Why Apply For Medical Working Capital Loans?

Do you have a medical practice that you need to get off the ground? Are you in need of some funding for office renovations, medical technology, or for the payroll of your amazing staff? Medical working capital loans can help relieve practice owners of stress related to lack of available funds.

Here are some facts that may help clear up any misconceptions:

Billing Processes

I’m sure you’re aware of insurance companies and their reputation for a slow and tedious billing cycle. Unfortunately, it can take up to 90 days to receive money owed to your practice. If this interferes with paying office bills, purchasing supplies and paying staff salaries you may have an issue at hand.

The answer? Medical working capital loans.

While your practice should set money aside to cover payment gaps, sometimes expenses come out of nowhere and using available cash stores is not always feasible. Working capital loans are meant to help out when your practice is short on funds.

Want to Know How We Come Up With a Loan Offer? Let Us Show You!

Growth Opportunities

They say “it takes money to make money,” right? Like many industries, this statement is indeed applicable in the medical field.

In order to grow any practice, you must invest in equipment, staff, marketing, and technology. But staying up on top of these business expenses can require a little extra cash.

The answer? Medical working capital loans.

As stated in “Working Capital Loans: Fact vs. Myth” the sole purpose of medical working capital loans is to finance the everyday operations of a business. By looking for alternatives to help with growth, you, in turn, build yourself up for success.

Expansion Projects

Your practice is doing so well that you’re outgrowing your current space! You know that you need to move, but moving expenses are outrageous.

The answer? Medical working capital loans.

Lenders understand that your biggest priority is your patients and accommodating their needs is at the top of your list. If success means relocating to a bigger office space, it’s time to explore working capital loans.

Disaster Recovery

Unfortunately, natural disasters cannot be avoided. And out of nowhere, they can leave a devastating impact on your practice.

According to the Federal Emergency Management Agency (FEMA), 40 percent of small businesses don’t reopen after a natural disaster due to the astronomical cost of repairing damages. While recovery puts a lot of pressure on your practice, shutting down is not the answer.

The answer? Medical working capital loans.

When you desperately need cash to fix assets that were destroyed as part of a natural disaster, working capital loans can fully provide what you need to build your practice back to where it was.