Providing critical care to patients is the primary focus for many physicians and medical specialists. Because of this some may not have noticed that over the last decade the financial landscape has changed considerably. When a medical practitioner seeks additional working capital he or she is likely to return to their banker, the source for business financing when they were first setting up their practice.
Less than a decade ago many traditional financing institutions such as banks extended credit to business professionals including doctors without hesitation. Today many banks now view medical practices as small businesses. The amount of funding banks set aside for small businesses has been dwindling while for some banks, their loan decision criteria has been tightening and has become more restrictive. One aspect of the traditional financing process that hasn’t changed is the sometimes lengthy timeframe from application to approval to the borrower receiving their financing.
Generally when a doctor makes the decision to upgrade his or her practice it is to provide better services to their patients and community. For practices that have been open for at least a decade, it is likely that their diagnostic equipment requires replacement. The recent government mandate to become ICD-10 compliant, the first medical coding update in over 40 years, required many physicians to update their office computers. Perhaps they realize that it is also time to refurbish their waiting room and reception areas. Maybe they have been waiting an indefinite period for insurance reimbursements and have developed cash flow issues. Any and all of these scenarios are valid reasons to borrow additional working capital.
For many medical professionals fast access to money is imperative. Many turn to the alternative financing sector which offers numerous benefits that traditional financing sources do not. National Business Capital is a trusted alternative financing company that assists physicians and others seeking medical practice funding to obtain specialized Loans for Doctors and through Equipment Leasing and Financing programs. Speak with one of our Business Consultants to explore the financing options available for you and your medical practice. Call us at (888) 888-9124.
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Megan Capobianco is the Marketing Manager at National Business Capital & Services. Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.