The demand for medical laboratories is increasing daily because of the increasing population. We already know how lucrative the medical line is, and opening a medical laboratory is no exception. It is not just an exceptionally lucrative business idea, but you're also helping the ill and elderly by diagnosing their health issues.
Medical labs vary in size and complexity based on the testing services. It would help if you had thoughtful planning and what will be your venture. Most importantly, this start-up needs investment and keeping everything else. You can't ignore the research factor. We'll help you understand how to open a laboratory and guide you through its intricacies.
Did you know?
You'll be stunned to know that we live in a country with around 140 crores of people and still have just 1.1 lakh medical laboratories. The calculation says that per 12,727 people, we've got just one medical laboratory. It is beyond bizarre. On top of that, a big percentage of these laboratories don't have enough equipment.
Learn About the Cost of Setting Up a Medical Laboratory
Steps for Opening a Medical Lab Business in India
1) Location
The first thing to think about is a well-connected and reputable place. Visit the city, and then narrow down some possible spots. Find out information regarding the area from locals, the internet and other sources. Gather information about access from various parts of the city, hospitals nearby, the type of residents living close by, transportation facility, etc.
The location for the medical business plan should have enough space to store instruments, seating arrangements for patients and future changes to the infrastructure. We'd recommend choosing a space with air conditioning and less crowd.
There must be a clean environment to shield the samples from contamination and protect patients from infections. Always seek out a lab located on the ground floor to ensure the convenience of pregnant women, older people, those with disabilities, etc.
The ideal location can affect your business's prospects significantly. If you do not meet any of the mentioned issues, patients may choose an alternative medical laboratory. There is huge competition in the market, so it is essential to be distinctive and comprehensive to stand out in your laboratory plan.
Also Read: Requirements for a Medical Equipment Loan
2) Investment
Investment is among the most important factors to consider for your medical laboratory in India. It is necessary to invest at various levels and for various reasons, and we can understand the costs through the following tips.
- Rent or purchase the space used for your medical laboratory.
- There will be a need for machinery, maintenance and repairs. It will require a significant capital investment.
- The lab needs software to test results, functional and other functions. It needs money to buy a subscription.
- Utility bills such as electricity, broadband connection, water, etc.
- You'll need staff to manage the lab, your patients, your schedule, etc. The payment of staff is another expenditure.
3) Infrastructure
The lab's setup should give importance to the lab's infrastructure as this will help the staff be more efficient and without disruption. Inform the patients about the accessibility of different services offered by the laboratory. There must be a well-planned layout for the various rooms and treatment areas to ensure that the activities that every department plans are carried out without a hitch.
Clean bathrooms, wheelchairs, lift services, and many other basic elements of a health facility should also be available within the medical laboratory plan. In addition, you must maintain hygiene at a high level. Because the field is linked to medical procedures, any slight discord from the norm could cause serious issues for personnel working in the area or patients.
4) Licencing and Certification
It is important as, unlike other industries that deal with health, the medical lab business is about people's lives and requires proper authorisation from the hospitals and government. You can refer to the following list of the necessary documents and requirements to be able to open a medical laboratory.
List of necessary licences and certifications
- Accreditation through Good Clinical Practices (GCP)
- A licence that the National Accreditation Board issues for Testing and Calibration Laboratories. (NABL)
- The registration is required with the Shops and Establishments Act.
- Registration with Clinical Establishment Act.
- Registration of biomedical waste disposal authority.
- Approval from the board responsible for pollution control.
- NOC from the city corporation and the fire department.
5) Space
The minimum space required is something that accommodates 100 patients and their attendants. Patients shouldn't be forced to sit in a crowded space or a crowded environment because of insufficient space. You must pay the greatest attention to space so that the infrastructure can also be efficient. Space planning is crucial to ensure that everything is properly positioned to attain success in your medical business plan. Please don't use a revolving door between departments of different activities as they could hurt the patients.
6) Tools and Equipment
Tools and equipment are the heart of the medical business. You require them for reporting, scheduling, diagnosis and major operation requirements. A trusted and accredited supplier must supply the equipment you choose to use. Check that your equipment is compatible to be updated with the latest technology and is easy to use.
You must keep all modern equipment and software to be able to serve more patients with different diagnoses. Contact medical and hospitals and request that they recommend your lab for their clients.
7) Staff
The people chosen to work in the lab need to meet the standard requirements for the respective designations. The process of acquiring them must be long, requiring screening rounds to ensure that the personnel selected can tackle the complicated issues that arise in medical practice.
The technicians in the lab should be assigned to ensure that they have a full understanding of the equipment in the laboratory. They must be given instruction and training in the first phases of their appointment. It will lessen the chances of making mistakes and help them adapt to the laboratory processes. Employees' salary counting can be hard as you'll have to do many calculations. However, an online salary calculator proves to be a time-saving solution.
Also Read: Guide to a Setting Up a Pharmacy Store and Affordable Medicine Store Franchise
8) Marketing and Branding
Marketing for a successful medicine business plan is as important as the other steps listed above. If a business is not visible, it will not last long, which is the reality of business. Particularly for medical labs businesses in India, you must create a unique marketing strategy to keep ahead of the rivals.
A perfect marketing strategy is a blend of traditional and online marketing in today's scenario. Traditional marketing is roadshow promotional events at malls, housing societies, shopping complexes, etc. Digital marketing involves promoting online platforms via social media channels and search engines.
Create your marketing strategy effectively to be first when someone is searching for the medical lab near me on the web. You'll have to do Google My Business optimisation to make that happen. Learn from medical journals to know your target market and their requirements for putting together an effective marketing strategy.
Your promotions should help the customers you want to attract to your services for their diagnosis needs and remain loyal to your company.
9) Software Tools
It's a fantastic help if you could perform the tasks of your laboratory in a computerised manner. It will eliminate any discrepancies in results and is an efficient way to save time. Updating each patient's record with results, sending them reminders and having an accurate record of patients' medical history will be achievable with powerful software and a knowledgeable team in this field.
In addition to providing patients through software, it is also necessary for these tools to support the laboratory work. Diagnostics will require effective technology and programming to produce the desired results.
Conclusion
A medical lab business is undoubtedly very profitable, and you can even generate tremendous income in the initial lab setup days if you offer in-demand tests within your locality. We've provided all vital tips to start a medical lab business.
Follow Khatabook for the latest updates, news blogs, and articles related to micro, small and medium businesses (MSMEs), business tips, income tax, GST, salary, and accounting.
