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What are the costs involved in opening a New Clinic

By Finserv MARKETS - Jan 30,2020
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What are the costs involved in opening a New Clinic

Access to affordable and comprehensive healthcare is a basic right of every citizen of our country. Though India spends a significant amount in the health sector, with Rs 61,398 crore budgetary allocation alone for the 2019-2020 fiscal, only the fringe areas of the problem is being addressed. The not-so-glorious testimony to this is the fact that with 0.647 rating points India ranks at 129 in the annual Human Development Index report for 2019. The country has only around 1.3 hospital beds per 1,000 people, and as per the WHO, it requires 80,000 more beds every year to meet the rising healthcare demands of the population.

India is clearly in urgent need of more licensed medical practitioners and more health clinics. Therefore, starting a private clinic would not only help you in pursuing your dreams but also contribute to bridging the gap in the country’s health care sector.

While a private clinic is an exciting way to take the practice of medicine into your own hands, but it is not as easy as it may sound. The most rewarding achievement in the medical industry comes at a cost. However, if you’re a self employed practitioner you can avail a business loan for doctors to buy a new clinic or equipment without any collateral or security. You can avail a doctor loan of up to Rs. 30,00,000 on Finserv MARKETS, and return it in easy tenors ranging from 12 months to 60 months. For doctor loan eligibility, you must be a self employed doctor aged between 25-65 and a citizen of India.

Efficient Planning: A clear plan is essential for the success of any private clinic. The requirement of setting up a new clinic varies from medical specialty to medical specialty, and you need to formulate the plan depending upon your line of expertise. You must include a projection of all your expenses along with the revenue you expect over the course of the initial years. For this, you might want to take the help of some professional consultant who is already practicing medicine and is aware of the potential pitfalls in the long run. Hiring a professional consultant may cost you somewhere around Rs. 50,000-Rs. 1,00,000.

Registration: Before you can get on to your practice, you are required to follow certain rules and regulations set by the Central and state governments. You will have to get registered with the Medical Council of India to be able to practice at your private clinic. The cost of MCI registration ranges between Rs. 1,000- Rs. 10,000.

Premises and Infrastructure: Now you have efficient planning in place, the next major step involves looking for a premier location for your new clinic. This is where your dreams will come to life, but it requires a huge amount of money depending upon the site you choose for the new venture. You need to consider several factors while zeroing in on the location, such as target patient, office space, parking facility and others. All of this would cost you between Rs. 30,000-Rs. 3,00,000 per month, depending upon the locality, size and area of the clinic. After selecting the location you will also require furniture and fixtures other items to facilitate a smooth workflow, and it may cost you somewhere around Rs. 4,00,000-Rs.5,00,000.

Equipment: After you are done with furnishing your new clinic, you’ll need to obtain all the equipment essential for medical practice. It may depend upon the nature and type of your practice. Stethoscopes, blood pressure monitors, thermometers, nebulizers, pulse oximeters, oxygen cylinders etc. are some of the basic equipment you would need. You’ll also need computers, printers and telephones for efficient communication. Arranging for basic equipment and advanced equipment would cost you around Rs. 9,00,000-Rs.15,00,000. If this sounds a bit too pricey, here’s a solution. You can avail a Doctor loan of up to Rs. 30,00,000, on Finserv MARKETS, and buy the latest medical equipment, renovate or expand your clinic and integrate the latest technology in your practice with that amount.

Staff: The next step is to staff your clinic. You will need to hire professionals who can manage the workflow of your clinic efficiently. It may be a lengthy process but to find the best people for the job is necessary. You will need certified nurses, medicine experts and a front office team. It is important that your staff get along with each other and also understand the overall goal of your clinic. Expenses related to staff would cost you around Rs. 4,00,000- Rs. 6,00,000 per month.

Practice Management System and EHR: Once you hire the best personnel for your clinic, the next step to adopt a medical practice management system to organize and run the practice efficiently. It streamlines major tasks of your clinic by managing its day-to-day operations, such as appointment scheduling, billing and other tasks. You will also need an Electronic health record (EHR) system to track your patients’ records and medical histories. The combined cost of PMS and EHR would be around Rs. 15,00,000.

With so much potential in the health sector, you can expect your private clinic business to grow by leaps and bounds, provided you adopt certain best practices and make the most of this opportunity. You can choose to fund your new clinic with the Doctor loan, available on Finserv MARKETS. It works as a smart financing option and is custom-made for the requirements of medical practitioners. What’s more, the amount gets disbursed to the bank account within 24 hours of approval!

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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