NY Healthcare Financing For Medical Practices
One of the biggest challenges facing New York medical practices is finding adequate financing to cover working capital, equipment, and to maintain a positive cash flow. Fortunately, there are a number of NY healthcare financing options available to ensure growth and success without having to rely on traditional loans.
NY Healthcare Financing For Working Capital
Medical practices of all sizes need access to working capital to acquire equipment, purchase supplies, and hire staff. In some cases, working capital is necessary to carry out a merger. NY healthcare financing for working capital provides financing without negatively impacting credit ratings or requiring any upfront payments. These working capital loans are more flexible than traditional financing programs, and can endure medical practices cover day-to-day expenses and grow.
NY Healthcare Financing Improves Cash Flow
Most strains on cash flow can be traced back to unpaid patient invoices. Between the staggered payment schedules on medical bills, along with the delay on insurance payments, cash flow can be turned upside down very quickly. One aspect of healthcare financing in New York includes medical bill factoring. Instead of waiting 30 days or longer to receive payments, a practice submits outstanding invoices for factoring. The open patient invoices are then converted to working capital within 24 hours, ensuring a positive cash flow. Medical bill factoring does not place any debt on the books, automates the accounting process, and prevents any cash flow issues caused by unpaid patient invoices.
Medical Equipment Financing
The initial cash outlay for medical equipment is often cost prohibitive. However, the success of any practice rests partly on access to the latest and best equipment. New York City healthcare financing features programs for equipment. Instead of making a large upfront payment, the cost is spread out over manageable monthly installments. Additionally, there are tax benefits offered to medical practices for both leased and purchased equipment, which translates to big annual savings.
Patient Financing Programs
As necessary as medical treatment is, many patients either cannot afford to pay their bills, or they are prioritized differently compared to other living expenses. NY healthcare financing offers payment plans for patients, by which their medical expenses are broken up into installments based on their credit ratings. This program ensures medical practices receive what they are owed, without having to send outstanding accounts to collections.
The Most Comprehensive NY Healthcare Financing
At Source Commercial Funding, we offer the most comprehensive program to healthcare financing throughout New York. Contact our offices today at 202-499-4441 to learn more.