Step by Step Guide on How to Start Your Own Medical Practice

guide on own medical practice

As per the Medical Council of India report, there are approximately 7.91 Lakh doctors providing their services to the citizen of India. To increase the number of doctors, India splurges in the medical industry and medical institutions.

Also, healthcare finance professionals offer advances to the doctors of the country to enhance their medical centers and practices. If you are one of those who wish to start your own medical practice, consider the below-mentioned points.

1. Obtain your license

You need to register yourself under the medical council to secure a license for your practice. The credentialing process may take several months, and the license will be provided depending on your educational qualification and expertise.

2. Decide your location

Determine the location of your practice before you arrange funds. It will be beneficial if you opt for a location with the massive availability of transportation to help your patients reach out to you conveniently. Besides, make sure the patient ratio of the location is higher to gain public acceptance faster. If you lack the required funds to build up your structure, you can avail medical practice loans start up to feed your professional purpose.

3. Install software

Installing software will assist you in managing your work efficiently. Some of the top medical software available in India is TCAS, hospital Biz software, etc. With such software, you can manage patient records, billing, etc.

4. Invest in equipment

To gain patient acceptance, it is essential that you invest in advanced technologies. You can also grow your medical practice with lybrate. Lybrate helps doctors to stay in touch with their patients and consult them online. This software has gained massive preference in the medical tourism industry.

5. Make your credentials

Some ways in which doctors can make their practice more visible are:

  • Going digital- You can manage social handles to help your patients reach out to you on these platforms.
  • Technology- Incorporate advanced technologies to increase the efficiency of your firm.
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Apart from the above, you can also develop apps customised for you to assist your patients in solving their queries and book appointments with ease.

6. Increase Patient Engagement

Patient engagement is an umbrella term used to describe everything right from patient portals to planning social media strategies for interaction. It is the process of tracking vitals with medical wearable and making patients participate actively for their health and well-being.

Know the details about patient engagement in India:

  1. It provides increased knowledge amongst the patients regarding their health and wellness.
  2. The process allows doctors to interact more transparently with their patients making them understand the conditions and how it can be bettered.
  3. It helps in the collaboration and engagement allowing patients to be a part of the decision-making process.
  4. Patient engagement solutions improve the communication channel and promote a wider patient base.
  5. It promotes patient education where they get to learn about all the medical information and advice suggested by the medical expert.

The process of engaging patients has been active in the country for quite some time. It lets both sides engage themselves in a healthy matter of discussion. Involving patients throughout the procedure leaves no chance for error or misjudgment while prescribing medical aid. The sector is still evolving, and one can follow essential tips for better patient engagement framework to establish one in the future.

7. Arrange for funds

Analyse the source of finances available to you for your investments. You can also approach healthcare finance professionals providing advances at affordable interest rates. Several financial institutions and NBFCs provide professional loans for investment in your firm. Bajaj Finserv is one such NBFC that offers Loan for Doctors against minimum documents with instant approval, the faster disbursal, and online account access.

They also bring in pre-approved offers to make the application process fast and hassle-free. These pre-approved offers are available on multiple financial products, including home loans, business loans and personal loans. Share minimal details like your name and phone number to know your pre-approved offer.

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The application process for such medical practice loans start-up is convenient, and you can do so online. To apply, visit the official website of your lender and fill out an application form with your personal and financial details. After your application gets approved a representative of your lender will visit you to collect the required documents. The documents that you are required to furnish are your KYC documents, income proof, address proof, etc. After your documents are verified, the loan amount will be transferred directly.

Before you avail such advances, do make sure to understand the fees and charges on your doctor loan. With the substantial loan amount, you can meet much financial urgency such as upgrading your infrastructure, expanding your clinic to another location, meeting urgent cash crunches, etc.

Besides, while you avail healthcare finance professionals keep in mind to check the type of advances available to you. There are various advances for doctors, such as business loans, personal loans, home loans, loan against property, etc. To enjoy the benefits of these credits, it is essential that you make your repayments on time. Timely payments will also help you avoid the accumulation of debts and hefty late penalties.

After you have arranged the required fund consider to make wise investments. Analyse your finances and check for areas which require more concentration and improvements to enhance and gain patient acceptance faster.

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