The healthcare sector is extremely opportunistic for practitioners to run medical businesses today. Being a major revenue-generating sector, India’s top-notch and affordable healthcare services have made the country a favored medical tourism destination among global patients.
However, like every other venture, medical businesses also come with their sets of pros and cons. It is crucial for every owner to know the challenges and ensure financial safety with a professional indemnity insurance plan.
Coming to the advantages, a medical business brings great earnings, increased footfall, and ample opportunity to flourish.
You need to invest in the latest technology, advanced machinery, marketing, and advertising to taste success. Here, a loan for doctors can help you address these requirements effortlessly.
On the other hand, the responsibility of healthcare brings along professional risks as well. Incidents of incorrect dosage, wrong treatment, surgery-related issues, severe damage, misdiagnosis, etc. can lead to shattering consequences.
Patients often file lawsuits against doctors and claim exorbitant compensations, which become financially stressful for the later.
This is where a malpractice insurance policy proves beneficial. These insurance plans offer coverage value up to Rs.1 crore and provide financial protection against the losses incurred. So, create a business plan to leverage market opportunities and buy a safety net with the best indemnity cover.
