We know all the routes to take
to get you the best business loan
United Capital Source offers numerous types of working capital loans for doctors who are waiting on insurance payments and other receivables. These business loans are popular choices for excessively busy borrowers as well as borrowers who aren’t exactly business-savvy. We understand that most doctors did not enter the medical profession to showcase their financial management skills. But with our help, doctors can learn how to monitor the “vital signs” of their finances and prevent future cash flow shortages.
A merchant cash advance is an ideal option for doctors because its payment system requires no manual action from the borrower. Instead of having to make a fixed payment every month, payments are deducted from an agreed-upon percentage of future debit and credit card transactions. The deductions are made automatically, so it is virtually impossible to “miss” payment, and you don’t have to worry about rising interest rates. Your amount is based on the revenue you are projected to generate from these transactions, which should be relatively easy for doctors to calculate since appointments are made well in advance.
Another tremendous advantage of this payment system is the ability to make small payments when business is slow. Doctors’ offices are no strangers to seasonality, and must therefore make a series of investments during the slow season in order to serve their patients properly during the busy season. With a merchant cash advance, doctors can increase staff or purchase bulk inventory when the slow season is finishing up and pay off the debt when demand skyrockets shortly after.
We’re here when you need us
Sometimes, almost every single one of a doctor’s cash flow problems can be traced back to the industry’s elongated business cycle. The solution is accounts receivable factoring, which is when a business lender purchases unpaid invoices for a discount price. Rather than waiting months for an insurance reimbursement to come in, you are paid just days after serving a patient. It is now the business lender’s responsibility to collect from the insurer.
You lose a small portion of income but this minor caveat is greatly overshadowed by the endless benefits of having cash on hand at all times. In addition to covering expenses right away, you are finally able to predict cash flow and schedule investments for when they make most sense for your finances. Apply now to see how much you qualify for!