The healthcare industry is one of the fastest-growing sectors in India. Due to the increasing population, and citizens becoming more conscious about their health, India has become home to a large number of advanced hospitals and high-end diagnostic centers. Moreover, since the majority of the treatment decisions are based on the pathology results, it has enhanced the demand for diagnostic centers or pathology labs in the country. Therefore, if you are a medical professional, starting your own pathology lab can prove to be a lucrative business idea. However, setting up a pathology lab is not an easy task. You’ll have to put in a lot of effort and research before you go ahead with starting your own pathology lab in India. Let us have a quick look at some of the imperative steps you must take to start your own pathology lab:
Planning and Research
Make sure that you plan everything well in advance. Proper planning can help you minimize your financial losses if things don’t go your way. You must also spend time researching the right location for your pathology lab. Make sure that the location you choose is in a hygienic area and is easily accessible to the people.
Infrastructure and medical equipment
You must ensure that your pathology lab has all the required facilities such as reception counter, clean restrooms, lift-services, wheelchairs, etc. Also, you will have to make sure that your pathology lab has all the required equipment including blood collection equipment, X-ray machines, CT-scan machines, USG machines, heart monitors, etc. You must also take care of peripherals that include microscopes, blood cell counters, centrifuge, regent and chemicals, dispensing scale, deep fridge, etc. to ensure that the quality delivered by you pathology lab is excellent.
You will be required to hire experienced and well-qualified staff to run your pathology lab efficiently. Make sure that you have a recruitment plan readily available with you for hiring the right people. You will have to hire doctors, nurses, pathologists and management executives as well. In addition to the core team, you will also have to employ administrative staff, HR, accountants and housekeeping personnel, to ensure the success of your pathology lab.
License and Registration
To set up your own pathology lab, you will require various licenses. According to the law, these licenses vary from one business to another. However, you must take legal measures and apply for the licenses before starting your pathology lab. You must also register your pathology lab with government authorities before starting its construction and certification. Some of the licenses required to set up a pathology lab are mentioned below:
- Certification from National Accreditation Board for Testing and Calibration Laboratories (NABL)
- Certification from Good Clinical Practices (GCP)
- Registration with Shops and Establishments Act
- Registration with the Clinical Establishment Act
- Registration with biomedical waste disposal body
- Approval for waste generation from state pollution board
- No Objection Certificate (NOC) from the fire department
- NOC from municipality
Setting up a pathology lab requires a large amount of money. Right from infrastructure development, equipment purchase to hiring employees and paying them, you will have to take care of various expenses while starting your own pathology lab. The overall cost of your pathology lab may depend on how technologically advanced you wish your pathology lab to be. Since arranging a huge amount can be a tedious task, you can consider availing a business loan for doctors. Nowadays, with leading financial institutions, you can apply for business loans online from the comfort of your home.
Various financial institutions offer doctor loan at attractive interest rates. Moreover, if you have a high credit score, you can avail a higher loan amount at even more reasonable rate of interest. It is advisable to check your doctor loan eligibility before applying for a doctor loan. This will reduce the rejection chances of your loan application. To arrange the finances for setting up your pathology lab, you can opt for a doctor loan available at Finserv MARKETS.
You can avail a Bajaj Finserv Business loan for Doctors without pledging any collateral. This will keep your valuable assets safe in case you happen to default the loan. Simple eligibility criteria, minimal documentation, attractive interest rate, and hassle-free online application process are some of the major benefits of availing a doctor loan at Finserv MARKETS. Before availing a doctor loan, make sure that you calculate your monthly installment by using an online EMI calculator. This will help you plan your monthly budget and allow you to make timely repayment of the loan amount.
Prepayment facility, flexible repayment option, instant approval and quick disbursal of the loan amount are some of the added advantages of availing a doctor loan at Finserv MARKETS. Moreover, you can also customize your doctor loan to best suit your needs. So why wait? Avail a doctor loan at Finserv MARKETS and take your first step towards setting up your pathology lab, today.
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