How To Set Up Your Own Medical Facility? - Loan Trivia


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Friday 4 January 2019

How To Set Up Your Own Medical Facility?

It takes years of hard work, dedication and training to become a doctor. But, that’s not enough in case one is willing to start their own medical practice. The process is long but not impossible.

Here’s a quick guide to help you start a medical facility of your own - 

  • Consider funding: consider the costs involved for the business. You may take funds from your savings or consider getting healthcare finance from keading lenders such as NBFCs or financial institutions. They are experienced bodies who offer high value loan based on the doctor’s profile and their easy-to-meet eligibility criteria. 

  • Credentialing: as a practicing medical professional you would have to go through a process called credentialing in order to accept private or government health insurance. Insurers would require you to furnish a lot of information regarding the same to ensure as a borrower you have the proper licenses and even have malpractice insurance (based on which state you apply from). 

  • Medical equipments: another challenging task is to source the right and the best medical equipments for your business. To ensure providing quality and reliable treatment to patients to help build your credibility, in the process. 

  • Follow the legalities: as a business entity you would have to pick a legal business structure. This will determine how you pay your taxes, whether or to what extend are you liable for lawsuits, losses or debts in business etc. This will also help you demarcate personal taxes from business taxes on the income earned and build a balanced balance sheet. 

To know more about the medical facilities and financing, click here: What Should you Know About Healthcare Finance Facility?

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