In today’s economy, many health care providers are struggling to stay on top of their finances. The adaptation of Medicare, Medicaid, and other private insurance companies have placed stronger restrictions on reimbursement policies, making it harder for you to get the funds you need for your business.
If you are like most, you have searched high and low to find a financing option that works with your business, but have come up short. Don’t settle for long, drawn out financing from a bank.
A medical loan is a financing solution that not many healthcare practitioners know of. A medical loan is a revenue based loan where a third-party financing company would base loan qualifications on your income stream and your bank deposits rather than your creditworthiness.
How will this benefit your business? Keep reading to discover the many benefits that loans can provide your business.
Who Can Use Medical Loans?
Let’s first start with defining who can utilize the many benefits of medical loans. Many practitioners are now discovering this powerful financing tool. Just about any health care practitioner can benefit including:
- Physicians (general practitioners and specialists)
- Physical therapy groups and clinics
- Durable medical equipment providers
- Home health care providers
- Hospitals and medical centers
- Medical staffing services
- Rehabilitation centers
- Outpatient facilities and clinics
- Dialysis facilities
- Medical labs
4 Benefits of Medical Loans
1. Faster Payment
With medical loans, you will never have to wait 30, 60, or 90 days to get financing through a bank. For example, we can get you twice of your monthly deposit average in just as little as five business days.
2. Controlling Cash Flow
When you include loans into your healthcare facility’s business plans, you will be able to build a stable cash reserve. Why is this important? With a secure source of capital, your business will now be able to take on more customers without the worry of running out of funds.
You will also be able to update outdated equipment to increase productivity in your practice. Payroll will also be easier than ever, knowing that you have the funds to get your employees their hard-earned wages on time.
3. Financial Freedom
Unlike financing through a bank, loans give you financial freedom. The funds that you receive will have no restrictions or holds. You will have the ability to spend your funds however you please.
4. Build Your Business’s Credit
If you are starting your own healthcare practice, you understand the importance of having good credit. Starting your own business is hard in any economy. To ensure that your business can build strong credit in its early stages, utilize loans.
Medical loans will get you the funds you need for your services fast so that you can meet your business’s increasing needs. You will be able to better prepare yourself for future lending needs by having a secure source of capital to your business’s name.
Now that you are aware of this alternative financing option for your business, you can finally take control of your cash flow. Utilize these benefits to see a strong positive difference in your healthcare facility.