The Physician Lien Financing Solution
The business of medicine is one in which the comfort of patients and the availability of appointments is at the forefront of success. In order to have a successful practice, a physician needs to balance the size of their physical location with the size of their staff and supplies on hand, and keep this balance appropriate to the projected number of patients that will be seen in any one day. Under-staffing creates the issues of patients having longer wait times or not being able to get appointments at all on a convenient day, and a location’s size plays into how many patients can be seen in a day because of the sheer space limitations of the waiting rooms and examination spaces. A physician needs to figure out how to maintain the minimum amount of space and staff on hand at any moment while still seeing the maximum amount of patients, all the while not inconveniencing the patients themselves who can easily book an appointment at another physician’s office if they feel as though they are waiting too long or not comfortable during the time it takes to see the doctor.
Physician lien financing is a solution to the dilemma of expansion when it is necessary for a doctor to do so. As a medical practice builds, the physician gains new patients while still retaining a certain number of existing patients, making the ability to have patients feel comfortable more and more difficult the more patients that are seen. As the physician becomes more successful and has more patients requesting appointments, there will get to a point where the practice itself must be expanded and additional staff be hired in order to meet the demand without losing patients. While there will undoubtedly be more money being generated day to day as a practice grows, the costs of expansion are generally higher than the amount of money that can be generated in a short period of time without overloading the staff, and therefore a financing solution must be considered. Typically this would mean a loan from a bank or some other financial institution which secures collateral in exchange for the loan, and requires interest to be paid on the borrowed amount. This is uncomfortable for many physicians and medical professionals as they are taking on larger costs than just the costs of expansion, and there is no real guarantee that the increases in the number of patients will be a permanent situation. No physician wants to risk the well being of the practice itself to gamble on expansion, which leads to physician lien financing as a solution that is without risk. By using the current accounts receivable as actual cash by collecting the debt immediately instead of having it on the books while the collections process plays out, the physician’s office can generate an immediate pool of cash with which to pay for expansion efforts without borrowing a dime. Solutions to financial challenges faced by physicians due to expansion necessities is the specialty of Med Care Solutions and Dr. Kamran Abdo, who can provide a comfortable ability to expand the practice, cover immediate or future expenses, or simply reduce collections risks. Contact us today through our website or by phone, we will be happy to discuss these exciting options.