A growing number of doctors are realizing that increasing the size and scope of their practice is strategically smart — or in some cases, pragmatically necessary to ensure continued sustainability in an increasingly competitive and fragmented marketplace. With this in mind, here are four ways that business loans for doctors can expand a practice:
Hire New Staff
Business loans for doctors are ideal for hiring new staff, such as practice managers to help improve overall operations, technicians to manage EHR and EMR systems, or diagnostic specialists who can conduct certain tests on-site versus referring patients to a lab. Most of these new hires can bring services that are not only more convenient for patients, but they can help increase practice revenues at the same time.
Invest in New Technology
Healthcare technology is innovative, dynamic, powerful — and typically very expensive. For example, research has shown that the cost of implementing an electronic medical records (EMR) system is $163,765 — and that is for solo practitioners. Physicians who are part of a network of five doctors can expect the bill to climb to $233,298. Since these technological advancements bring more efficiencies and value to your business, they’re important to have. That’s why many opt to utilize business loans for doctors in order to make this investment financially feasible instead of cost prohibitive.
Open New Practice Locations
Doctors in private practice are enjoying something of a “Golden Era” due to a few converging factors. The first is that the population overall is getting older. The second is that more people of all ages are interested in — and concerned about — their health and overall wellbeing. As such, after identifying symptoms they are more likely to book an appointment with their doctor versus “wait and see” how things go. The third is the growing awareness of preventive care. With this in mind, business loans help practices open new locations, so that they can be in position to serve this growing demand.
Launch Outreach Campaigns
Just like other organizations, medical practices need to avoid being “the best kept secret in their marketplace” — especially if they are expanding into new areas and/or are increasing their solution offerings. Business loans can support online and offline marketing and advertising campaigns, which can help make the difference between a full roster of profitable patients, or struggling to book appointments.
At National Business Capital, we offer a range of business loans for doctors, including both short and long-term funding solutions. To learn more, fill out our two-minute application today. We would be honored to be part of your practice’s success story!