Starting and Running Your Own Hospital

The healthcare industry in India is getting rapidly commercialised. From diagnostic centres to multispecialty hospitals, a whole lot of medical centres are cropping up. As a doctor, you can collaborate with your colleagues or start a venture of your own. This is a good time to start a medical business of your own. For non-doctors, opening a hospital is a viable option too. You just have to carefully recruit your team of medical professionals and you could take care of the business part of it.

However, starting a hospital is not an easy task. Here are some points to remember when you start and run a hospital.

Select a proper location

The success of your venture greatly depends on the location.  So, try to find a location that is well connected by public transport and is easily accessible. These factors can increase the footfall and make your hospital successful.

Selecting the hospital staff

Be very careful when you recruit your team of doctors, nurses, technicians, office bearers and finance officers. Your team of employees ensure the smooth running of your hospital. They also play a vital role in maintaining the reputation and wellbeing of your venture. So take time and get the best possible team together.

Registration

Then, you have to get your medical business registered. You also have to obtain various licenses such as the fire safety license and the water license. Unless your hospital has the right kinds of registration and licenses in place, you could get into legal complications. So ensure you complete your registration procedures very carefully.

Financing

Next, comes arranging the finances for your hospital. Setting up a hospital is an expensive affair and you may have to take a loan for it. You might need the money to buy or rent a commercial property, to pay for the registration and licensing costs, to hire a team of employees and most importantly, to buy the expensive medical equipment. You will also have to buy the furniture, pay for the interior designing work and procure the required office instruments. Unless you have every element in place, running the hospital will become difficult.

There are many kinds of loans you can opt for. If you are a doctor yourself, you can opt for a  Doctor Loan, which is a kind of professional loan available exclusively for physicians who want to get self employed.  It is available at attractive rates and flexible repayment option. You can choose the financing option which is best suited for your venture.

The bottom line

If you have the motivation and a passion to start your own hospital and make a difference, half the battle is already won. Thereafter, you just have to be a little organised and disciplined with finances and your hospital will be set up in no time. You can apply for a Doctor Loan from Bajaj Finserv and become a successful medical entrepreneur.