The Indian healthcare industry is expected to reach a market growth of Rs.8.6 trillion. This is a promising call for willing medical practitioners to set up a hospital in India and build a prospective career. However, individuals must consider a few pointers while setting up a hospital in India.
- Create a business plan
The first step for setting up a hospital is to create a business plan. This covers the necessary infrastructural planning. It includes – selecting an appropriate location, hiring qualified doctors, purchasing necessary medical equipment etc.
Also, individuals must include all the healthcare facilities that they are expected to provide at the locality. It includes building a respective ward for a particular department, such as orthopaedic or psychiatry.
Besides healthcare, other facilities involve providing air-conditioned rooms and other specialised services. Accordingly, estimate the total expenditure. Proper planning helps one to avoid costly bills in future. It also determines whether there is any requirement for loans to fund such high-ticket expenses
- Obtain the necessary fund
Building a hospital requires a significant investment. Therefore, post a business plan, create a budget. This will help one to estimate in advance how much fund is required to set up a hospital. If accumulated savings falls short, individuals may look for external financial avenues.
Approach leading financial institutions that offer affordable loans at competitive interest rates. Further, opt for NBFCs that extend pre-approved offers that further streamline the application process. Willing applicants can check their pre-approved offers by submitting their names and contact details.
- Acquire the legal permits
Individuals must obtain a few licences to set up a hospital in India. This includes:
Construction and land
- Choose a non-agricultural land for the construction of a hospital.
- Before the construction of a hospital, obtain permission from the respective local authorities.
Individuals need to obtain permission from the municipal authorities for the drainage and sewage system.
Fire and health licence
A health licence certifies the treatment available at the hospital. Additionally, a fire licence is necessary to attest that a hospital will not risk the life of patients and staff working there.
Supply of water and electricity
The supply of water and electricity depends on the total capacity of a hospital. Hence, determine it before approaching the municipal authority.
If you own a hospital, you require an occupancy, completion certificate and Fire NOC. Besides, hospitals must be registered under the following Indian Acts:
- Registration Under The Clinical Establishment Act, 2017
- Registration Under Societies Registration Act, 2001
- Registration Under Companies Act, 2013 etc.
- Purchase necessary medical and other equipment
Buying advanced medical equipment is essential to gain a competitive edge. Although individuals often remain confused over leasing vs buying equipment and which option will be cost-effective.
For example, if an individual requires a scanning machine but does not have the necessary funds, he can consider leasing his medical equipment. Other scenarios include when a medical practitioner plans to add a new healthcare department and require necessary medical equipment. This way one can decide whether to buy or lease equipment to avoid financial loss.
For example, he plans to add a prenatal care ward. However, he is unsure about the number of patients to visit and avail of this facility. In that case, he can opt to lease the existing medical equipment to obtain the necessary financial resources. However, individuals without any financial limitations can opt to buy medical equipment. One can also opt for medical equipment finance besides using his accumulated savings for such a huge investment.
Besides medical equipment, set up communication and computer systems for a speedy administrative process and improve overall customer experience.
- Invest in marketing
Medical practitioners must create a marketing strategy to make their practice more visible. Once you create a marketing strategy, execute it via online and offline campaigns. Inform via the advertisement what sets the facility apart. For example, build a website or other advertising methods to attract potential customers from nearby locations.
All these require huge investment. Individuals can ease their financial burden by opting for external financial options such as a loan for doctors. This high quantum loan helps one to invest in marketing campaigns without any financial roadblocks.
The Government plans to increase the total healthcare expenditure by 3%. Hence, this is a prospective career field of building a career by setting up a hospital in India. Therefore, willing individuals must keep these pointers mentioned above in mind to improve the chances of building a hospital.