Whether you’re a veterinarian, chiropractor, dentist, private practices, or even a large healthcare facility, securing the right financing is essential for long-term success. However, the needs of medical practices do not usually fit into a “one size fits all” loan. Fortunately, there are different healthcare financing programs to address the needs of medical practices of all kinds.
Equipment for Medical Practices
Medical equipment is integral to the healthcare industry and includes diagnostic equipment, vehicles, as well as more specialized tools and machinery. In a field that experiences regular breakthroughs and advancements, staying ahead with the latest innovations isn’t easy on your bottom line. Leasing equipment provides medical practices with exactly what they need, with manageable monthly installments.
Acquiring Medical Practices
If your medical practice is merging with another or you are buying out a principle partner, then capital is needed to ensure a smooth and timely transition. There are several considerations during a merger or acquisition, such as how to handle equipment, personnel, existing liabilities, assets, and more. A robust strategy can help medical practices get from point A to point B quickly and efficiently while addressing immediate expenses.
It is not uncommon for medical practices to have debt on the balance sheet from two or more loans. Paying multiple monthly installments at different interest rates can place a strain on finances and create major headaches for accounting departments. Debt consolidation combines those disparate loans into one manageable monthly payment, allowing medical practices to pay down debt faster and improve their credit ratings.
Cash flow is always a hot topic for medical practices. Expenses often exceed the amount of revenue coming in at any given time. The cause is usually the staggered payment schedules on medical invoices combined with the time it takes for approvals on insurance deductibles. Accounts receivable financing can provide a faster turnaround on medical invoices, which in-turn boosts cash flow.
At the heart of it all, medical practices need working capital. Working capital allows practices to hire employees, purchase supplies, advertise, update their offices, and much more. There are working capital loans designed specifically to meet the needs of medical practices.
Comprehensive Healthcare Financing
Web Finance Direct provides healthcare financing to medical practices of all types. Whether your practice needs working capital, equipment, debt consolidation, or if you are positioning yourself for a merger, we can help. Our team will work with you to understand your needs and create a healthcare financing strategy to help you reach your goals. Contact our offices today to get started.