Key Ways to Improve Healthcare Revenue

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    Growing at a CAGR of 16-17% and expected to reach USD 133.44 billion by 2022, the Indian healthcare sector has taken giant strides over the past few years to emerge as one of the largest segments in terms of employment and revenue.

    While government initiatives and efforts such as Ayushman Bharat Yojana to make healthcare affordable to everybody will play a critical role in sustaining this growth, the onus lies equally on medical professionals running their own clinics/hospitals to contribute towards this growth. Here’s how you can improve the revenue of your clinic.

    Enhance the patient’s waiting room experience

    With India having less than 1 doctor per 1000 individuals, patients are compelled to wait for long hours to get appointments. Improving patient’s waiting room experience can go a long way in improving and boosting healthcare revenues.

    By investing in modern technology such as hospital management system (HMS), you can bring down the waiting time for patients by streamlining the scheduling process. Also, it helps in decision-making by providing a single window for viewing all essential data points related to patients and staff.

    The upfront cost of installing an advanced HMS can be upwards of Rs.20 lakh, which can be easily offset with tailor-made healthcare finance for doctors from Bajaj Finserv. You can avail a Bajaj Finserv Business Loan for Doctors that gives you funds up to Rs.30 lakh with a flexible repayment tenor ranging from 12-96 months for easy repayment.

    Implement electronic health record system into practice

    Enabling instant access to patient records, an electronic health record (EHR) system goes a long way in ensuring efficient patient care with the better diagnosis of diseases. It provides you with a holistic picture of a patient’s medical history, thereby eliminating the need to conduct multiple tests and improving patient outcomes.

    This directly affects revenues as it leads to increased patient inflow. Implementing an electronic health record system in your practice can cost you upwards of Rs.10 lakh. The high installation and maintenance cost of an EHR system can be addressed easily with a customised Business Loan for Doctors from Bajaj Finserv.

    To meet unplanned costs arising while implementing an EHR system, the loan offers a Flexi Loan facility that helps you to withdraw funds as and when required from your approved loan limit. With interest being charged only on the amount utilised, it helps to lower the EMI amount. This professional doctor loan interest rate is competitive with easy to meet eligibility criteria.

    Have top-notch point-of-care medical equipment

    Point-of-care (POC) medical equipment bring operational efficiency and clinical excellence in your practice by reducing clinical visits of patients and as well as their hospital stay. This enhances patient satisfaction, thereby boosting revenues. Some of the common POC medical equipment are portable:

    • X-ray machines

    • Ultra-sound machines

    • ECG monitor

    • Endoscopes

    The combined costs of all the above equipment are well beyond into crores of rupees. A customised business loan for doctors can help you meet the expenses required for buying the required POC medical equipment.