Medical practice finances are complicated enough without adding multiple lines of credit into the mix. Between payment delays due to insurance, third-party processors, and changing clientele, predicting your finances on a monthly basis can be daunting. When you add in multiple debt payments with varying interest rates, loan terms and payment schedules, things can quickly get overwhelming. A debt consolidation loan from Bankers Healthcare Group can help simplify your finances and make everything easier to manage. Some of the advantages include:
- One Single Payment
When your debt is spread across multiple lenders and accounts, you may have many different payments to keep track of at different times of the month. It can be easy to miss a payment or confuse loans and pay the wrong amount. By consolidating your business debt, you’ll only have to manage one simple payment. You can give your checkbook and your daily planner a break and make a single payment to just one lender.
- Predictable Payments
As loan terms change, so can your payments. Keeping track of fluctuating payment amounts can be complicated and time consuming. Not knowing exactly how much you will owe each month turns budget planning into an ordeal. When you consolidate your debt, you will only need to make a single, predictable payment.
- Fixed Terms
By consolidating your business debt with Bankers Healthcare Group, you can have a fixed monthly payment that never increases. No more balancing disparate interest rates and trying to plan for an uncertain financial future. You can set aside the exact amount you will need each month in your budget and breathe easy.
- Increased Cash Flow
Stop throwing away cash on high interest rates. If you’re carrying multiple smaller loans with high interest rates, consolidating your debt into a single loan with a lower interest rate can free up cash for more immediate needs at your practice. Additionally, spreading the payments out over a longer period of time can increase your cash flow by decreasing your monthly payments
- Better Financial Planning
Keeping up with balances, varying interest rates, and out-of-sync payment schedules makes it tough to properly plan for the future. When you consolidate your debt and have a single payment at a fixed interest rate, financial planning for your practice becomes much clearer. Predictable payments through our physician loan repayment programs can give you the freedom to focus on patient care, expanding your practice, hiring, or any other needs that arise.
After reading about the five advantages, you may consider Bankers Healthcare Group’s debt consolidation loans. Learn more today.