How to Start, Expand or Upgrade Your Medical Practice

2018-11-13T04:47:19+00:00November 6th, 2018|Categories: Chiropractors, Home Healthcare, Medical, Working Capital Loans|

Whether you’re in the process of starting, expanding or upgrading your medical practice, it’s crucial to understand the current and future economic landscape of the industry. According to Health Carousel, the healthcare profession is in the midst of a period of rapid growth that will have it become the largest and fastest-growing sector in the U.S. economy. But, even though the Bureau of Labor Statistics has stated that healthcare will add the most jobs between 2014 and 2024, that doesn’t necessarily mean smooth sailing for every practice.

There’s a lot of uncertainty in the medical industry due to government regulation. It’s likely there will be more uninsured and underinsured people due to the elimination of the individual mandate penalty, efforts to expand the use of plans that sidestep the Affordable Care Act consumer protections, and the proliferation of state-based Medicaid work requirements. What this and other healthcare cost drivers mean for your practice is threefold, according to PwC:

  • Demonstrating value is critical. To remain competitive, you need to deliver consistent outcomes at predictable prices and offer easy access to services in the right care setting.
  • Make room for advocates. Health advocates can help improve patient outcomes by supporting care coordination efforts for patients across specialties and services.
  • A better customer experience will be essential. You need to consider strategies to improve the customer experience, quality and convenience of care — to demonstrate the additional value gained from any price increases.

With so much in flux, the ability to get financing from traditional lenders to start, expand or upgrade your practice may be a tough sell. But that doesn’t mean you’re out of luck.

 

Why Alternative Financing?

Clear Skies Capital (CSC) is in the business of helping medical practices get started, expand or upgrade by overcoming the challenges presented by traditional financing. Let’s take a look at what kind of funding you might need for each of those situations:

  • Starting a practice. If you’re building a practice from the ground up, you’ll need funds to finance construction. If you’re moving into an existing space, you still need to make it your own, so that’s where funds for project expenses would come in handy. And, to be able to purchase everything you need to get up and running and handle initial operating expenses, a working capital loan will be invaluable.
  • Expanding a practice. There are many ways to define the word “expanding,” and financing can help with all of them. You may want to purchase new equipment, improve your office by updating your current space or adding to it, or grow your practice by reaching out to more potential patients. Equipment financing, lines of credit or a working capital loan can help your plans become reality.
  • Upgrading a practice. Again, what is meant by “upgrading” may be different to each practitioner, but the same funding that’s needed to expand a practice will be relevant for upgrades like buying new medical equipment, acquiring additional space, and even adding new staff.

 

The Perfect Solution

What type of financing will best meet your needs?

  • Working capital. You may choose a working capital loan, which can help you pay for operational costs such as rent, payroll, paying taxes, marketing and more.
  • Equipment financing. You may choose to finance the purchase of expensive medical equipment and preserve your capital by securing equipment financing.
  • Line of credit. You may choose to be approved for a line of credit, so the funds are available for you to draw from when the need arises.

 

Why Choose CSC?

Whether you choose a working capital loan, equipment financing or line of credit from CSC, the end result will be the same — you’ll have the funds you need to start, expand or upgrade your practice. We want to see you succeed, and are ready to serve as your advocate to get you the funding you need. Here’s why so many clients work with us:

  • We offer $5,000 to $1 million working capital loans and lines of credit up to $100,000.
  • Less than perfect credit is not a problem.
  • 500+ credit scores are eligible.
  • $12,000+ in monthly deposits is required.
  • Our streamlined funding process includes very little paperwork.
  • Approvals can occur within 24 hours, with 24-hour access to funding.
  • Loan interest is tax deductible.
  • Our customer service is excellent.

 

The Takeaway

Unlike traditional lenders, we want to say “yes” to your business plans. We’ve worked with many medical practices, so we’re ready to lend our expertise to your decision-making process and work together toward your success. Discover how much you qualify for by scheduling a free consultation today at http://clearskiescapital.com/apply/.