Because of the lengthy economic recovery, many patients are opting not to go to the doctor as often, usually only visiting the doctor’s office if there is an emergency or for necessary check-ups. As a result, some medical doctors are finding it more difficult to maintain their practices.
On top of this, banks continue to tighten their lending standards, leaving the doctors with even fewer options to obtain financing. What should medical professionals do who are in need of financing? Alternative lenders such as Triton Financial Solutions are becoming a viable option for more and more doctors and other medical professionals.
Alternative Lending: What You Should Know
The alternative lending industry has become much more well-established in recent years. Alternative lenders know where to search for options that are usually overlooked, such as using a client’s unpaid invoices to secure the loan. The payment plans are typically more flexible than traditional bank loans and loan approval is usually quicker and a comparatively painless process.
Alternative loans may sometimes have a higher lending rate, but they can improve the cash flow needs of small business owners and medical practices. Alternative lenders such as Triton have made it possible for many cash-strapped medical practices to not only remain viable, but thrive.
Alternative Lending Sources
A good alternative lender will guide you through the many options available for your medical practice. There are plenty of selections to choose from, including revolving lines of credit, traditional business loans and short-term loans in accordance with the needs of the practice. These can be a lifesaver for practices looking for cash to pay vendors and cover payroll expenses while you are waiting for payments from your clients.
Medical professionals can weather their current financial setbacks; they just need an anchor and the right alternative lender to help them get through this storm with assistance and guidance.
La Mancha Sims is CEO of Triton Financial Solutions, a business development consulting firm located in Atlanta, Georgia. You can reach La Mancha at 770-249-2357.