Physician Financing Options
Physician Financing Options
The financing options that are available to physicians in order to expand the patient base and grow their practices are traditionally very few, generally consisting of loans against physical equipment that the practice owns as collateral against the money borrowed. These types of loans may provide you with money that can be used to perform physical expansions of the location itself, or potentially purchasing additional equipment, but it will do nothing to actually assist in increasing the number or patients, which will be the cornerstone of any expansion effort. Having a bigger facility and more staff may make it more comfortable to see more patients, but the facility itself is not the source of the patients that are being seen. Additional patients must be acquired through a means that can be sustained over time, providing a guarantee that the increased levels will continue. A traditional loan has no ability to provide these additional patients, but the financing programs available through Med Care Solutions have the ability to not only provide immediate and necessary cash, they also have the ability to increase your patient load consistently.
Physician financing programs available through Med Care Solutions are simple, providing a purchase of qualified accounts receivable in exchange for cash. The benefits of accounts receivable purchases are obvious, no risk of default, no repayment penalty if the accounts are not collected, and immediate cash on hand to use any way you need. However the added benefit of the programs that are offered are that they do not need to be a simple, one-time transaction. Instead, physicians can enter into an ongoing agreement that will provide continual purchases of qualified accounts, thus allowing physicians to consider patients that may have been turned down in the past due to collections risks. The types of patients that physicians have to consider in this pool would be accident victims involved in personal injury cases and worker’s comp cases where the treatments must be provided immediately but payments will not be made until a case is settled. The risks to the physician in these types of situations is obvious, if the case is not won there is little chance that the office will recoup the expenses, let alone make any sort of profit. Under the physician financing programs offered by Med Care Solutions, the risks of these types of accounts are immediately diverted away from the physician, who is paid for services within days of providing them. If the case is eventually lost, the physician has no obligation to repay any of the money that was paid, and the physician can, as a result, continue to treat new patients of the same types without the potential for financial hardship ever being a consideration. This ongoing type of program provides guarantees where there typically are none, and he typical rate of default that is factored into the accounting no longer needs to be built in to the projections. Physician financing through Med Care Solutions provides not only the cash you need, but the guarantees that make growth an easy and seamless process.