According to a report by Business Standard, India has 1 doctor for over 1400 individuals, which is quite below the average norm as per the World Health Organisation (WHO) of 1:1000. Consequently, there is a significant demand for medical professionals in the urban and rural sectors in India.
As a result, physicians have several opportunities for businesses that they can establish. This will not only cater to the needs of people but will ensure the financial and professional growth of physicians. However, the funds needed to set up a business might be a hurdle for several professionals.
In this regard, looking into small business opportunities is a feasible idea that physicians can consider. They can avail physician mortgage loans and tend to their business needs if they fall short on funds.
Look into some profitable business ideas that have a vast demand and can serve people effectively –
- Polyclinics
It is a wise business idea for medical professionals as they can avail a space on rent and start their clinic. A unique feature of a polyclinic is that it can have multiple doctors attending several departments of disease and treatment. This makes it a single-stop center for patients seeking healthcare for different diseases and ailments.
Professionals can apply for a loan and acquire the required funding to meet their financial requirements to operate a business. They must have a good credit score to apply.
Now, what doctors with a low credit score should do is apply for a loan with a co-applicant who has a higher credit score or build credit over time.
They can also avail physician mortgage loans as these are easy to avail because of the less risk from a financial company’s perspective.
- Physical therapist
Medical professionals can start a therapy center of their own that helps patients recover after a physical injury or disease.
Patients nowadays look for such therapies to stay physically fit and active; hence, this results in higher growth opportunities of these centers.
Physicians can seek small business loans for a medical practice to buy equipment and set up their therapy center.
- Diabetic care center
The popularity of diabetes in India stood at 12% for males and 11.7% for females reaching an average of 11.8% for the past 4 years. The highest prevalence of diabetes observed for people between the age ranges between 70 and 79 years.
Therefore, opening a diabetic care center can be a small business idea that can not only help serve patients but also aid medical professionals to grow financially. They can avail a loan for doctors to acquire finances needed to support the growth of their business.
They can easily avail such loans from reputed financial companies like Bajaj Finserv that offer finances at a competitive rate of interest.
The company also simplifies the application procedure by providing pre-approved offers on loans.
- Home healthcare services
Several patients require home healthcare services after they are discharged from surgery or treatment.
The treatment may include timely doses of injections, dressing, diagnostic tests, etc. Providing such home healthcare services to the needful patients can be another small business idea that they can consider.
Above mentioned small-business ideas can help physicians decide upon the area they wish to opt for.
However, doctors need to have effective business skills to run their practice efficiently, which can help them improve the quality of diagnosis, treatment, and reduce the cost of operation.
Reduced cost of operation will help physicians gain higher profit while providing quality treatment to patients at cost-effective rates.
Medical professionals having a deficit of funds to operate their business pursuits can avail physician mortgage loans quickly. Funding their small business idea will help in person as well as the healthcare growth of the country.