“There’s no time to waste.”
To a healthcare professional, there are few sayings that ring so true. Trying to maximize each day’s time to care for patients, lead staff and manage a practice can be extremely challenging.
Patient care undoubtedly tops the priority list for most healthcare professionals. After all, that’s what they were trained to do, and it’s what keeps a practice in business. Yet a full patient roster alone can’t guarantee a practice will succeed or thrive; what that takes is business planning and financial investments. Or, in other words, more time.
Where it Hurts
Having worked with more than 100,000 healthcare professionals across the country, we hear similar concerns over and over again (many of which don’t get the attention they require because they’re expensive and time-consuming):
- Surmounting debt
- Lack of cash flow in unexpected circumstances
- Pressure to upgrade medical equipment and IT systems
- Prevalence of high-deductible insurance plans
These are valid pain points that are necessary to address. The good news is there are options to help pay down debt faster and to get money in hand. Bankers Healthcare Group offers financing for doctors to help ease many of these burdens.
Let’s tackle each of those points above and some potential solutions.
I have too much debt and don’t think I’ll ever catch up.
How it hurts: It locks up cash flow.
What you can do: Refinance to consolidate debt.
My [insert medical device] broke, and I didn’t budget for repairs like this.
How it hurts: Lower level of patient care because you typically use this device regularly.
What you can do: Get back to business as fast as possible with a capital loan.
I read more and more about the need to be digital, but I’m still practicing in the 20th century.
How it hurts: More patients today expect providers to have the latest technology and systems for better, faster detection and treatment
What you can do: Prioritize needs and evaluate costs; consider how improved devices and systems can, in turn, improve care and drive more revenue to pay off investments.
Fewer patients are coming in on a regular basis because of high deductibles. I don’t have enough income.
How it hurts: There are many absolute costs in a business—payroll, insurance, rent/mortgage, supplies—that cannot be met without cash.
What you can do: An injection of capital can help you adjust to regular demands and get through slow reimbursement periods.
Where to Focus
Daily schedules are tight and every upcoming free moment ends up getting filled. The prospect of lengthy applications and other traditional banking hurdles can make pursuing financial solutions feel overwhelming and difficult.
However, the lending process doesn’t have to be that way; the right partner will focus on ease and speed so that healthcare professionals can focus on what really matters—patients.