Slow insurance payments are making it harder than ever for healthcare professionals of all kinds to overcome small challenges such as paying their bills, as well as those seeking to grow and develop their practice by hiring staff, expanding their building, or purchasing equipment.
Over 30% of all patients will leave medical practices and hospitals without paying anything upfront for treatment.
Reimbursement can take anywhere from weeks to months in these situations—adding to this instability, it is often unknown as to when or how much doctors will get paid.
This is making routine payments such as paying office bills, hiring staff, expanding a practice, and paying for medical equipment a nightmare for healthcare practices in the US.
NBC has been helping primary care physicians, specialized doctors, home care specialists, chiropractors, dentists, and healthcare professionals of all kinds bypass slow payments from healthcare insurance companies, and get the financing they need to grow their practice.
A red flag may have come to mind when you read the first bolded suggestion, and for good reason.
To be clear—to healthcare practice should ever solely rely on POS system/upfront payments from their customers.
However, giving your patients the option of paying up front, and reducing that 30% of uncollected fees mentioned above by any means has the potential to save your business hundreds of thousands of working capital every year.
More than a third of all healthcare professionals have adopted POS systems for their practices over the past decade.
While some medical professionals may feel uncomfortable with this method of payment, the results of the change have been clear: less time is spent billing and waiting for mail payments, and more time is spent treating patients.
NBC’s business growth division National Business Services has helped dozens of medical practices across the country eliminate many slow insurance costs by helping healthcare professionals set up and install cutting-edge POS systems, which have shown to greatly increase cash flow, giving the breathing room they need to grow and develop their practice.
It sounds simple, but oftentimes all the practices that NBC helps just need a bridge loan to eliminate the gaps in funding from slow insurance reimbursements.
The easiest, fastest, and most cost-effective method to do this is to seek a lender that offers specialized medical or dental loans with financial benefits exclusive to the practice’s industry.
Many of the practices NBC helps lack the capital to grow not because business is doing poorly, but due to the unpredictable speed and frequency of their patients’ insurance payments.
For those who find themselves in a position to grow their practice in any way, or even simply need help paying labor and utility costs, NBC offers specialized financing options for doctors and dental professionals with larger offers, lower rates and longer terms than most other kinds of small business loans.
A reminder from above: each of the options listed below have medical and dental variations that accommodate specifically to fluctuations within the medical, dental and healthcare industries, and come with exclusive benefits.
Then, once applicants receive access to their expedited SBA loan within 45 days, medical professionals can pay off their initial small business loan, and use their SBA loan’s large amounts, prime rate, and long terms to fund whatever short or long-term goals they wish.
Don’t let slow insurance costs get between you and your dreams of growing and developing your practice. Call (877) 482-3008 to ask a Business Financing Advisor or fill out this 1-page application to get started today!
And for help financing and setting up your POS system, call 1.800.960.9363 or contact the team directly here.
National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
Matt Carrigan is the Content Writer at National Business Capital & Services. He loves spending every day creating content to educate business owners across every industry about business growth strategies, and how they can access the funding they need!