India’s healthcare industry is one of the largest contributors to its economy, and it is growing at a rapid pace. According to the experts, this sector is likely to grow approximately three-folds and reach Rs.8.6 trillion by the end of 2023.
Since the investment in the Indian healthcare industry is likely to increase in the coming years, providing exposure to medical professionals and improving the scope of their practice. In this regard, medical financing will play a key role. Hence, having a proper financial strategy in place can help them scale up their practice and serve more people. However, medical professionals need to meet doctor loan eligibility to gain access to such financial products.
6 financial strategies to know by every medical practitioner
Following are financial strategies that every doctor should follow to manage his/her practice better –
- Plan a budget
It is essential for every working professional to plan a budget and stick to it, as it helps them to manage their finances better. While curating a budget, they should factor in their fixed financial obligations, along with other expenses and plan accordingly. It will allow them to streamline their debt management as well.
- Putting a debt management plan in place
Having a debt management plan in place holds great importance for any individual. It allows medical professionals to close their current loan accounts without hassle before applying for new credit. Additionally, if a borrower clears his debt efficiently without defaulting, it will increase their credit score and creditworthiness.
For example, medical professionals might require substantial funding to expand their practice, upgrade their medical equipment, recruit skilled staff, introduce modern technologies, etc. In that case, they need to bear a high CIBIL score and put in place an efficient debt management plan to place to ensure they can manage the financial burden of that size.
Additionally, borrowers must note that they can avail substantial funds at a competitive interest rate by meeting doctor loan eligibility.
- Form a retirement plan
Another important financial strategy that needs to be adopted by medical professionals in 2023 is to start planning their retirement as early as possible. If an individual starts saving for post-retirement early, it will ensure no excessive financial strain in the latter stages of their carrier. In this regard, individuals can resort to various investment strategies and related financial products to maximise their benefits.
- Careful investment
Early investment can prove to be beneficial. In this case, medical professionals need to be more careful about investing their money. Before investing their hard-earned money, they can seek suggestions from a financial advisor and make a well-constructed investment plan.
- Purchase indemnity insurance
Indemnity insurance acts as a financial safeguard for medical professionals from any legal issues filed against them. Therefore, doctors should be aware of the concept of professional indemnity insurance and how it can be beneficial for them.
- Strengthening clinic working capital
Working capital is an integral part of any business, and medical practice is no different. It allows the organisation to meet regular and short-term expenses without any hassle. Hence, while chalking out a dental clinic setup cost, or for any other medical practice, it is essential to have strong working capital and strengthen it when required to avoid any financial difficulties.
Realising these financial strategies can require financial assistance, and in this regard, medical professionals can avail a loan for doctors from any financial institution to meet their professional and personal requirements.
However, they need to meet the doctor loan eligibility to avail of these financial products without hassle. On the other hand, leading NBFCs like Bajaj Finserv have in place pre-approved offers for the existing borrowers that simplify the loan application process. This facility is available on a host of secured and unsecured financial products. Medical professionals can now check their pre-approved offers online by submitting their essential details.
Meeting the doctor loan eligibility allow medical professionals to access tailor-made financial products with a host of benefits. With the assistance of such financing options and a comprehensive strategy, they can create a better future for them both at a professional and personal level.