Ways in Which Technology can Make your Medical Practice Profitable

Ways in Which Technology can Make your Medical Practice Profitable

The healthcare industry is one of the sectors which implements technology on a large scale. According to estimates, the market size of the global medical technology is worth around $430 billion. West Europe and the US are the two markets where the majority of this industry prevails. However, Asia is currently showing the most potential to become a larger player in the future.

Integration of medical technology is crucial to streamlining the healthcare delivery process. It not only makes the procedure more straightforward but also lowers the time required to provide the necessary healthcare.

Hence, it is crucial to implement technology in your medical practice if you want to serve your patients better. You can avail medical practice financing in case you require additional funds. In India, NBFCs offer such financing specifically to medical professionals to help them establish or upgrade their practice.

One significant utilization of these funds is in modern medical technologies. Following are some of those:

1.    Electronic Medical Record (EMR) or Electronic Health Record (EHR)

Electronic Medical Record (EMR) or Electronic Health Record (EHR) is the digital form of patient record. EMR is one of the many reasons why doctors should consider going digital.

EMRs can contain the following data of a patient:
●    Medications
●    Laboratory test results
●    Treatment plans
●    Diagnosis
●    Medical history

Multiple organisations like workplace clinics, pharmacies, pathological labs, etc. can get access to EMRs and manage them.

You can take advantage of competitive doctor loan interest rate to implement EHR or EMR facility in your medical practice affordable.

2.    Telemedicine

Telemedicine is a procedure by which medical professionals can deliver healthcare remotely. This technology enables you to diagnose, evaluate, and provide medical services through telecommunication systems.

Telemedicine can save both your time as well as your patients’ time. Patients who particularly remain too busy with their occupation are one of the primary receivers of this service.

According to research back in 2017, around 77% of patients considered virtual healthcare delivery services. On the other hand, around 19% of patients had already availed the same.

Your medical practice will require the latest equipment for video conferencing if you seek to provide telemedicine. Availing medical practice loans can help you access the necessary funds for the same.

3.    Online patient scheduling

One of the common situations that you often face in your practice is patient cancellations and absence. This can cause inconvenience and decrease your service efficiency as well.

Providing online or electronic patient scheduling can help you precisely eliminate the same. This system enables patients to book and cancel an appointment online. Plus, you can track them from their arrival to departure with appointment reminder notifications effortlessly.
Online patient scheduling also lets you manage patient schedules throughout multiple locations, physicians, and days.

A professional loan can come to your rescue in this case. Utilise these advances to purchase the top medical software in India, know their applications and streamline your services.

4.    Remote monitoring

As of 2016, there were around 325 million wearable devices. This number is projected to become 830 million by 2020. Wearable devices have become one of the fastest growing technologies among the general public and fitness enthusiasts.

However, numerous professionals are also adopting this technology to monitor their patients remotely. These devices collect data related to a patient’s health and deliver the same to physicians. Healthcare professional can receive alerts about a patient in real-time; they can also customise the treatment and aid the latter more effectively.

Now, providing wearable devices to your patients may prove costly, but medical practice financing can help you out in this regard as well.
Opt for medical practice financing to introduce and implement these technologies in your set-up to make it profitable.

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