Many people visit their doctor or dentist because they feel cared for. Medical professionals have a reputation for being kind and considerate, focused on patients first. Of course, you also run a business. That means you need capital to cover expenses, invest in business growth and attract potential clients. It’s not always easy to balance patient care with cash flow needs.

How Can You Get Paid Without Irritating Your Patients?

Getting paid on time can be a challenge, especially when it comes to direct payments from your clients. Things are easier when an individual’s insurance company reimburses you directly. These days, however, many insurance plans have sizeable deductibles, meaning patient copays can be a large part of your revenue. This can create frustrating situations where you don’t get paid on time or paid in full.

You also don’t want to be known as the doctor or dental professional who hounds people’s overpayments. What can you do?

One tip is to offer different payment options for your clients. This can include payment plans, deferred payments, discounts for immediate payment, and similar options. Another option is to stick to automatic billing software that sends reminders to patients automatically. This doesn’t feel as aggressive for collections. The more ways patients have to pay, including credit card or mobile payments, the easier it is to collect on what you’re owed.

How Can You Have Good Cash Flow While You Wait for Payment?

If you start offering payment plans and deferred billing options, you need to have capital in the meantime. A great option is healthcare financing. This type of financing works by selling unpaid invoices to a factor. You can use any invoices you need to get immediate funding.

This financing can cover payroll, equipment repairs, lease payments, operating expenses, product purchases, and many other things. You can invest in website development and advertising. The purpose of this financing is to stabilize your cash flow.

What Are the Advantages of Medical Factoring?

The reason factoring is amazing for private practices is that it’s easy to qualify for and use. You can get money within 24 hours, letting you cover any need easily. That’s much faster than traditional loans that take weeks or months to clear. Of course, a working capital loan or small business loan can offer excellent interest rates, but you have to be prepared to wait for these loans to be approved. For flexibility, it’s hard to beat healthcare financing. That’s why so many private practices use it.