The New Market for Doctors
By: Gonzalo Acevedo
As the full effect of federal Healthcare Reform unfolds, medical practitioners, insurance companies, hospitals and ultimately patients are working to adapt to the changing environment.
For the health industry, implementation of the Patient Protection and Affordable Care Act, commonly known as the “Affordable Care Act”, has brought disruption and with it opportunities to reorganize the way of doing business.
In many cases, a lender can provide guidance to doctors who are ultimately trying to provide quality healthcare while becoming more efficient and profitable.
Coupled with a low-interest rate environment, the current landscape creates an opportunity for medical practitioners to consider opportunities to consolidate practices through mergers, acquisitions or partnerships.
To determine which option is best, your questions should be answered with the help of a financial professional, particularly one well-versed in the medical field and its changing demands and financial costs. Physicians should find a lender with a long-standing history of serving the healthcare space.
Doctors are also looking to enhance their working capital positions, and to finance new equipment or refinance equipment loans that are currently in place. The underwriting will determine whether medical practitioners or their firms are getting the best deal. The right lender is an expert in the efficiencies of the software or technology and the cash flow the new equipment would generate.
As for the services being offered, banks today are providing access to working capital lines, equipment finance, and secured lines of credit based on cash flow and receivables.
At the same time, financial institutions are using technology to deliver to doctors and their practices real time access to their accounts, including improved merchant services so that the overall collection and management of payments and cash is significantly improved.
For example, some banks offer cash management services that include special online banking. As part of the service, clients can utilize check scanning over a secure connection to make remote deposits at their office and track the activity live online.
Ultimately, doctors are looking for efficiencies and better ways to manage the business side of their practices. This allows for peace of mind and better focus on what they do best – provide excellent healthcare to their patients.
*All loans are subject to credit and collateral requirements.
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