Most medical professionals are not business experts. Many of them run their own businesses, but that’s not why they entered the medical profession. They wanted to help people, as opposed to, say, grow a small business. When their practice first opened, there was likely no concrete plan to increase its size by a certain degree, or by a certain date. In other words, it’s common for medical professionals to be admittedly lost when it comes to managing finances or developing growth strategies. You can’t blame them for not pursuing small business loans. How are they supposed to know which business funding program is best suited for their cash flow problems? And who has the time for that notoriously tedious approval process?
If medical professionals were as up-to-date with business financing as they are with medical journals, they would know that the business lending industry is not what it used to be. Nearly every medical practice has cash flow problems of some sort. This has prompted alternative business lenders to create small business loans for doctors tailored for these exact situations and offer customer service that accommodates unfamiliar, first-time borrowers.
1. We Get It: You’re Not A Businessman
At United Capital Source, a top priority of ours is to educate all of our clients about improving cash flow and planning for the future. But we also understand that in certain industries, like medicine, business owners are particularly busy on a day-to-day basis. These individuals cannot be expected to suddenly dedicate their lives to becoming better financial managers. Their days are spent serving their customers or patients directly, researching new developments in their fields, or updating files. This is why companies like United Capital Source have made it extremely easy to apply for and pay back various types of small business loans.
Our application can be completed in a matter of minutes and requires just a small list of financial documents. Funds will be in your bank account only a few business days later. If you have a question at any time, one phone call or email to one person is all it takes to receive an answer. There’s no back and forth communication, where the first underwriter you speak to has to then contact a supervisor, who is only available for four hours a day.
We even specialize in a type of working capital loan that is perfect for excessively busy clients: merchant cash advance. Payments are automatically deducted from debit and credit card transactions at the same frequency that you batch out your merchant terminal. It is virtually impossible to “miss” a payment, since no manual action from the borrower is required. And you don’t have to worry about how one payment is affecting interest rates or the next payment. Fees are fixed and determined before funding is distributed. Payment amounts are tied to sales you can map out your cash flow accurately.
2. You Don’t Need Perfect Credit Or Cash Flow
Bank loans are among the cheapest on the market but they are usually only available to client with flawless credit and cash flow. It is extremely common for medical practices to have problems in both areas. They have no control over when patients or insurance carriers pay and can therefore go months without receiving full reimbursement. Delinquent payments make it very difficult to maintain a financial schedule, which is necessary for preventing large amounts of money from going out when only a little is coming in. This often leads to gaps when payroll is due, forcing doctors to choose between paying their employees or other regular expenses.
But depending on the business funding program you have in mind, poor credit history and inconsistent cash flow might not impact your application. Some UCS clients take out small business loans just to pay off existing debts. We do not, however, recommend borrowing solely to make payroll. If you are forced to do so, it should only be just this once so you can learn from your mistakes and not repeat them the following month.
3. Working With The Right People Is Stress-Free
Inexperience with business financing often drives new borrowers to try and find the quickest source of cash. They want the process to over as soon as possible. Yes, online lenders do attract a lot of interest because borrowers don’t have to deal with people. But rushing into a business loan is a surefire recipe for a careless decision. You could borrow too much, too little, or for the wrong reasons. United Capital Source offers the best of both worlds: speedy approvals and stress-free customer service.
Rather than pretending they know what they are doing, we encourage clients to admit their uncertainties. Together, we will figure out if your desired investment is truly a good idea. Will your new equipment increase revenue directly? Will it become outdated before it pays for itself? These are the kind of questions we are happy to help you address while we find the best business loan for you. With our guidance, you will come to understand not only why you needed a business loan in the first place but also how to monitor your practice’s financial “vital signs” to ensure you don’t end up in the same situation again.