Working Capital
Every business, including medical practices, requires working capital. Slow-paying insurance companies, delays in Medicare and Medicaid reimbursements and cash-strapped patients can hurt cash flow significantly. Meanwhile, employees must be paid, equipment and supplies must be purchased, and malpractice insurance costs continue to mount. Biz2Credit can help arrange working capital in the form of business loans, lines of credit cash advances, and other forms of financing that can ease any cash crunch.
Biz2Credit has helped all types of doctors, including cardiologists, dermatologists, gynecologists, oncologists, surgeons, and dentists, secure working capital and keep their practices running smoothly.
Hiring Staff
Like all professionals who run successful businesses, physicians rely on their staff to help their offices run smoothly. These employees include physician's assistants, nurses, receptionists, and office assistants who help with billing health insurance companies, Medicare, and others. When starting a practice, expanding services or opening a new office, doctors frequently require an infusion of cash. Insurance companies are notoriously slow in paying, dispute claims and try to negotiate rates.
These occurrences can cause cash flow issues. BizCredit's platform makes available a variety of financing options, including business loans, lines of credit and cash advances, which can enable medical practices to be able to hire the staff they need to operate efficiently.
Digitizing Medical Records
Converting patients' records from paper to digital files creates great efficiencies for healthcare providers and their patients. The benefits for patient care are obvious: digitizing patient files creates an electronic record of visits, exams, blood tests, diagnoses, and prescriptions that can be shared with other physicians if necessary. Creating computer files of health histories can potentially be life-saving.
Using electronic medical records reduces the cost paper and file folders and cuts labor costs. The efficiencies created by simply researching a patient's electronic record -- rather than hunting through hundreds of file folders -- cuts space and valuable time, while at the same time save costs for medical practices and hospitals. However, digitizing medical records is a significant long-term investment for any medical office. Conversion costs frequently run in the tens of thousands of dollars. Biz2Credit can help doctors secure the funding they need to create electronic medical records.
Purchasing Equipment
Every medical office requires equipment purchases of everyday items, such as tissues, bandages, etc. as well as big ticket expenses. These can range from defibrillators, EKGs, CAT scans, laboratory equipment, lasers, stress test treadmills, surgical equipment, ultrasound equipment, and wheelchairs. Biz2Credit can help doctors secure financing for all types of medical equipment.
Opening New Offices
Professionals, including doctors, dentists, attorneys, and accountants, face financial needs just like other business owners. For instance, physicians often face cash flow issues because of slow-paying insurance companies and disputed reimbursements. Combine that with the high cost of digitizing medical records, ever-increasing malpractice insurance rates, and the rising costs of running a healthcare practice. The result is that physicians can find themselves in a financial crunch.
Startup costs for new offices can be significant. Any physician who has purchased or renovated a building or entered into a lease agreement knows that setting up a location is costly. Next comes the purchases of computers, software and equipment, the investment of setting up phone systems and electronic medical record systems, staffing costs and marketing expenses.
Biz2Credit can help secure business loans for doctors who are seeking office purchases and leasing arrangements, as well as provide a wide variety of options to obtain the working capital needed to launch a new office.
American Medical News, a news source for physicians, reported on the 5 mistakes doctors make when borrowing money, which include:
- Failing to shop for a banker
- Using the wrong borrowing tool
- Borrowing to cover operating costs
- Not doing the math
- Failing on financing paperwork
Borrowing is becoming increasingly common for medical practices today in the ever-evolving world of technology. Biz2Credit streamlines the physician financing process, making it efficient to acquire business loans for doctors. This allows physicians to focus on their practice, while getting the necessary funds to grow their business.
No doctor goes to medical school because he or she wants to handle his own finances. Biz2Credit can help remove the stress involved in physician financing. Our team can help demystify the process and are experienced at successfully securing business loans for doctors.
