If you are in the healthcare industry, your number one priority is aiding and maintaining the physical and mental health of the patients that you care for. But when was the last time you checked your businessesâ€™ financial health? The healthcare industry is one of the largest industries in the United States, generating almost $3.5 Trillion in revenue in 2018, and growing at a rate of almost 4% annually. It is also one of the most profitable industries, due to the wide array of services and programs that can be provided. Because of the nature of the healthcare industry, businesses that provide health services have unique revenues and expenses. As a society, we are always making constant strives and improvements in the medical field. There are always new improvements to be made within the business, such as new equipment to be purchased to make sure that your practice is top of the line.
Whether you are a general practitioner who does house calls, or a local orthodontist, you generally have to deal with insurance before you get paid. Providing health services is expensive in nature, and when there is discrepancies with a patient’s insurance provider, it can lead to delays in payment that can affect your normal business operations. Here at REIL Capital we have come up with a list of your best financing options.
Business Line of CreditIn the Healthcare Industry, sometimes unexpected expenses may come up that you are not necessarily prepared to pay for, and when insurance providers are delaying payments, it can make it especially hard to keep up with your normal business expenses. A business line of credit is a good option that can help you to pay off these expenses as they come up. A business line of credit works similar to a credit card in which you only pay off what you spend. This is perfect for Medical practitioners who know how to manage money well and don't want to hurt their business as unexpected costs come up or want to make large significant purchases without having to wait for more funding.
SBA LoansIf you are looking to expand your practice at the lowest rates possible, you may want to consider an SBA loan. SBA loans are generally longer term loans that are backed by the Small Business Association. SBA loans have a term of about 10 years and carry lower rates than other forms of financing. Medical practices are very likely to qualify for SBA loans given their steady revenue and high earning potential. To qualify for an SBA loan, your practice needs to have been in business for at least 3 years and you need to have a credit score of at least 650. SBA loans are the perfect way to get your existing practice off the ground and expand it to its full potential.
Equipment Financing for Health ServicesMedical equipment can be extremely expensive. But here at REIL Capital, we have you covered Maybe your practice is expanding and you need to purchase brand new medical equipment, or maybe your medical equipment is just old and out of date. One option that you may consider is equipment financing. Equipment financing allows you to purchase new medical equipment by putting up 50% of the purchase price. Also, you can place a lien against medical equipment that your practice already owns so that you can recoup up to 50% of the purchase price. With equipment financing, the terms are generally shorter, lasting from 8-18 months and generally taking about 2 weeks to fund. To qualify for medical equipment financing, your practice must have been in business for at least one year and have a credit score of at least 650.
Best Financing Options for Healthcare Providers
At REIL Capital, weâ€™ve streamlined the entire healthcare provider funding process, making it simpler and faster for business owners who need money to expand their practice, need to purchase new medical equipment, or who just need a little extra cash to take care of everyday expenses like payroll and bills. At the end of the day, your medical practice is a business, and weâ€™re business owners just like you. As a family owned and operated business, we know the challenges you face every day. Every business owner wishes they could have more hours in the day, and although we canâ€™t give you more time, we can help ensure you donâ€™t waste what little time you have securing health service funding.
It all starts with our instant online application process. All you have to do is visit our website and fill out our simple online application. It takes just minutes to complete and once youâ€™re done, a representative will contact you almost immediately to discuss the various medical practice funding options we offer. Customer education is important to us, so weâ€™ll be happy to answer any questions you may have and youâ€™ll never be pressured to make a decision. We want to make sure you understand exactly how each construction funding option works before you sign anything.