India is one of the fastest growing dental healthcare providers in Asia. The overall valuation of the dental industry is approximately 13,000 Crore, and it is projected to grow at a rate of 20% year-on-year. Such fast growth rate has been immensely beneficial to patients all across the country.
There is one dental surgeon for every 10,000 people in India today. The ratio is predicted to decrease further as an increasing number of dental colleges cater to students who want to practice dentistry. These graduates often prefer to open their own dental clinic to extend their availability to people living in semi-urban and rural areas.
Setting up a private practice has become significantly easier now, thanks to the easy availability of loan for dental clinic. Dentists can avail up to Rs. 2 Crore to meet the requirement of setting up a new clinic. The massive loan amount also helps to install more modern tools like equipment for laser dentistry, the next generation for dental surgery, etc.
Here is a checklist for dentists to help them set up a dental clinic:
The infrastructure includes the location where that clinic would be built, size and space division of the centre, etc.
- Find the right location – It is a good idea to research the area in advance to understand the local patient demographic. Rural parts of the country still suffer from a massive deficiency of dental care clinics. A loan for dental clinic provides enough financing to establish a practice both in rural and urban areas.
- Build the proper infrastructure – The chamber should be spacious enough to accommodate all the necessary equipment for surgery as well as patients and staff required to run a clinic. Also, one should remember one’s growth plan and try to leave enough space to accommodate future development.
Implementation of the latest technology has improved dental surgery significantly in the last decade. Improvement in machines like x-ray, scanners and displays, CAD equipment, dentists chair, etc. allows a doctor to diagnose and treat his patients properly.
Most of these pieces of cutting-edge equipment are often expensive to purchase and set up. One can avail a loan for doctors to finance the purchase and use funds from a healthcare finance to set up the equipment.
A dental surgeon should carefully evaluate the financial aspect before he decides to open a new clinic. These include:
- Overhead costs – Overhead in a business meaning to all ongoing business expenses. All the expenditure directly included to creating a good or services known as an overhead cost. Amenities like water, electricity, rent, insurance etc. fall under overhead expenses. It is impeccable that a clinic should have enough working capital to maintain overhead costs.
- Staffing – An experienced and compliant staff is the first essential of clinic management. However, skilled professionals often ask for a higher salary which can strain one’s working capital. For this you can go for direct hiring or you may consult any firm for this work. Usually large hospitals or medical centres used to contract the consultancy services rather have its own hiring staff. So it’s up to your choice what you choose better. Different sources of business finance available in market can be utilised to pay for such expenditure.
- Attract patients – Proper exposure and marketing is a must to grow the reach of a clinic and attract new patients. Advertisements over various mediums, implementing online appointment and payment services etc. are essential parts of streamlining this process to make it more approachable for prospective clientele. One can use the leftover funds from a loan for dental clinic to finance such operations.
Setting up a new practice can prove to be an overwhelming task, especially for people who are new at providing healthcare services. The handy checklist mentioned above consists some of the essential factors they must take care of to establish their clinic as a suitable healthcare service provider for patients.