Healthcare Sector

Importance of Financial Lenders in the Healthcare Sector

HEALTH & FITNESS

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Healthcare has evolved into one of the largest sectors in India, in terms of revenue as well as employment. The country's medical tourism market is also growing at a rate of 18% per year. With healthcare spending in the national GDP rising considerably each day, healthcare services in the country are also likely to improve at a steady pace.

Considering the vast population of India, facilitating healthcare services at every nook and corner of the country is quite a daunting task.

As of now, India ranks 145th among a total of 195 countries in terms of accessibility and quality of healthcare. A sustainable solution, in terms of healthcare financing, will be required to rank higher in such effort from the government as well as non-governmental bodies.

Professional loans, medical equipment loans, professional liability insurance policies, etc. extended by several companies are some of the helpful financial instruments which help better healthcare services.

Role by financial lenders in healthcare

The role played by financial lenders in helping improve medical services is immense. For instance, the present ratio between hospital beds to that of patients is 1:1668, which is significantly poor. As such, more and more clinics and hospitals need to be set up to bridge the gap.

Financial lenders provide funds to doctors aspiring to set up their own medical practice. It assists in backing several expenses related to the business. Not just that, lending institutions extend several other loan alternatives to meet the financial requirements of medical professionals.

Considering all the intricacies involved in medical treatment, doctors are also exposed to a number of risks which often lead to legal and financial liabilities.

Professional liability insurance is rather a newer concept in healthcare. It helps a professional meet the compensation claimed by a patient or third-party due to any negligence or mishap caused while delivering medical services.

Professional liability insurance

A professional indemnity insurance policy helps you stay one step ahead as a medical practitioner. Also known as errors and omissions insurance, it provides compensation for any of the following instances-

  • Incorrect medication prescribed to a patient.
  • Misdiagnosis of illness.
  • Negligence in diagnosis or treatment.
  • Incorrect method of treatment.
  • Errors in executing surgeries.

A professional liability insurance policy is one of the top financial resolutions every doctor must make in order to avoid any legal or financial obstructions coming in the way of their professional high.

Loans for doctors

Apart from indemnity insurance, there are also other financial obstacles that a doctor might have to face in his practice. Financial lenders provide comprehensive funding options to medical professionals that can help them set up, expand or upgrade their clinics.

Loans for doctors provide medical professionals with financing for any objectives. With better financial assistance provided to the medical professionals, more and more doctors will be keen to build their own practice. This, in a way, will facilitate better access to healthcare in different parts of the country.

NBFCs like Bajaj Finserv also bring pre-approved offers on such loans. These offers ensure a hassle-free experience of availing funds and are available on personal loans, business loans, etc.

India has a long way ahead of itself to achieve all the healthcare goals. Financial lenders ensure that doctors can meet the various costs involved in setting up a medical practice and stay financially protected.

Also, Indians have now become exceptionally conscious and aware of healthcare. Thus, doctors and clinic-owners too need to be on their toes and ensure the best healthcare services to the patients.

Also, there are vast opportunities for investment in medical and healthcare infrastructure in rural as well as urban India. The combined effort of financial lenders and medical professionals will help India achieve the aspired highs in healthcare.

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