Improve Your Medical Practice with Working Capital
Improve Your Medical Practice with Working Capital
At their core, working capital loans were designed to help small business owners finance their day-to-day operations. They are geared toward short-term operational needs, as opposed to long-term investments that would better be served by a line of credit or Flex Pay loan option. Working capital loans are ideal for business owners experiencing strong performance who need an injection of capital to take advantage of growth opportunities (without sacrificing up equity).
Medical practice owners may find themselves in a situation in which a working capital loan makes the most business sense. If this is the case with your practice, it’s time to toss your Business Owner hat on and have a look at our tips to improve your practice with a working capital loan.
Build Your Team
Expanding your staff is a great way to drive more business and increase revenue. You could add another physician, nurse practitioner, or even office manager. Consider thinking outside the box and bringing in a doctor who specializes in something different from your area of expertise. As you get more and more successful, you’ll be able to rely on your new staff to take on the more mundane tasks of paperwork or routine check-ups.
Upgrade Your Systems
Today, electronic health records are an essential in the medical field. And if you own your own practice, it’s easy to get lost in the sea of EHR options. You could task your office manager with the job of researching the best options, or you could take the task on yourself. In any event, the amount of money and time you’ll save by having a great EHR system will be well worth it.
Give Your Marketing a Checkup
Every business owner needs to stay fresh in the marketing game, because competition is stiff—and relentless. You likely already have a “brand” persona for your practice. Is it time for a revamp? Have you been sending out the same direct mail piece for months with little to no response rate, or is your website seriously lacking in helpful content? Your working capital loan can be used to hire a professional to help do a deep dive of your marketing strategy and give you some serious pointers. Next to word-of-mouth, your marketing strategy is your best bet for driving new business.
Renovations
Dingy carpeting, dull waiting rooms, stained toilets, cracked ceilings. Patients have seen it all in the doctor’s office, but that doesn’t make these sketchy sights any more acceptable. A doctor’s office is supposed to be the embodiment of sterility and calm. If your waiting room invites anxiety and your exam rooms are a fright, consider a makeover. It’s amazing how far a little paint and faux plants can go to make patients feel at ease.
At ARF Financial, our only goal is helping small business owners fund their success. Our loan consultants are dedicated experts who are local to your area – making them a perfect partner when you’re looking for financing options. Head over to ARF Financial today to get an offer. It’s free, and it won’t affect your credit score. Period. We’ll work with you every step of the way to make sure your loan terms are working for your business needs. Because at the end of the day, if you’re not reaching your goals, then neither are we.