Growing your healthcare business isn’t exactly easy. Sometimes it feels like a kid is pulling on your shirt sleeves asking you for more. Patients can have large deductibles so they hesitate to get the healthcare services they need.
It becomes a vicious circle, you can’t offer the services patients they want so you don’t have paying customers, thus you can’t get the money to offer valuable services.
So, what do you do when you want to grow your healthcare business but don’t have enough money?
One solution is to get a microloan. Many financial institutions, like Camino Financial, offer this product, which is growing in popularity because business owners can get short-term loans so they don’t carry debt beyond 2-5 years.
What is a microloan?
Microloans give entrepreneurs access to smaller sums of money to start a business, make improvements or purchase equipment. It’s up to you how much you borrow depending on whether you only need $500, $10,000, or more.
Microloans are attractive to borrowers because they are easier to qualify for than traditional bank loans.
Lenders work closely with small business owners to match a loan with the business owner’s needs. Another appealing feature of microloans is that lenders don’t usually require borrowers to offer collateral to secure the loan.
How can you use borrowed funds to invest in your healthcare businesses
- Working Capital
Cash flow can be a problem in the healthcare industry. You may be waiting for Medicare, patient, or insurance payments.
Extra cash to pay day-to-day expenses and stay solvent can get your business through slumps. Being able to manage your working capital is one area of your finances that lenders typically review to access your business’s creditworthiness.
You can renovate your waiting area to add more comfortable seating, install new flooring or add a water cooler. Perhaps the examining rooms need a facelift or worn-out window treatments should be replaced.
Depending on the loan amount, you could make renovations that could make your facilities more attractive.
No one likes to wait, especially someone dealing with an illness.
Adding a nurse’s aide, front desk clerk, or an office assistant to your staff can improve patient experience and responsiveness. When you’re able to treat more patients, your business’s cash flow increases.
Hiring top-quality professionals builds a favorable reputation for your business to set you apart from the competition.
Does your healthcare facility have the latest diagnostic instruments like blood pressure cuffs, ultrasound systems, and glucose meters?
You could use a microloan to purchase additional wheelchairs, office equipment, and update your medical supplies inventory.
- Expansion of your services
By offering more services, you can reach more people.
With additional funding, you could offer health care classes to educate people on ways to attain better health. Some patients welcome home visits when they’re unable to visit your healthcare facility. With extra money on hand, you can upgrade your website or hire an IT specialist to integrate claims, billing, and patient access to records.
Growing your healthcare business just got easier
If your business has been limping along waiting to be revived, a microloan could be just what you need. You can get microloans in amounts of less than $50,000 to give your business an instant boost. The loans are readily available online and you can receive funding in as little as 2-4 days.
Now could be the perfect time to invest in your business to move forward with the next item on your business plan. A microloan could definitely help your healthcare business.
There’s only one more question to answer: What are you waiting for?