If you are thinking about starting your own business and have a basic understanding of medical procedures and practices, Pathology labs are the finest options in India. In today’s fast-paced lives, there is a rise in medical issues. With rising awareness of healthcare, more disposable income, global exposure, and improvement of medical facilities, Pathology Laboratory is a very lucrative business. India itself is home to about 1,00,000 laboratories which are a fine mix of radiology centres and pathology laboratories.
Pathology labs help in determining the cause of disease and diagnosing the exact medical condition of a patient. It performs various diagnostic testing and based on results, suggests the most appropriate treatment. These labs are looked upon for accurate diagnostic, quick access to health reports and importantly the comfort of getting tests done at your home. However, as for any other business, it requires strategy, capital, investment and much more.
To start any business, planning is a necessity. From infrastructure to investment and working capital, everything has to be planned. A few essential things to consider are:
The primary requirement for a pathology lab is feasible premises. Not only the location should be easily accessible and well connected but it should have clean surroundings to protect against sample contamination. The lab should have proper seating space for patients with ample space for medical equipment, sample storage and future infrastructure changes.
The next prominent factor to consider is finances. Pathology lab requires medium to a high capital amount for factors such as:
- Setting up a lab
- Purchase of medical equipment
- Maintenance and repair of equipment
- Purchase of software for diagnostic results
- Utility bills
- Employee salary, etc
A tentative initial cost to open a small-scale pathology lab would be approx. ?2.8 Lakh, while for mid-scale and large-scale labs it would be approx. ?18.5 Lakh and ?1.75 crores respectively. To set up a laboratory, manage expenses and grow a business, medical loans are highly suggested. Nowadays, the process of getting a loan is much smoother. From the comfort of your home, you can easily apply for an Online Medical Equipment Loan and there are multiple loan options available which are mentioned below.
3. Appropriate Licence and Registration
Unlike other businesses, the pathology business requires high attention to detail when it comes to licences and certificates. A few important licences are:
a. Accreditation from Good Clinical Practices
b. The licence of the National Accreditation Board for Testing and Calibration Laboratories
c. Registration with Shops and Establishments Act
d. Registration with Clinical Establishment Act
e. Registration with biomedical waste disposal body
f. Approval from the Pollution Control Board
g. NOC from the municipal corporation and fire department.
Equipment and software are core necessities of the pathology business. It is required for diagnosis, report generation, scheduling, and almost all the major operational requirements. It is necessary to make sure they are from certified and trusted suppliers. Also, they should be installed with the latest technology and be easy to operate.
At last, it is not a one-man business. A proper team of receptionists, lab technicians, pathologists, assistants, cleaners, etc. are required to successfully grow this business.
The overall cost of your pathology lab may depend on how technologically advanced your lab is. Based on the above estimates, arranging a huge investment can be a tedious task. To help with that, you can avail professional loans for doctors or Medical Equipment Loan for laboratories. They offer huge support in the initial phases of business. Nowadays, with leading financial institutions, you can also apply for Online Medical Equipment Loan just from your smartphone.
Medical Equipment Loans are just one type of loan offered under Healthcare Loans. They can be sub-categorised as
1. Loans for doctors
2. Loans for non-individuals
3. Loans for dentists
Since it is a challenging task to anticipate the required investment, few lenders also offer Flexi Business Loans. Under this loan,
- You can make multiple withdrawals
- Prepay the loan
- Pay interest-only EMIs for the initial tenor
The eligibility criteria for Medical Equipment Loan vary from lender to lender. However, a few important criteria are mentioned below. It is advised to keep everything ready to save time and get quick loan approval.
With accurate results, quick access to health reports and the comfort of getting it at your home, Pathology Laboratories have become indispensable and a boon in the diagnosis of various human illnesses impacting our lives. In case you do not have an MD Pathology Diploma or an equivalent degree from the Medical Council of India, you can still operate this business as an investor or manager. If you are planning to apply for a loan, an online Medical Equipment Loan for Laboratory is the best direction to go in. For smooth and exceptional services, do visit Poonawalla Fincorp.
Medical spaces and equipment require quite a hefty investment, with each machine costing a significant amount after you have already spent a small fortune on college. Since this amount can be too much for any single person to afford, there are other avenues these days that can help you finance your practice and fulfil your dream.
The medical profession is a noble profession. It is one of the oldest and most respected professions. It not only allows you to earn a good amount of money but also provides an opportunity to serve humankind in a truly remarkable way.
Technology and medicine go hand in hand in todayâ€™s times. With the rapid advancement in the field of technology and medicine, being up to date is essential for any doctor or medical professional.