Many physicians and other medical practitioners are slowly coming to the realization that their office is not solely about patient care, but is also a viable business. That understanding may come slowly when heretofore, their appointment schedule has been fully booked and their waiting room crowded. It becomes obvious that a paradigm has shifted when a doctor notices that the new practitioner on their street has a full parking lot, while his practice has openings between daily appointments and, sometimes, an empty waiting room.
This may be hard to accept when a physician has been serving their community for years or even decades. Over time they will have established their reputation as a compassionate professional dedicated to their patients’ well-being. Once a doctor realizes that the other practitioner is his business competition, he may also want to determine why the new physician is attracting his patients and what can be done to remedy the issue.
There can be many reasons for this but often patients will migrate to a new doctor for a superior level of care. This often means access to treatment using the latest technology by owning the latest equipment available. While a seasoned practitioner may not have raised his prices for services as his diagnostic equipment and equipment used for treatment has been paid off, his dated equipment may be sending the wrong message to his patients.
Perception is reality. Some patients may equate older medical equipment as being out-of-date and determine that their practitioner is no longer providing the best medical care possible. This may not be true, however patients are not likely to return once they have chosen another physician based on his newer offices and equipment.
Medical equipment is a considerable expense, so business owners underwrite its cost through financing. And when medical business owners assess their company’s net worth, they often list equipment that has been paid off as an asset. In fact, it may be anything but. This is an oversight that could be costing their business time and money.
New equipment financing is generally for a period of up to five years and can also have some tax advantages.
Remembering the long waits and calls to their banker that were not returned, rather than undergo a time consuming loan process at a bank many in the medical field decide to make do with what they have. This is not a cost-effective solution to their problem. It could also be costing them patients and revenue.
There are options for doctors seeking medical equipment upgrades that they may not have considered. They may want to evaluate if it is better for them to lease or to own their equipment. Leasing provides the option to upgrade to new equipment and take advantage of the latest technological advances and possible tax advantages, while buying the equipment outright involves upfront costs which would hurt cash flow.
In recent years, due to the fluctuating economy, the alternative financing industry has proven a reliable choice for physicians seeking to upgrade their medical equipment. As a renowned alternative financing company, National Business Capital has assisted many medical business owners to obtain the new Equipment Financing they need to make necessary equipment upgrades.
There are many benefits for business owners who develop a financial relationship with us. The financing application process takes only a couple of minutes and requires less documentation than traditional financiers. Financing decisions are not based solely on FICO and even an open tax lien will not immediately disqualify an application. We also do not have upfront fees.
The part of the financing process our clients appreciate most is the speed and ease with which they receive a decision -usually in less than 24 hours. Once approved, the money is deposited in the borrower’s bank account almost immediately. There are considerably more benefits to seeking business financing by consulting National Business Capital. We do not restrict the vendor choice or stipulate how the funds are to be used. We work with every client to find the terms and flexible payment schedule their businesses need to grow and to thrive.
When a medical practitioner realizes the need to become more competitive, this often leads to their practice taking off and getting to the next level. Once equipment financing has been secured, other upgrades may need to be considered. These include an office renovation or a move to a new, larger location, even expanding their medical business into a partnership or medical group.
Most doctors begin with an office renovation. This may include new, modern decor, a reception area that is impressive, and a waiting room that is comfortable and spacious with a flat screen TV providing a pleasant diversion. Some waiting room upgrades include a beverage and snack station, and even provide child care!
Should the prospect of making changes seem daunting, make a list of what changes will benefit the most patients and which expenses can be added later. With a little judicious planning, the next renovation may be a larger parking lot!
National Business Capital is a leading alternative financing company. Our company assists businesses obtain the additional capital their enterprises require. In this blog series we provide information of value to many of the industries that we serve. If you are a construction business owner and have questions regarding business financing, please contact our Business Consultants at (888) 888-9124 to learn more.
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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.