From gauging what medical equipment to buy and the utility of the equipment, to deciding on the appropriate mode of financing, there are several decisions that healthcare professionals need to make while purchasing new medical equipment for their clinic.
Today, purchasing state-of-the-art medical equipment has become the need of the hour in order to leverage limited time pricing offers and replace outdated equipment. Though purchasing the latest equipment is important, doctors must also be abreast with the initial cost outlays as it can be a very expensive process. Thus, availing a medical equipment loan can help fund the investment involved in such a purchase.
As a practicing doctor, there are a series of questions that you still need to ask before you make this considerable investment. Abiding by the following checklist can help you decide whether you need to go for an upfront purchase of medical equipment.
Will it boost and differentiate the practice from the others?
The key to staying competitive and relevant in the market is to differentiate one’s practice from the rest. And having modern technology forms the cornerstone to a practice can help practitioners stand out from the crowd by upgrading diagnosis and treatment standards. This helps create a smarter and more efficient workplace.
Some lenders offer high-value loans that doctors and healthcare professionals can avail to purchase the latest equipment. For instance, Bajaj Finserv Business Loan for Doctors sanctions up to Rs.30 lakh at competitive doctor loan interest rates, with EMI’s that can be spread over a flexible tenor ranging from 12-96 months. Such a loan can help your practice in several ways– from integrating technology and software in daily operations, renovating or expanding the clinic to hiring and training medical personnel.
- Will it align with the modern ways?
Think about whether your practice sits well with people’s on-demand, digital-first ways of living. Most patients would rather use a quick digital app that helps them with managing appointments and bringing them to speed with the standard preventive care. Going for timely purchases will make sure doctors and their practices don’t end up looking archaic and a total misfit in this age of digitization.
- What about CRM?
No matter how strong the brick and mortal presence of a practice is, it is never an intelligent move to disregard its digital prevalence in today’s time and age. Professionals might boast of practices with the highest quality equipment, but inadequate customer relationship management can dent your business fortunes instantly. Hence, it is a no-brainer to figure out that a robust and convenient online portal that patients can use to manage their appointment schedules and pay bills cannot be compromised on.
- What will be the ROI?
While there is no denying the costs of newer equipment, practices can flourish by performing twice as much (or even more) procedures and diagnoses than what the outdated machinery could. For instance, the cost of a brand-new MRI machine could well run into crores. However, it can also aid doctors to treat more patients, thereby increasing revenues. Going at such a rate, paying off the initial expenses in full and subsequently earning higher returns on the investment will be a breeze.
- Is the investment worth the money involved?
With time, the maintenance and repair costs on machinery go up; and in no time, professionals will feel the pinch in their pockets while accounting for the depreciation charges that pile up by the day. This is where thinking long-term and investing in the latest machines can prove to be a winning decision. Not only are they likely to perform at an optimal level, but it will also outstrip the costs and the associated inconvenience of having to call in the repairs guy every month.
The Flexi Loan facility of Bajaj Finserv Business Loan for Doctors can help you take care of all unplanned expenses allowing you to borrow from within the preset limit as and when a need arises and pay interest only on the amount used. With this facility, you can also choose to pay interest only EMIs, with the principal payable at the end of the tenor.
- Will the investment better attrition rates?
A reputed healthcare provider is no exception to the general rule behind a successful enterprise – a satisfied workforce is a secret to happy patients. While on a hiring spree, having the most updated technology and equipment will certainly be telling on the chances of having the best talents on board.
In conclusion, you can opt for a medical equipment loan and distinguish practices from their competitors.