To begin with, You are a dedicated healthcare professional who can crises with equanimity and candor. As a Doctor, you save lives and nurture well-being every single day. You have set a benchmark in commitment and credibility. However, one thing that you may be confused and baffled about is Hospital funding. If you agree with this, then read on.

Hospital finance funding is an extremely complicated subject. Planning how and from where to garner enough funds to make your dream a reality is a tough task. But do not worry, most investors are interested in funding a project that guarantees high returns and has low risks like healthcare. Investors need enterprises as much as enterprises need their financial backing because they can mutually benefit each other. So, go ahead and pitch your business idea to them.

Some hospital funding basics

1. Curate a believable business plan

Firstly, a business plan forms the foundation of any proposition. You have to formulate a sturdy and sensible business strategy that can convince investors that your idea can provide them with an assured return on investment.

The plan should be a quantitative one and should systematically extrapolate the various milestones of your future journey. Incorporate sales projections, profit volume graphs, and returns predictions in a systematic scientific manner to win the investors, confidence. Do not over-commit or exaggerate success probabilities but stick to hard facts and figures.

2. Keep your records in order

Investors will scrutinize your records before they bring their funds to the table. Be sure to keep your records in ship shape so that there is no lapse on your part. Maintain your credit history and your income tax records in order. Maintain transparency and clarity in all your financial data to inspire trust and confidence in your prospective investors.

3. Give a lucid cost break-up

Investors always need a clear idea about where their funds are going, hence it is your responsibility to provide them with clarity of cost break-up details and a step-wise and stage-wise fund utilization map. A meticulously charted out schedule of finance allocation to various heads and sub-heads for instance, site development, equipment procurement, manpower recruitment, architecture and construction, and various other costs will help.

4. Communicate why you are a class apart

Investors are always looking for a venture that has a unique or innovative idea that sets it ahead of the competition. Take time to analyze your core strengths and zero in on your unique selling proposition or USP. Present this distinguisher to your prospective investors. Make a detailed presentation about your team’s qualifications, track records, pioneering acts, etc. This will win their confidence and make them want to invest in your organization’s future.

5. Consult a healthcare financial consultant

Your hectic schedule and grueling work agenda may leave you with very little time to take care of the nitty-gritty of fund planning. As a healthcare professional, you may neither have the time nor the specialization to navigate through the stormy waters of financial planning.

If you too are in this boat, it is better to call in the expert sailors of these rough seas…the hospital financial consultants who have the expertise and experience to help you formulate a thoughtful business plan using innovative business models and marketing tools that will make a lasting impression on your prospective investors.  They will connect you with the right financial institutes to fund your project and will also take care of unexciting legwork like collating documents, setting the right records, and garnering financial data. They can serve as your trustworthy companions in your expedition to secure investment partners.

Thus, healthcare financial planning may look like a formidable voyage but can be plain sailing if you use these tips and also avail of the guidance of a reputed healthcare consultancy firm like Hospertz, a reputed Hospital CONSULTANCY firm in India.

The blog has been written by Dr. Vishal Jadhav, a veteran in the field of hospital consultancy with rich experience of more than 20 years and founder of the Healthcare Consultancy Firm, Hospertz.