The Indian medical equipment industry is worth $5.2 billion as of last year and makes up 4–5% of the Indian healthcare industry that’s pegged at $96.7 billion. This is proof enough of the fact that the right equipment is at the cornerstone of superior healthcare. As a medical professional with an independent practice, paying attention to this is all the more important as it has a direct bearing on patient satisfaction, your clinic’s efficiency and as a result, your profits.
Fortunately, you can apply for medical equipment financing to make the switch. In a landscape where the healthcare industry is still largely dependent on imports of medical equipment, high loan amounts offered by medical equipment financing can be of great help to you.
Take a look at how medical equipment financing can help you upgrade your clinic’s infrastructure.
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How Medical Equipment Financing can Help you Upgrade your Clinic’s Infrastructure?
Offer superior patient care
As a doctor, customer satisfaction is crucial to your clinic and having high-end equipment will take you one step closer to this goal. You will be able to better your diagnosis, identify the problem more accurately and more quickly too. As a result, your course of treatment is likely to be precise and your patients, satisfied. A by-product of this is that customers will develop faith in your abilities and will be happy to return to you in time and refer you to friends and family as well. You could also get corporate contracts, which can lead to a spurt in revenue as well.
Improve the safety of operations
When it comes to specialized medical equipment such as X-ray machines, MRI machines, endoscopy instruments and incubators, you want to have equipment of the highest quality. This ensures that there is no risk to the patient’s health and gives you accurate results. Both work towards improving the quality of your services and protect you from legal implications as well. This is especially important as patients are more aware today and may initiate legal proceedings against you if they suspect misdiagnosis or a wrong course of treatment.
Further your clinic’s efficiency
By purchasing top-of-the-line equipment you’re able to cut down on the time it takes you to examine patients. Not only does this mean that you’ll be able to cater to more patients in the same timeframe, but it will also ensure that you are able to provide better healthcare services than your competitors.
For example, if you’re expanding your hospital to attend to emergencies, having imaging equipment that can give you a full body scan in seconds is more helpful as compared to traditional imaging equipment. The former highlights all red flags in an instant so that you can get started on treating the patient without wasting precious time. Alternatively, if you run an orthopedic center you may benefit from having multiple X-ray machines instead of a single one, and medical equipment financing helps you achieve this target smoothly.
Maintain your equipment
Another way in which you can use medical equipment financing is to maintain equipment and ensure it’s in perfect condition. This can include servicing, costs associated with replacing or upgrading parts or adding peripherals that enhance your initial investment’s diagnostic abilities.
Enjoy economies of scale
When you take medical equipment financing, the high loan amount gives you the leeway to buy a range of machines in one go. This is handy whether you’re revamping your clinic, expanding it or setting up a second center. Moreover, when you buy more than one piece of equipment using a loan, economies of scale come into play. This means that the equipment supplier will be more likely to offer you a discount, making your overall purchase affordable.
With the above benefits, it’s clear that seeking a loan to cater to medical equipment costs is a wise move. With an unsecured Medical Equipment Loan from leading NBFCs, you can access up to Rs.30 lakh at affordable medical equipment financing rates.
Other benefits associated with this loan are as follows:
- Instant loan approval with pre-approved offers
- Quick disbursal in just 24 hours
- Online loan application and management
- Flexible repayment tenor ranging from 12 to 96 months
- Easy eligibility criteria and minimal documentation
Now, how do you get your loan? You have to first check out the eligibility criteria. These include the following:
- Super specialist- MS/MD/DM- No post-qualification experience needed.
- Graduate Doctors (MBBS) – Minimum 2 years of post-qualification experience.
- Dentists- BDS/MDS- Minimum 5 years of post-qualification experience.
- Ayurvedic & Homeopathic Doctors- BHMS/BAMS- Minimum 6 years of post-qualification experience and should have a clinic/home.
- Homeopathic Doctors- DHMS- Minimum 15 years of post-qualification experience and should own home/clinic.
After meeting the eligibility criteria for the medical equipment financing, you can easily avail the loan at affordable interest rates