In today’s dynamic healthcare industry, many practitioners prefer to run a successful medical business. Healthcare is recognized as one of the largest revenue-generating sectors of the country.
This industry comprises private clinics, hospitals, telemedicine, clinical trials, medical equipment, medical tourism, outsourcing, insurance plans like indemnity insurance policies, etc.
- $280 billion – Expected growth of India’s healthcare market by 2020.
- In terms of incremental growth, India will likely rank among the leading 3 healthcare markets by 2020.
Well-trained and experienced medical professionals form the strength of India’s healthcare sector. However, like every other business, this industry also comes with its set of advantages and disadvantages.
As a healthcare professional, it is important to know the ups and downs in your long career and how to stay protected with a malpractice insurance plan.
Some pros of a medical business
- Great earnings
Income is one of the major benefits of a medical business. The earnings of a medical professional are substantial, depending on their specialization and workplace. Most doctors enjoy above-average income if they run a private practice.
Moreover, with advanced technology installed, which enables accurate diagnosis and treatment, the income of a venture doubles rapidly. You can check out more reasons to upgrade your medical equipment.
- Opportunities to flourish
There are ample opportunities for a medical business to flourish, considering technological advancements and the latest trends. The emerging trends encompass pathology, preventive healthcare, emergency services, analytics, and others. You can create a strong business plan to venture into newer avenues.
- $7 to $8 billion growth of the Indian medical tourism is expected by 2020.
Furthermore, the low-cost factor makes India a preferred destination among medical tourists across the globe.
- Trust factor adds on
Once a medical establishment wins the trust of customers through proficient service, it continues to attract footfall.
So, if you invest in maintaining both reputation and reliability along with quality healthcare service, you can achieve milestones in your medical business.
Here, a loan for doctors can provide sufficient funding for catering to the monetary requisites.
Cons of a medical business
Although healthcare is a noble business, it also brings along several responsibilities challenges involving prestige, income, job-related stress, legal cases, etc.
A medical practitioner or entity always runs the risks of misdiagnosis, incorrect treatment, unintentional negligence, physical damage caused to the third party, intentional errors, surgery-related issues, and even death.
- 30% to 40% increase in medical negligence complaints recorded over the past 5 years.
In such circumstances, patients can claim high-value compensation or file legal cases against a doctor or healthcare professional.
This not only hampers reputation and business but also leads to financial loss.
However, the best way to stay protected against such unforeseen incidents is with a professional indemnity insurance plan.
Understanding professional indemnity insurance policy
A professional indemnity insurance cover is an insurance plan created to provide financial protection against the losses incurred from professional services. It legally exempts the insured from liabilities for damages caused.
Patients often claim exorbitant compensation amounts basing on the extent of stress and damage. It not only strains a medical practitioner’s finances but also drains out his/her savings. An indemnity cover comes with numerous benefits in this context.
- The reported incidents of medical negligence per year – close to 98,000.
- In 30% of cases, patients file legal cases for being unsatisfied after paying the expenses.
A comprehensive insurance policy makes you confident and relieves you from such future contingencies. Leading financial companies like Bajaj Finserv offer tailored malpractice insurance plan with high-value coverage of up to Rs.1 crore at affordable annual premiums. It also covers expenses of appointing a lawyer, court charges, investigation charges, and any other associated costs.
Medical practitioners can additionally take out customized loans for doctors against zero collateral. These funds are designed to meet diverse monetary requirements to keep a business running. If your medical business is affected, this finance can help overcome the situation effortlessly.
NBFCs such as Bajaj Finserv bring online applications to ease the loan availing process. Healthcare is one of the most profitable businesses currently in India. While capitalizing on the opportunities, ensure to have a safety net with a professional indemnity insurance plan from trusted financial institutions. Additionally, secure the venture using a customized doctor loan.