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6 Reasons to Consider a Professional Loan
for Your Medical Practice

Providing great service and reducing expenses are some of the ways to help your medical practice thrive. However, like any business, you may find yourself in a “cash crunch” — difficult to grow or maintain your standards of practice due to limited financial resources. A lack of funds can weigh heavily on you, but with the right amount of support and resources, you will be able to continue offering the best medical care to more patients. Here are 6 instances when additional resources would be beneficial:

1) Help Manage Cash Flow

Your medical practice may occasionally encounter challenges with payment collection. Everything from late payments, bounced checks, to issues with proper billing from insurance companies can result in a tight cash flow. While it may be temporary, that doesn’t make it any less painful. Having the right financing readily available can help provide more flexibility to your cash flow.

2) Make Equipment Purchases

If you are not investing in new equipment, you may be limiting your revenue capabilities and the range of patients you can treat. Additionally, if equipment breaks down, expense goes up and profit margin goes down. You do not need to sacrifice your bottom line. With the right support, you will be able to prepare for these unexpected events, such as maintaining existing equipment and make new purchases, to stay current and competitive.

denist and patient reading x-ray

3) Acquire Another Medical Practice

You’ve heard the saying, “you have to spend money to make money.” Buying a competing medical practice is a great way to immediately expand your business. It is the quickest way to onboard new patients and serve additional territories.

4) Buy Commercial Property

When you lease your office space, you are limiting your practice’s ability to expand — and thus the chance to grow its value. Purchasing a commercial property for your practice is a great way to grow your net worth by having better control on your properties.

5) Market Your Practice

Marketing and advertising your practice and services to the public can be expensive, especially as you grow your practice. Having additional financing will be useful, especially when you need to announce relocations, acquisitions, or new services.

6) Add Personnel

If you find yourself or your staff stretched too thin, it may be time to consider hiring. Getting additional staff is not only a form of support to your current team, but also an indicator of the success and growth of your business.
 

doctor welcoming new staff before meeting


At Cathay Bank, we understand operating your medical practice is costly and taking care of patients is your number one priority. With that in mind, we have created a Professional Loan program to focus on getting you where you want to go. Learn more about our Professional Loan.

 


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