HEALTH

Benefits That Alternative Funding Offers to Doctors’ Offices

A doctor’s office is not just a place where patients get treated but is also a business that faces cash flow disruptions making it difficult for the doctor to practice smoothly. The revenue of a doctor’s office mainly comes from insurance reimbursements, patient deductibles and copays. There is always some kind of uncertainty in such insurance claim payouts because different patients have their own unique problems with their insurers.

These insurance payouts are always the subject of different issues arising from a patient not meeting some or other criteria of a claim. All this impacts a doctor’s cash flow which is critical for running the office where payroll and utility outgoings have inflexible deadlines. Unfortunately, traditional US business funding for doctors’ offices is difficult to obtain. 

Doctors deserve better 

For the services that doctors provide to society it is unfair to refuse credit to a doctor’s office just because the business is small in size. Since that is how the big traditional lenders operate there is little that doctors can do other than look for alternative funding

Funding of small businesses like doctors’ offices by alternative means of finance is growing very fast. That is because it is a huge market accounting for over 44% of all economic activities in the United States and around 40% of the country’s GDP. Many traditional lenders are also indirectly entering the market by partnering alternative lending agencies.   

Smoothly running a doctor’s office 

A doctor’s office employs different kinds of healthcare professionals like medical secretary, medical assistant, registered nurse, medical lab technician, radiologist, pharmacist, and health information technician among others. The total size of the staff depends on the size of the doctor’s office. 

Whatever may be the size of the doctor’s office, it is subject to fluctuations of the patients’ insurance payouts which are the only source of its revenue. With such an uneven cash flow cycle it is difficult to properly honor payroll commitments on which the staff depends. The only way to deal with this situation is alternative business funding

Easy credit on easy terms 

If you are a doctor running your own clinic and struggling with uneven cash flow, you need to try out alternative small business funding. It will come as a pleasant surprise to you when they will overlook your credit history even if you have had defaults in the past. Well, they sure know what they are doing; they just look up the current viability and potential of your business to pay back the loan.  

The other major advantage of alternative business funding is that they will provide you with unsecured loans, which means they won’t ask you for any collateral to secure the debt. Traditional lenders will never provide you unsecured credit. Above all the alternative source of funding will approve and disburse your loan in real quick time. 

For any small business, alternative business capital loans are the new and reassuring funding lifeline to meet emergency cash requirements as well as for long term capital expenditure. Such funding options are designed to adapt to the small business ecosystem very fast because that’s how these businesses operate. Their needs arise very fast and many a time it results in their business failure and eventual shutdown if they don’t get the funds on time. 

click here for more interesting articles

0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x