Do you have aspirations of growing your healthcare business but are concerned about overstretching your existing capital? Medical financing can provide a viable path forward that enables you to invest in new technologies or an additional practice location. Here’s everything you need to know about healthcare financing.
What Is Healthcare Financing?
Healthcare financing refers to a broad range of financial solutions designed to address the funding needs of medical practices and facilities. You can use medical financing to acquire new equipment or open a secondary location. There are also funding solutions designed to facilitate acquisitions of other practices.
Additionally, you can seek financing to cover your daily operational expenses. For example, if you are expanding your care team and won’t realize the revenue gains of that move for six to twelve months, you may want to take out a working capital loan. That way, you have an extra cushion to cover payroll and benefits.
Benefits of Medical Financing
Even if you have the money on hand to fund the next phase of your company’s growth, it’s not necessarily wise to exhaust your cash reserves. Instead, you can use healthcare financing to take your business to the next level without exposing yourself to undue risks.
Here are some of the benefits of using a funding solution designed for medical organizations:
Preservation of Cash Flow
State-of-the-art medical equipment and commercial spaces don’t come cheap. They are a huge financial commitment that may not yield a measurable return on investment (ROI) for months or even years. Through medical financing, you can spread these costs over time and preserve your cash flow to fund daily operations.
Access to Advanced Technology
The medical field is known for its rapid technological advancements. It can be tough to keep pace if you are funding all technology purchases with cash on hand.
Financing allows you to get the cutting-edge equipment you need now while elevating the patient care experience. You can give your patients the level of care they deserve without tapping into your emergency cash reserves.
The Ability to Expand
Healthcare financing can be a great option when you want to open a new location or acquire an existing practice. You can tap into a significant amount of capital to support the next phase of your growth journey. Financing spreads out the costs of your expansion effort while allowing you to capitalize on opportunities as they emerge.
Improved Patient Care
With adequate funding, you can invest in staff training and facility upgrades that improve patient care. In turn, you will bolster your reputation as an innovative provider who truly cares about your patients and their health journeys.
Ready to Learn More? Contact Our Team
Don’t let growth opportunities slip by. Barrington Commercial Capital offers a variety of funding solutions designed to help businesses grow. Contact us to discuss medical funding options for your practice.
