The healthcare sector in India is full of contradictions. The public sector provides healthcare to the poor but has inferior infrastructure, poor quality of services and staffing shortages. Health spending is at a dismal 1.15-1.5% of GDP.
The rich turn to “five-star” hospitals where quality healthcare though accessible can turn unaffordable. The cost of treatment has risen because over-supply has led to poor bed occupancy and adversely affected profitability. If urban tier-1 cities are over-served, there is a shortage in tier-2 cities where costs are low but the availability of doctors is a challenge. Some more distressing figures from the World Health Organization:
- The shortage of doctors –0.7 per 1000 is less than the global average of 1.5.
- Hospital beds in India stood at 0.7 per 1000, compared to 2.5 in the US
In short, the demand for healthcare is still unmet. So professionals who take the Hippocratic Oath to serve selflessly and ethically should also try to be more accessible to patients. In this chaotic healthcare scenario, the revival of clinics and the “friendly family physician” will surely strike a chord in the doctor’s heart for five main reasons.
5 Reasons to Consider Setting Up Your Own Doctor’s/Medical Clinic:
1. Stable/supplemental source of income by opening doctor’s clinic
Dr. Ranjit was a physician in a government hospital in Coimbatore. He had the security of a salary but was often frustrated. He had to turn away patients for lack of adequate facilities. He decided to join a private hospital. Within a year, he felt he had jumped from the frying pan into the fire. He was forced to overcharge patients to help meet operational expenses of a large establishment.
He decided to be an independent practitioner or visiting consultant at some hospitals while setting up his own clinic with a Bajaj Finserv business loan. He has managed to protect his pool of patients. Loyal patients feel reassured that they can seek their healer at his own clinic.
Isn’t it great that a doctor can set up his medical clinic, buy his own equipment, hire staff and build an additional source of income? If you are also a doctor, check out the business loan of up to Rs 30 lakh for doctors in the professionals’ section at Finserv MARKETS.
2. Good life- work balance
Another MBBS fresh pass-out Dr. Rashmi started seeing patients in her locality at the room-turned-clinic on the first floor of her house in Mysore. As her reputation as a doctor was built, more patients started seeking her out at her clinic and she was spared the pressure of signing up to hospitals to serve needy patients.
On the contrary, it was she who referred her own patients to a hospital for advanced treatments and earned a referral fee, while keeping an eye on that patient. As her business thrived, she sought a Rs 15 lakh loan to upgrade medical equipment and made her clinic a full-fledged one.
3. Increased independence
Being your own boss is very liberating for professional doctors many of whom have succumbed to unethical practices like excess treatment, misdiagnosis and overbilling at corporate hospitals.
The freedom to develop a strong bond with patients by dint of skilled healing powers will enthuse you as a doctor to become more service-minded. However, it is not as if you as a doctor –be it salaried, self-employed or running a clinic of your own — cannot plan your own life event and achieve growth trajectory. There are exclusive personal loans and top-ups for business loans to see you through.
If you are a salaried doctor looking for financial help, start your search online for an entire suite of personal, professional and business loan options.
4. Freedom from administrative burden
A clinic does need to be run but it will not have a doctor knee-deep in administrative work which is not his core competency. Unfortunately, many hospitals have turned doctors into corporate animals, filling forms and seeking patient feedback. Government sector hospitals too burden the doctor with medico-legal work.
5. More time for academics and research
A doctor whose initial business is built with a personal loan or a business loan can at a later stage, settle down to pursuing his academic interests such as writing papers for journals and participating in research programs at medical schools and hospitals.
The case for proliferation of clinics across the country will also help to bridge the skewed distribution of health services between the rural, semi-rural, semi-urban and urban areas. Empowering the doctor means empowering healthcare services.
Also, read about SME Loan meaning and its benefits
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