Money Matters: The key to funding your healthcare venture

You have a dream of setting up your own state-of-the-art healthcare facility. You should keep in mind that starting a healthcare facility is a complex process…it requires tremendous planning, execution and management…a lot of patient spade work. One important aspect of your background preparation will be financial planning.  Money is an essential commodity needed for constructing, equipping and running a hospital and for futuristic investment and hence a lot of emphasis has to be placed on financing and budgeting. This is a mammoth task that can seem very tough for most first-time doctor entrepreneurs with their hectic schedules and inexperience in funding matters. If you too are in this boat, you should take the help of Healthcare Consulting Firms for financial planning and budget allocation of your venture.

This team of experts can guide you as they will be having a strong access to capital markets, financial institutes, venture capitalists and banks…after careful consideration they will help you choose the option which is best suited to your needs and vision.

Since each healthcare unit has its own set of unique requirements, there cannot be one-size-fits-all type of financial solution. Each solution will need to be custom-fitted according to your specific requirements like your site, your specialty, your expansion plans, your reach, your expected footfall etc.

Partnership

A multi-disciplinary set-up can enhance patient care as the clientele will get a plethora of services under one roof. If you are planning to set up a multi-specialty unit; you may be having several partners and you are likely to share the funding and investment. Be sure to choose your partners wisely. They should not only share the investment commitment but also your vision and values. The terms and conditions governing the partnership should be legally defined and regulated.

External loans

Many banks offer lucrative loans to healthcare businesses. Several banks and financial institutions offer tailor-made loans for healthcare units as they consider these to be of low-risk and high-earning potential. These are offered on a feasible rate of interest against a collateral. Sometimes, the collateral condition may also be done away with. To be eligible for a loan, you will need to present a rock-solid business plan and your future strategy for repayment.

Venture capital funds

If you are planning to set up a bigger facility like a diagnostic center or a hospital, many venture capitalist firms may be interested in giving you financial assistance. Venture capital can ease your worries of dynamic cash flow and optimize your investment to generate profits..

Collaboration

Many healthcare pioneers choose to collaborate and co invest with other investors. Collaboration can help gain a wider patient base and also share capital and reduce risks.

Regardless of which way you choose, it might be better for you to enlist the help of a reliable and experience financial consulting firm that specializes in healthcare. These specialists will aid you in several aspects of your business like.

Budget Planning 

Budget planning needs a birds-eye perspective of current and future costs that you are likely to incur during the planning, execution and operation of your healthcare unit. You should aim at having a professional projection and estimation of this array of expenses

Cost Efficiency

Providing top quality healthcare at affordable costs should be your aim if you wish to make healthcare accessible to the masses. This can be achieved with planned resource optimization.

Plan for insurance

Every business should have the safety net of Insurance. A basic back-up and continuity plan should be in place to guard against any eventuality.

Revenue generation

The success of your healthcare unit will depend upon the bottom line. You will have to diligently pursue revenue generation targets by increasing patient footfall. You will have to achieve this by having a thoughtfully designed marketing and publicity strategy in place. In this era of tough competition, you will have to stand out from the crowd of competitors by increasing visibility and going the extra mile in terms of services.

Profit Planning 

Let us face it…you want your healthcare facility to not only be the best but also profitable. So, just aiming for excellence will not be enough, you will have to attract clientele with your promotional activities. If you streamline processes, focus on cost effective and adopt a futuristic approach; you can easily set foot on the path to success.

To summarize, if you have your own set-up, you can realize your goals of uncompromising patient care, assemble your own team of professionals and be in full control of financial success. But the first and foremost thing that is needed to make this dream a reality is capital. If you need capital for the establishment and operation of your unit… it will be better to avail of the services of a competent healthcare consulting firm.