As a healthcare professional, you likely didn’t spend much time in college taking business courses. Yet, if you are dentist or orthodontist, veterinarian, doctor in a family practice, or dermatologist, laser eye or cosmetic surgeon working in a surgery center, you are also a small business owner. Now you not only have to be on top of your technical skills, you also need to understand such issues as government reimbursements, insurance provider filings and cashflow management.
Healthcare businesses face a difficult working capital environment. Your needs are different from a traditional merchant given the long reimbursement cycle. Changing rules and unexpected audits from Medicare, Medicaid, and commercial insurers can further delay payments. Consumers selecting high deductible insurance plans have also put more risk on your business to collect directly from patients.
Traditional merchants often turn to merchant cash advances when cash flow challenges arise. Alternative lenders typically offer a similar product but the norm is to require a fixed daily repayment, a structure that does not match well with the reimbursement revenues of a typical healthcare business.
So, where can healthcare business owners like yourself turn? Banks often do not lend to healthcare practices due to limited collateral, and when they do, the application process can take months. Healthcare and medical funding solutions must be uniquely suited to healthcare businesses for professional owners to be successful.
At D.P. Martone Capital, we work with all subsets of the healthcare industry, across the United States. We specialize in medical MCA’s and factoring for the healthcare industry. We work with many types of physicians, mental health providers, home health care groups, physical therapists, and other related groups.
Our merchant cash advance program offers a differentiated repayment solution from other alternative lenders that require daily sweeps of your bank account. Clients repay through a weekly amount based on a percentage of their realized revenues, so we get paid when you get paid. We offer a competitive rate and applications are typically approved within 24 hours, funded within two days, for amounts up to $250,000+.
Call us to learn more about why we are specifically suited for your healthcare business.