Your medical practice is going really well, but as you do your weekly review of the latest breakthroughs in the medical field you can’t help but think about medical equipment financing.
“It might be time to upgrade,” you say to yourself. “But I don’t even know where to start. I mean, what are my options for medical equipment financing?”
If you’ve been wanting to upgrade the medical equipment in your practice but don’t know your options, read on to find out how you could get the medical equipment you need.
Bad credit is not an issue!
What are the Medical Equipment Financing Options?
There are several different types of medical equipment financing options:
Which financing option works for you depends on your credit score, how long you’ve been in business, and monthly income.
“What if my credit score is not the best?” If you think your credit score might be an issue, don’t worry. There are many programs out there that are well suited for people with poor credit. In fact, some medical equipment financing can help you improve your overall score!
Build your credit with a business loan.
Business loans are great for medical practices that have been in business for 6-12 months, and have lukewarm credit scores but are doing fine otherwise. They can often be approved within 24 hours and can be funded around 5 days. The terms can be as short as 3 months or can be as long as 24.
One of the biggest benefits of a business loan is that it can help you build up your credit. How? Each payment you make towards an affordable loan shows financiers and the credit world at large that your business is steady and growing. Plus, with each small loan you take out, you’re building a relationship with a financer that can help you down the line when you need a larger loan.
Equipment financing is perfect for getting the equipment you need fast. Financiers like First Capital Business Finance often have many different programs to suit your situation so even if you have bad credit, or haven’t been in business long, they can help.
What’s more, financers don’t use cookie cutter programs. They will craft something that’s perfect for your business and the equipment you need. For a more extensive list of the equipment First Capital Business Finance finances, click here.
Suppose you already know the type of medical equipment you need to buy. Maybe you’ve been reading about a rather effective device that can help your patients? A cash advance could be a quick way to get the funding you need without all the hassle.
Do you often get co-payments through a credit card? Perfect! Instead of dealing with late fees, repayment is made through a percentage of your future credit card sale receipts. That way you can get back to doing what you do best: giving the best care to your patients.
With factoring, you can get back to what you’re best at: providing stellar medical care.
No one likes having to remind patients, or their medical insurance companies, about payment. It can be a tough subject to bring up, especially when people are dealing with illnesses and other worries. So why not let a factoring company handle it for you?
Here is how it will work. Suppose you need a quick injection of cash to buy new medical equipment. All you have to do is take the unpaid bills to a factoring company and they will give 90% of the bill as a loan. As your patients make payments, you’ll be able to make payments.
If a patient doesn’t make a payment, the factoring company can call for you so you get can get back to delivering expert care.
Get Medical Equipment Financing with First Capital today!
First Capital Business Finance is proud to offer a wide selection of medical equipment financing to our customers. To learn more about our medical equipment financing programs and find out what you qualify for, call us at 888-510-3573 to speak with one of our knowledgeable advisers. It’ll only take a few minutes to find the solutions that fit you and your business, so call us today!
What Are My Options for Medical Equipment Financing? | First Capital Business Finance