How a Top Factoring Company Can Help You Run Your Medical Clinic

Running your own medical or dental clinic is a huge undertaking, and usually you can’t go at it all by yourself. Not only will you need employees, but eventually you’ll need more funding especially if you plan to grow your practice. For many healthcare professionals, a top factoring company may be of better use than a bank in securing the funding they need.

  • Banks take too long. Banks nowadays are very cautious about lending money to a small business. Even if you do qualify for a business loan (and that’s a big “if”), the entire application process takes an interminable length of time. The bank will ask a lot of questions. The bank will take a very careful look at the state of your finances, how you plan on using the money, and how you plan to repay the loan.

In contrast, a factoring company takes a shorter time to decide on medical business factoring loans. And they’re also much more likely to provide the funding you need.

  • You can use the advance money for growth. In factoring, you get most of the money upfront from the factoring company, instead of waiting a long time for the payment from your customer. And you can do a lot with that money. You can make sure your people get paid on time, and that you have the working capital to cover various expenses necessary to run a medical clinic from day to day.

You can also use the money to get more advanced equipment. For example, if you’re running a dental clinic you may wish to offer advanced computer imaging technology so that you can offer state of the art aligners such as Invisalign. You can also expedite the production of crowns so that it only takes a single visit to the clinic. You may even offer dental implants to replace missing teeth, instead of just ordinary dentures.

Your clinic may also benefit from additional advertising as well, and you can use the money to improve your clinic’s website.

  • You get extra services. It’s not just the funding through which a factoring company can help. Essentially, they can handle your invoices for you, and you can check up on them easily online. The factoring company can organize your invoices to see which payments are due and how much you’re going to get in the future.

The factoring company also deals with the third-party insurance companies, along with Medicare and Medicaid. Dealing with these institutions is one of the most frustrating aspects of running a clinic, and now you’re spared from the trouble. You can now concentrate on providing the best care you can for your patients, which is probably why you became a doctor in the first place!

As a doctor, you’re sworn to help people get better, and that’s what you’re trying to do with your medical clinic. But let a top factoring company help you, so that you can provide even better service to your patients.