Common Healthcare Problems and Quick Solutions

 

The cost of healthcare services in our country is increasing by the day. The rising inflation in the medical sector is taking a toll on the patient’s pocket. As a doctor, it’s a real challenge to provide the best medical facilities to your patients and that too, at affordable prices.

Read more to know about the different challenges faced by the healthcare industry in today’s world and how you can address them with alternate financing models.

Challenges faced by the healthcare industry

From managing cashflow in a capital-constrained environment, adopting digital innovation and technological transformation to meeting government regulations and patients’ diverse requirements, the challenges faced by the healthcare industry are aplenty. Here are some common ones:

1. Working capital management

Having a healthy cash balance can be a struggle for healthcare professionals running their own practice as they need to pay for various expenses before they start generating revenue from checkup. Such a capital becomes essential to keep your practice or clinic running.

Solution:Fund a deficit in your working capital with a Business Loan for Doctors. Avail the loan in a flexi format to borrow as and when your clinic needs and repay when you have adequate cash. Such a facility proves to be great to manage dynamic working capital requirements as it gives you the flexibility to make withdrawals on your loan, without looking for capital every time. This is a smart financing solution as here you pay interest only on the amount used and not on the loan sanctioned and get the option to pay only interest as EMIs with the principal payable at the end of the tenor.

2. Adopting new technology

In order to give the best medical facilities for your patients, you need to constantly adapt to digital innovation and technological transformation. However, with skyrocketing prices of modern medical equipment and installing digital healthcare software, this is easier said than done.

Solution: Look to embracing technologies like electronic health records, mHealth, telemedicine, patient and queue management software solutions, healthcare wearables, practice management tools, etc. Such solutions not only boost your clinic operations but also prove to be cost-effective in the long-run.

3. Meeting patient demands

Hospitals and healthcare facilities need to make sure they’re meeting the increasing demands of their patients by offering them a better end-to-end experience, thus increasing their stickiness.

Solution: This can be solved by not just providing the best-in-class treatment with the latest equipment and tools and in-clinic service but couple this up with a good post-treatment experience. Patient engagement solutions like patient education, continuity of care, telehealth, medical applications, healthcare gamification, etc. can help in ensuring a good end-to-end patient experience.

Healthcare finance: The common solution

The common solution to respond to these challenges is by finding an alternative source of healthcare financing and fund the above-listed propositions. With many banks and non-banking financial institutions providing special loans for medical professionals, you can avail easy and quick healthcare financing to meet various professional financial obligations.

Popular NBFCs offers  you access to a large capital of up to Rs.30 lakh at a competitive interest rate that can be repaid conveniently in EMIs spreading from 12 to 96 months.

Being a doctor, you can enjoy exclusive benefits on these loans like:

Quick approval process – Doctor loans are approved and disbursed by the lenders as quickly as possible., Popular lenders disburse the loan in your bank in under 24 hours. This means that you do not have to wait for long to start investing in your medical practice and meet all its financial obligations. Also, since these loans are collateral-free, you don’t have to pledge your personal or professional assets to qualify for the financing.

Ease of access– With simple-to-meet eligibility criteria, you can avail healthcare financing without worrying about stringent guidelines and requirements. All you need to provide is the relevant proof of your medical qualifications and experience to support your eligibility. You can apply for these loans, by filling a quick loan application form.

Low interest rates– These loans being exclusively for doctors, have low interest rates when compared to other lending avenues like personal loans or credit cards. However, it’s a prudent idea to compare various lenders and choose the best loan provider to meet all your requirements.

 

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