Top Reasons Why Medical Offices Consider Alternative Financing
In recent years, physicians and other healthcare providers who have been dissatisfied with long financing timelines at traditional lenders have turned for financing assistance to alternative financing companies. Here are some of the chief reasons for this paradigm shift:
- Timeframe: most medical offices and healthcare facilities have an immediate need or requirement for additional working capital. Generally it is to increase their staff. Nurse funding, that is to provide salaries to additional caregivers, is an urgent need that does not mesh well with extended financing timelines at traditional banks. Their application to approved financing availability timeline can take up to several months.
- Need to Increase the Quality of Patient Care: while nurse funding is a key reason for expanding a facility’s staff, it is usually in tandem with adding a new partner or medical specialty to the practice. Any staff expansion will require an infusion of liquid capital to underwrite to costs for additional diagnostic equipment, medical supplies, and examination and treatment rooms. An alternative financing company, such as National Business Capital, can assist their clients obtain financing to meet these requirements in a matter of days.
- Temporary Cash Flow Bottlenecks: When key nursing staff are unexpectedly out of the office on temporary leave, per diem specialists must be hired quickly to fill the void. Nurse funding will cover this expense and financing can be made available in a few days through a trusted alternative lender, such as National Business Capital. Our application is simple and financing decisions are based on reasonable underwriting criteria as well. That means that a less than spotless FICO or even an open tax lien will not immediately disqualify an applicant.
National Business Capital’s Business Consultants work hard to forge lasting business relationships with our clients. We earn their trust by providing assistance to enable our clients obtain the right financing their businesses require right now. The goal is to become their financing partner to enable their businesses to reach their full potential. For a confidential review of your medical practice or healthcare facility’s financial requirements, please call us at (888) 888-9124.