The Best Way to Raise Finance to Buy Equipment for your Medical Practice

Whether you are looking to expand your medical business by opening a second clinic, expanding your practice by growing into a polyclinic, or are simply looking to make a shift from working for a hospital to having your own practice, you’re sure to require equipment.


Medical equipment forms the backbone of your patient care. Depending on your specialisation, having the latest equipment will help you diagnose illnesses more accurately and quickly, and therefore improve the quality of healthcare you provide. In addition, having the right medical equipment will also allow you to examine patients quicker and run an efficient clinic. These efforts will eventually pay off in the form of enhanced revenue.


To be able to purchase the best medical equipment, be it patient beds, x-ray machines, clinic management software, a retinal camera if you are an ophthalmologist, an ultrasound machine if you’re a gynaecologist, or a transcutaneous electrical nerve stimulation machine if you’re a physiotherapist, you need ample finance. This will allow you to buy the most advanced technology for your clinic, and ensure that you offer the best healthcare.


How to finance the purchase of medical equipment?


When it comes to earmarking funds to buy medical equipment, using your savings might seem like the obvious choice. However, doing so may affect your cash flow, deplete your cash reserve and leave you in an unstable financial situation. Instead of wiping out your savings, seek medical equipment loan from other sources.


The simplest way to go about doing this is to apply for a loan. But, to ensure that you avail the amount that you need at a low cost, you must choose a loan wisely. A customised medical loan, such as a doctor loan, will match your needs for finance perfectly, and be cost-effective too as doctor loan interest rates are lower than other loans in the market.


However, when you are evaluating loan options for medical equipment funding, don’t choose just any doctor loan. Instead, select one that’s customised further. For instance, leading NBFCs offers Doctor Loans of four types: a Business Loan for Doctors, Personal Loan for Doctors, Loan Against Property for Doctors and Home Loan for Doctors.


Take a look at which loan variants are best suited to medical equipment funding.


Business loan for doctors


If you’re setting up a clinic where only you will practice, it is likely to be a small medical establishment. Similarly, if you are a general physician, or your specialisation is such that you don’t require too much equipment, you can choose this doctor loan. It offers you ample funds to take care of basic equipment needs, be it patient beds, blood pressure monitors, weighing scales, stethoscopes, blood glucose meters, examination lamps, pen lights, etc.


Loan against property for doctors


If you practice a highly-specialised field of medicine or own and manage a polyclinic, your need for medical equipment funding will be significantly higher. As a ophthalmologist, for instance, you will need an examination chair, retinal camera, phoropter, opthalmoscope, auto refractor, slit lamp, etc. As someone running a polyclinic, you may seek to enhance the quality of healthcare that you provide by setting up a diagnostic centre.


To cater to the basics, you will need an x-ray machine, ultrasound machine, blood banking equipment, cold storage system and more. For such larger expenses, you can turn to a loan against property for doctors. Loan Against Property offers you up to Rs.2 crore as medical equipment funding, with benefits like funds within 24 hours, low doctor loan interest rate, easy eligibility, long tenor and more.


Flexi loan facility for recurring equipment needs


Seeking a customised doctor loan from lenders gives you access to a host of value-added services. For instance, whether you take a business loan or a loan against property, you can avail the amount as a lump sum or via the Flexi Loan facility. With this facility, you can withdraw money from your loan limit as many times as you want to, and you only have to pay interest on the amount that you use. You can make pre-payments at no extra charge and can also choose to pay interest-only EMIs through the tenor, repaying the principal at the end of the tenor.


This facility can come in handy when your needs for equipment is on-going or when you are growing your practice, adding consulting rooms and operating rooms when the need arises and when you have the funds. This way, you can be rest assured that your medical equipment funding is both cost-effective and quick, allowing you to expand your practice and equip it with the right medical equipment.


So, when seeking medical equipment loan, evaluate your options with care. Look for doctor loans that offer you ample funds and added benefits, but don’t come with a high doctor loan interest rate.


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