Starting your own dental clinic is indeed an achievement for a dentist. However, it involves an array of verticals to plan, initiate and execute the entire operation successfully.
Here we have listed some simple yet important tips, which should be considered while planning for a dental clinic setup.
10 important tips for dental clinic setup
Following are the tips for establishing a dental clinic with a doctor loan:
The location creates a great impact on the revenue stream and patient base. To decide on the location, research on these points-
- Local market in the vicinity.
- Transport facility or proximity of targeted patients.
- Market saturation or the number of similar clinics available there.
- Financial status of the patients who generally visit in that location.
- Licence and legal attributes
To open a dental clinic setup or a hospital, many legal compliance are involved like license, tax, credentials, etc. All these procedures take time beyond expectation; hence, the doctor must take help from the third-party service provider or start the procedure from the early phase.
- Plan for the workforce
How to open your own hospital strikes with one of the most important questions, i.e. workforce. Without an efficient workforce, no business unit gets success. Hire a recruitment expert or a job consultancy firm to plan out all these. Factors to consider under this point are:
- Availability of human resources for the technical and non-technical departments.
- Recruitment process.
- Cost of salary.
- Employee welfare compliances.
- Install machinery and clinical equipment
Comprehend leasing vs buying which strategy should you adopt for your clinics equipment and estimate the cost, installation process, storage, and maintenance of all machines to avoid financial loss.
Improving dental treatment methods and offering the best in class services to patients are reasons to invest in equipment for a doctor. This may require spending substantial funds. Individuals can easily avail a doctor loan and meet the expenses.
To run a successful business, its infrastructure should be strong. For a small setup, the doctor can plan himself; however, a trained operation consultant can help in mapping and execution for a new hospital.
- Information Technology
Installing and adapting to updated information technology (IT) is the key to success. Besides, a proper IT unit for administration, operation, service, treatment, patient’s compliance etc, is very important.
The online website of your clinic will help to reach more patients and enhance the brand value.
- Marketing your business
Enlist your clinic on different business listing websites to let patients reach the clinic. Investing in social media marketing or Google marketing is a productive way. Let the existing patients and local population know about the opening of this new setup. Advertise on local media and print media to reach out to more patients.
- Budget estimation
Consummating all costs, present market value, and expected revenue, a consolidated budget for the clinic has to be prepared. It should be inscribed based on practical experience and not hypothetical figures.
- Opt for a doctors loan from a reputed NBFC
Availability of substantial funds is the key answer to how to open your own hospital. Eligible professionals can opt for a doctors loan to avail high value advances. Various financial institutions offer such loans. However, a trusted financial lender like Bajaj Finserv will be your one-stop destination for all your doctor loan queries. Consider the following points before applying for the loan:
- Loan amount – Know the amount necessary, do not overspend.
- Interest rate– Opt for a lender offering the lowest interest rate. Some financial institute like Bajaj offers flexi interest rate, which is ideal for reducing cost of loan.
- Tenor – A doctors loan comes with different tenors; long, short, and mid-term. Since your total interest outgo depends on the chosen tenor, you must choose it wisely.
- Affordability – Opt for a loan amount per your financial affordability. Taking excess will only build a financial burden.
- Eligibility – Check out eligibility criteria and documents required to apply for the loan to get the fastest approval.
To maximise the benefit of a business loan, individuals can check their pre-approved offers and share essential contact details with the lender.
To open a dental clinic setup or hospital, making the right strategy, investment plan, and perceiving the expected profit is necessary. The points stated above will help professionals set up a clinic without affecting their disposable income.