How to open your Clinic - A Financial Guide

13 December, 2022

​​​​​​​As a medical professional, you must have spent years studying. One way of putting your training to good use and offering medical treatments to those who need them is through a clinic. Today, it has become relatively easier for you to open a medical practice of your own. Although it can be financially challenging, you can seek assistance from various avenues. Continue reading to learn more about how to go about setting up a clinic and the steps you should take.

How to open your own clinic?

To start a clinic of your own, you need to take the following steps:

1. Prepare a business plan:
   
   You need to prepare a business plan that is flexible enough to respond to different outcomes and unexpected challenges. You must know the expenses and set a target revenue to aim for. You should also have a plan in place regarding managing daily expenses and account for unexpected events. This plan can also be used to procure financial assistance from banks.
   
   

2. Obtain financing:
   
   With a business plan in place, you are ready to pitch the idea of a clinic to bankers and financiers. You have to persuade them of your enterprise's potential success and creditworthiness. Today, you can reach out to various banks, like HDFC Bank, and procure financial assistance to open your clinic. HDFC Bank has especially designed Loan for Doctors to enable you to be of service to your patients. Ideally, pick a loan amount that helps you manage rent, medical supplies and equipment, salaries, utilities, etc. Click here to read more.
   
   

3. Choose a location:
   
   The next important step is choosing a location. You should opt for an area that allows you to cater to your target audience. For example, selecting residential areas and housing families would be wise if you are a paediatrician. Plus, the space should be large enough to accommodate your equipment, staff, waiting room, etc. Make sure to opt for décor that is suitable and presentable to the eye. It is best to have a location in mind before you procure finance, as that can help you decide the loan amount.
   
   

4. Purchase equipment:
   
   A major part of clinic setup requirements is procuring the right equipment. You want to purchase equipment of good quality that has no defects. Thus, examine the equipment before purchasing it for your medical facility. You also have to purchase computers and communication devices along with medical equipment. You must also outfit your waiting room with sofas, books, water-coolers, etc.
   
   

5. Hire staff:
   
   The right kind of staff is crucial to the healthcare industry. The same goes for your private practice, as well. You should try to find staff who are as driven as you and whose values align with yours. Ensure that the medical staff is adequately trained and hire administrative staff to deal with the billing process.
   
   

6. Market your clinic:
   
   The final step of setting up your clinic is to market it sufficiently. Marketing helps you get the word of your clinic out there. It will enable you to reach your target audience. You can follow traditional marketing practices and opt for modern methods involving a digital presence.
   
   

HDFC Bank realises the importance of providing medical professionals like you with the means to serve your patients. You can apply for a Loan for Doctors. With reasonable interest rates and easy repayment options, the HDFC Bank Loan for Doctors makes opening your clinic easier than ever before.

To learn more about the various products and services at HDFC Bank that can benefit your enterprise, you can check out the MyBusiness page.

Looking for a Business Loan for your MSME, click here

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. HDFC Bank recognises the challenges entrepreneurs face while acquiring capital. Thus, HDFC Bank has created MyBusiness, a one-stop solution that gives you easy access to loans, digital solutions and provides you with the essential knowledge you need to run your business. With HDFC Bank MyBusiness, you can scale up, expand your operations, and nurture your business. Bank Loan at the sole discretion of HDFC Bank Limited. Loan disbursal is subject to documentation and verification as per Bank's requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.