The medical profession is usually considered one of the noblest professions, and rightfully so. Unfortunately the idea that doctors symbolize God puts them in a position of responsibility where we expect them to do no wrong. People tend to forget that doctors too are human and liable to errors or negligence as much as other professionals are. And in today’s age, doctors who are accused of negligence can face financial setbacks that can lead to substantial monetary losses.
As a doctor, you must ensure that you can handle financial setbacks in life. Medical negligence is not an unfamiliar concept for Indian doctors today, and there are cases where it has led to significant monetary losses for them. Effective financial management can help in building a stable, successful career and avoiding a stress-filled life. One possible solution to ensure that this happens is medical indemnity insurance.
Here are some common causes that result in low financial rewards for medical professionals:
- Insufficient Reach to Patients
As a doctor, you get to treat more patients if your clinic or hospital is easy for them to reach. Having your clinic located in a highly populated region simply means you will have more footfall than practicing in a remote area. So make sure that you select a suitable location while establishing your medical clinic. You can also adopt online modes to promote the medical services you offer, and make it easier for patients to reach you. The more patients you get to treat, the more rewarding your finances will be.
For instance, you might have seen renowned doctors and hospitals taking advantage of social media to widen their reach. Some hospitals even launch awareness projects through the internet, including reminders for vital vaccines. You can follow their footsteps as well.
- Using Dated Techniques and Equipment
The healthcare world is developing fast in terms of technology. From the invention of X-Rays to advances in surgical operations, technology has made it possible to diagnose and cure many diseases, thus increasing life expectancy. People prefer to choose advanced medical treatments that involve use of high-tech technology. Doctors with advanced treatment techniques and tools have the upper hand over those using older or obsolete techniques.
If you are still using outdated medical equipment and tools to treat patients, you need to switch to current alternatives. To gain the confidence and trust of your patients, you need to update your medical treatment modes and evolve with time.
- Facing Court Cases Arising from Medical Negligence
As a doctor, you are a life-saver for many patients. However, you may occasionally commit unintended mistakes which can affect the lives of the patients you treat. Medical negligence can cause you to become liable for the losses caused to your patients. Medical negligence is not an unfamiliar concept for Indian doctors today, and there are cases where it has led to significant monetary losses for them. You may end up facing a substantial financial setback in compensating for these losses. Here is when medical indemnity insurance comes to your rescue.
This form of insurance will protect you in situations where something goes wrong during the treatment and might cause severe injury or even the death of a patient. It covers both the legal costs and any compensation that needs to be paid to the injured patient.
- Debts or Loan Borrowed for Medical Practices
While setting up a new clinic or a hospital, you may need to borrow considerable amounts of money from banks for the initial set up – that could include hiring of new staff, buying equipment or building the required facility. However, repaying a big loan can create a significant financial burden for you.
In such a situation it is essential to create a budget and stick to it. You need to be careful before investing your money, its is best to seek financial advice from professionals before making a final decision.
As a good practice, avoid taking loans if you think it would be hard for you to repay them. If you do take out loans, make sure you follow strict discipline in repaying the amount with the interest due, in order to avoid any financial hindrance especially in the long term.
It is crucial to understand that financial setbacks can happen to you, just like they may happen to others. Effective financial management can help in building a stable, successful career and avoiding a stress-filled life. By following the suggestions mentioned above, you can avoid problems and stress, while strongly building your career.