When is the best time to borrow?
Those outside the healthcare industry may not think healthcare businesses have busy or slow times of the year. After all, everyone needs care all year round, right?
In reality, there are certain types of healthcare practitioners and doctors whose patients seem to have a certain time of year where they are trying to squeeze in their routine visits. This rush of new and regular patient visits for dentists and doctors alike seems to happen in August because of the back-to-school rush.
August is the time of year that parents are trying to get their children seen before school starts and it almost seems chaotic as everyone is trying to get back on track after summer vacation.
Unfortunately, the August rush can put a strain on your healthcare business. You may need to hire additional temporary help, update your equipment, stock up on inventory, etc. to keep your office running smoothly.
With that said, one of the best times to start your small business loan search is before this big rush in August and September. A business loan can provide you with the necessary working capital to:
- Cover any business-related expenses
- Secure financing for inventory due to an increased patient influx
- Pursue equipment financing
- Secure funding to cover your growing payroll for temporary staff
Additionally, any time you are looking to grow your business is an appropriate time to find the right loan and lender. Growth equals success and unfortunately is unlikely to occur without an investment.
In conclusion, one thing is for sure, medical practice as a business has never been such a challenge. Your focus is on delivering the highest quality of care while dealing with slower insurance reimbursements, mandatory equipment, and technology upgrades and increased regulation. You deserve a lender that knows these challenges you face and can provide healthcare practice financing and medical office financing that is tailored to meet your specific needs.
At Purcell Capital, our financing programs are specifically designed to meet your unique needs and fit into your demanding schedule. Our loan programs are flexible and focused on speed and convenience to make your lending experience as seamless as possible.