customers, doctors can choose to borrow the amount for tenures ranging from 1 year to 5 years. However, since these loans have no collaterals except credit history, lenders will only lend if the doctor has a good credit record.
These days it’s very easy to apply for personal loans & lenders can send representatives with just a call. Once the lenders are completely satisfied with the borrower’s financial profile, they will sanction and disburse the money as soon as possible. It’s important to understand that this is still a very costly form of finance and should only be used in case of real needs for your practice.