A Prescription for Quick Capital
Financing Solutions for Your New or Growing Medical Practice
As a practicing physician, your patients trust you to deliver quality health care. As a business owner, you’re also trusted to maintain your practice’s financial health, which means figuring out how to juggle both at the same time.
This type of dual priority exists for all small business owners trying to find a balance between satisfying customers and creditors (and, hopefully, still making a profit for yourself). However, when it comes to medical practitioners in particular, this scenario can create unique financial challenges.
Unique Financial Challenges of Medical Professionals
As a direct funding source for many medical practices, our team at BFS Capital has discovered that one of the main challenges of being a small business owner in the healthcare field is the pressure of addressing rising operating costs while waiting for insurance reimbursements.
In other words, you’re expected to pay more out as expenses increase over time, yet you have to find a way to do this while waiting for insurance companies to pay you what is owed.
Fortunately, this is one area where knowing your medical practice financing options can help ease the burden, lessening the stress of the service-payment gap.
What Type of Medical Practice Financing is Available?
Fewer banks are offering business loans to the medical community than ever before. This means that you need to find alternative ways to fund your practice—whether you’re just starting out as a doctor or have been seeing patients for decades—because you can no longer rely on traditional small business loan options.
BFS Capital understands that, which is why we provide medical professionals flexible financing solutions without the restrictions of traditional business loans. Additionally, these financing options are not restricted solely to doctors. Funding solutions from BFS Capital can help with the capital needs of almost any business within the medical healthcare industry.
- Nursing homes and elder care facilities
- Rehabilitation clinics and services
- Medical equipment suppliers
How Can I Use My Medical Loan?
With small business loans or merchant cash advances through BFS, you can access working capital quickly to deal with your own unique medical practice needs, some of which may include:
- Improving cash flow during uneven payment and reimbursement cycles so you don’t have to worry about how you’re going to pay your bills or taxes, fund payroll, cover all of your other expenses—and still offer your patients quality service
- Purchasing new medical equipment, whether your goal is to buy new medical technology or simply replace your old and worn out devices
- Purchasing a new records management system—such as an electronic health record (EHR) and electronic health management (EHM) system—so you’re compliant with all of the regulatory requirements for healthcare providers
- Enhancing your marketing efforts to reach more potential patients, growing your medical practice by leaps and bounds
- Expanding or remodeling your practice to better accommodate your medical practice needs, whether it just needs a little sprucing up or you require additional space to treat your increasing patient list so you decide an additional practice is in order
- Buying an existing medical practice, hiring new staff, and all of the other necessary costs associated with making a pre-existing medical facility your own
In short, you can use the working capital gained via medical practice financing for any business need. If you’re looking to upgrade equipment or to improve cash flow, medical office loans allow you to focus on what’s most important: your patients’ health and well-being.
Medical Practice Financing Factors
When seeking medical office financing, it’s important to realize that lenders must look at a number of factors to determine which type of loan is best for you, what the repayment rate and terms would be, and more.
Here are a few of them:
- The purpose of the medical business loan
- Your annual medical practice revenue
- Any assets you may have (for collateral)
- Your medical specialty
- Your credit score
Providing this type of information up front can help you better secure medical practice financing at the most competitive rates.
What Else Do I Need to Know About My Medical Practice Loan?
Choose BFS as your medical office financing provider and your business may qualify for $4,000 to $1,000,000 in capital. Since no two businesses are the same, we’re able to tailor your physical practice loan to your specific needs—even if your credit score isn’t as high as you’d like.
Perhaps the best part is, unlike with traditional bank loans, you won’t have to wait to put your new capital to good use. This is because you’ll have access to the money you need in as little as two business days, with less paperwork required in the process.
At BFS, Medical Professionals Come First
Finding medical practice financing doesn’t have to be difficult. In fact, numerous businesses within the healthcare industry are healthy and flourishing today thanks to merchant cash advances and business loans from BFS Capital.
Here at BFS, we’re proud to offer business loans for doctors and other medical professionals because we are dedicated to helping entrepreneurs and small business owners finance their dreams, including those in healthcare fields.
If you’re looking for a quick capital boost to fill the gaps between insurance reimbursements or you need a larger sum to cover significant upgrades to your practice, BFS Capital makes it easy for you to obtain medical practice loans fast.
- Access to capital quickly, in as few as two business days
- Financing for your practice, without any limitations
- Funding options, even if you have poor credit
- Flexible repayment options, maximizing your cash flow
Learn More About Your Medical Practice Financing Options Today!
BFS Capital’s medical practice loans can help give your office the boost it needs to not just survive but to thrive and grow. Take a few minutes and apply right now. It’s time to see what medical practice financing from BFS Capital can do for you!