Long after happy, healthy patients leave your office, you may find yourself chasing down insurance agencies waiting on payments.
Unfortunately, that alone can make running a medical practice difficult in terms of cash flow. While you know that income is arriving eventually, utilities and rent on your facility might not be so forgiving when it comes to late payment.
Alternatively, you might entertain the idea of a business credit card. But, with that comes the hassle of high monthly payments and ridiculous interest rates. So what do you do?
Working capital for healthcare professionals is an excellent financial solution that's both convenient and painless - just like the care you provide!
What is Working Capital for Healthcare Offices?
Working capital is essentially using your future incoming insurance, Medicare, Medicaid and patient payments as collateral for a loan now. The infusion of cash ensures that you have the flexibility you need to improve your practice immediately. That means new medical equipment, new hires, new marketing - all without needing to go through a lot of trouble to secure funding.
Imagine if you had money for the marketing you wanted to implement now. That would mean more appointments in the coming weeks and months. Those appointments bring in even more money, and your working capital would be paid back that much quicker. It really is that easy!
Is Working Capital Right for My Healthcare Practice?
- Want to improve your medical equipment, facilities, or equipment to elevate your practice?
- Need more help, either in the treatment rooms or at the front desk?
- Worry about paying facility or personal bills in a timely manner?
- Dream of expanding your client base with smart marketing, but struggle with costs?
If so, working capital is the solution you need to keep your office growing and running smoothly! Insurance payments can take weeks or even months to arrive, and there's no reason your business should be put on hold while you wait for them. You wouldn't let one of your patients deal with a lingering issue if you were able to fix it, so don't let your finances fall prey to a simple fix.
Look into working capital for your healthcare practice; it might be the turning point for an even more successful practice! Contact us today for a complimentary analysis!