Strategies You Should Follow to Expand Your ICU and Hospital Business

With the world yet to recover from the healthcare crisis prevalent since 2020, the year 2021 has presented a bigger crisis for medical services. As per a recent report, currently, there are about 90,000 ICU beds in India. Another report shows with 5 hospital beds available per 10,000 people, India stands at 155th out of 167 countries.

In such a scenario, hospitals must undertake uniformed strategies and decisions that will help to optimise hospital management and maximise bed capacity to ensure quality hospital services. Hospital owners or professionals engaged in the healthcare sector looking for funds to expand an ICU or their hospital business can resort to lenders offering the best physician loans at an affordable interest rate.

Read on to know how with adequate funding and proper strategy, you can expand your ICU and hospital business.

Ideal strategies to focus on for expansion

Hospital expansion is essential for several reasons. Not only does accommodating more patients demand to be the priority on the list, focusing on patient-centred care, streamlining the workflow, and above all, transparency in the whole system must also be considered.

Nonetheless, among all such things, one must not forget about the cost and strategies that will ultimately help to bring the change.

Strategy 1 – Evaluate all future requirements before drafting an expansion plan

While planning an ICU/hospitalisation expansion, one must know the future requirements. To be precise, if he/she is planning to build a hospital near a residential zone, the need for additional beds or an additional number of ICU beds will automatically increase. Hence, a proper strategy is required while considering the present demands as well as the future requirements.

Strategy 2 – Conduct in-depth research

Hospital/ICU expansion/renovation demands in-depth research. Here, the hospital staff, healthcare workers can prove to be of great help. Pointers like which part of the hospital or unit needs urgent expansion or upgradation, what type of equipment must be added to the hospital healthcare facility that can enhance treatment facility, etc., must be considered.

Here, the local officials or individuals related to the healthcare department/boards assist in the research. Thus, the whole plan of expansion can get both the guidance of hospital staffs and higher healthcare officials.

Strategy 3 – Evaluate the cost of expanding ICU/hospitals

One of the major tasks of hospital/ICU expansion is to evaluate the costs like that of material expenses, medical equipment expenses, labour expenses beforehand. For that matter, hospital executives must understand their revenue cycle comprehensively. Then only they can determine where to allocate funds and resources. One way to identify the bottlenecks is through Revenue Cycle Analytics (RCM) and financial data assessment.

Through this, hospital executives can not only plan what way would be best to gather revenue and then invest in the expansion but will also let them see (through the dashboard and robust reporting method) if the hospital staffs are doing what they should do. After deciding all the parameters, hospital executives can effectively figure out the cost and ensure they are not underfunded.

Since funding is an issue with ICU/hospital expansion, renowned financial institutions like Bajaj Finserv have come forward to provide the best physician loans, i.e., doctor loan in both unsecured and secured variants. You can get doctors loans of up to Rs.35 lakh and Rs.50 lakh respectively.

This NBFC extends pre-approved offers to streamline the application process for the best physician loans. These offers are also available on several financial products like business loans, personal loans, etc. Individuals can check their pre-approved offer by submitting their name and contact details.

By following these strategies mentioned above, medical professionals can easily allocate the funds by availing of the loan for doctors for hospital and ICU expansion to ensure advanced treatment facility.