Still, like any other business owner, many doctors have to deal with cash flow problems from time to time. When that happens, they need to secure outside funding so that they can continue growing their practices.
In other instances, doctors that are just building their own practices might run into some financial hiccups that cause them to examine financing options right off the bat.
While some doctors might be tempted to try to secure financing through traditional banking institutions or organizations like the Small Business Administration, doing so is often incredibly time-consuming. On top of the mountains of paperwork these loans generally require, doctors will also have to wait as much as 60 days for funds to show up in their accounts—if they’re approved in the first place.
Remember, banks generally require a couple of years’ worth of business tax returns before they’re willing to lend to a business owner—regardless of what kind of company it is. So if you’re just starting your practice, you’d be much better off looking at the variety of business loans offered by alternative business lenders because banks are unlikely to approve your application in the first place.
Unlike more traditional financial vehicles, unsecured small business loans are obtained easily. Just fill out a minimal amount of paperwork, and your practice can get financing within a few business days.
Once you’ve secured a fast business loan, you can use the money to:
- Hire the best people. Providing the best care starts with having the right people on your team. You can use fast business loans to attract the best nurses, medical assistants, and clerical staff to build a great practice right off the bat. Don’t skimp on salaries. Doing so could cause talented people to think twice about working for you.
- Buy new equipment and supplies. You won’t provide exemplary care to your patients if you’re using machines built decades ago. With funding from a fast business loan, you can buy the latest tools, technologies and other supplies. That way, you’ll be able to provide state-of-the-art care to your patients.
- Decorate your practice. Medical practices are no different from other small businesses in the sense that they need to look nice. You wouldn’t be comfortable seeing a doctor who works out of a decrepit office, would you? Small business loans enable you to build attractive exam rooms, waiting rooms and offices.
- Improve your grounds. Patients might be hesitant to check out your new practice on the inside if the grounds on the outside are in terrible condition. If your practice is located in a standalone building, use fast business loans to cover landscaping and painting costs. Make your office grounds look beautiful.
- Pay your bills. Instead of deciding which bills are going to be paid this month, use a fast business loan to pay each of the suppliers, vendors, and contractors you rely on in one fell swoop. The last thing you want to do is develop a reputation for being late on payments when you’ve just opened your practice.
Thanks to consumer comparison services, doctors can browse a wide variety of small business loans offered by many different lenders in a matter of minutes. So you won’t have to spend a ton of time trying to figure out which lender is offering the best overall package.
There’s no sense in spending any more time than you absolutely need to in order to secure the funds necessary to build your practice and provide great care to your patients. Fastbusiness loans enable you to ensure that you’re using the little free time you set aside to secure financing most effectively. And the best part? The money will be in your account before you know it, so you can put it to use right away.
Doctors are notoriously busy people. In fact, the average doctor works close to 60 hours each week. That being the case, it comes as no surprise that they don’t really have much free time to spend on anything other than caring for their patients.