5 Reasons Why You Must Opt for Healthcare Finance in 2021

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The lower number of healthcare institutions and disproportionate doctor-patient ratio are the major challenges that India’s healthcare system usually faces. The challenges multiplied when the system was battered by the healthcare crisis prevalent since the end of 2019, where millions of people still need doctors and advanced treatment.

Only with adequate funds, i.e. healthcare financeone can face these challenges and resolve them. However, there are other reasons for which medical professionals can opt for healthcare finances in 2021. 

  1. To upgrade infrastructure

Over the past few decades, India has been struggling with insufficient infrastructure due to a lack of advanced and equipped medical institutions. By infrastructure, one means individuals, facilities, and the building to give optimal health care service. The term further includes parts comprising basic hospital delivery services (both structural and maintenance of facilities).  

The low number of buildings, such as medical teaching and training facility centres in India, has intensified the degrading situation. Additionally, the poor rural healthcare management system has slowed the growth, which needs to be immediately taken care of. 

In such situations, to upgrade the infrastructure (such as purchasing advanced medical equipment) and give patients the treatment of the highest degree, healthcare professionals need funding that can be efficiently covered under any healthcare finance.    

  1. To increase health workforce

The healthcare crisis of 2020 created a situation where health workers had to work for enormously stretched hours and limited resources. The shortage of workforce is prevalent at every level, including doctors, nurses, paramedics, and primary healthcare workers. The shortage is alarming in rural areas where 66% of the population resides. 

As per a study conducted in March 2021, India’s ratio of health work base is not even half of the 44.5 health workers per 10,000 people as recommended by WHO for achieving universal health coverage.

Further, the number of nurses per doctor is 1:3, where the number stands at 3 per doctor in developed countries. More health workers need to be trained and added to the healthcare system, for which medical institutions need healthcare finance to resolve this alarming situation.

  1. To manage patient load

With a population of 1.4 billion, managing patients at times of global medical crisis becomes a tough job. 

This can be resolved if healthcare professionals adopt new technology with the help of medical finances and streamline the operational and clinical process. They can introduce a teleconsultation facility and opt for a telemedicine app. By adopting Artificial Intelligence (AI), one of the emerging technology trends in the medical industry, and telemedicine apps, healthcare professionals can learn about uncertain medical conditions. 

On the other hand, healthcare professionals can diagnose and treat patients remotely by using the telemedicine app.No wonder the integration of advanced technology in the healthcare system needs funding.   

  1. To better handle data 

The increased numbers of patients directly point towards the need of bringing changes in a healthcare management system. As patients’ count is on the rise per day, managing patient records manually is tiresome and can lead to errors.  

Hence, medical institutions need to bring reforms at the basic level and secure patient data, which can be highly achieved by adopting blockchain technology. Blockchain is a distributed peer-to-peer technology with three major components, distributed network, shred ledger, and digital transactions. Blockchain eliminates centralised administration by cryptography and provides control of entry, scalability and data protection.  

The adoption and implementation of such advanced technology are needed to align with the pace of 2021, and as far as the cost is concerned, one can opt for healthcare finances.

  1. To expand services

In a country of 1.4 billion people, India has 750000-90000 ICU beds. The relatively low number of ICU or Intensive Care Unit has always been a concerning matter. In such scenarios, hospitals can consider ICU expansion and increase the total count. 

Here, medical professionals need to think about the cost that includes material expenses, equipment expenses, labour expenses etc. Further, they can opt for ‘eICU’ (Electronic Intensive Care Unit) and handle patients remotely using videoconferencing technologies. However, they need an adequate setup. The total cost can be high. 

However, medical professionals can avail of  a loan for doctors. Leading NBFCs like Bajaj Finserv offers high-value doctors loan against minimal documentation.

These lending institutions extend pre-approved offers to streamline the loan-approving process. These offers are also available on several financial products like business loans; personal loans. Individuals can check their pre-approved offers by submitting name and contact details.

Now that medical professionals know the important reasons for opting for healthcare finances, they can identify their purpose and apply for funds accordingly. 

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