Healthcare Finance Series: The Proactive Practice- Part II
As a healthcare provider, your practice plays a central and vital role in improving access and quality care for patients. The proactive provider is aware of their revenue cycle and is able to spot out cash flow deficiencies before they become a problem affecting internal and external operations. But unfortunately, the overwhelming reason why small practices fail today is due to poor cash flow or a loss of revenue cycle oversight. According to a U.S. Bank study, 82 percent of business failures are due to poor cash management. With the goal of operating a profitable and growing business that gives patients the best quality of care, providers must take-charge of managing working capital.
Now, more than ever, it’s difficult for healthcare providers to get outside financing. Managing your practices working capital is easier said than done and with operating expenses, payroll, and general overhead to name a few, many providers are finding themselves stretched thin for capital. With the current healthcare climate and changes within the industry at large, many healthcare providers are having to wait long periods of time to receive payments from patients and third-party payers. Banks will provide potential loans for the provider’s equipment or real estate; however, the providers may find it difficult to secure the financing needed to help with the growth of their practice and working capital needs. With that said, how are healthcare practices able to take a proactive approach in attaining the working capital necessary to achieve business goals? The answer is with Praxis.
Praxis, a working capital solution for medical practices, from Aquina, provides the cash you as a provider need to grow your business and achieve your goals with repayment terms unlike anything in the industry. Praxis has solutions ranging from factoring lines to term facilities to short-term working capital all customizable depending on the size and situation of your practice. A proposal is created within 24 hours and the funding is provided as fast as the next business day. Aquina truly understands how practices operate, therefore instead of offering daily payment options, Praxis can offer providers fixed weekly payments at lower costs compared to others in the industry. Praxis is simple:
Apply Online: Get the working cash you need to grow your business. It’s fast and easy to apply. No impact on personal credit score.
Get Funded: Funding amounts range from $10k up to $250,000.
Unmatched Repayment: Your repayment is based on a small percentage of your revenues, not a fixed daily amount.
A proactive provider must keep its finances in line if it expects to achieve and attain profitability while delivering the greatest quality. And this starts with managing the day-to-day working capital needs of the medical practice. To quickly and easily apply for free or for more information on providing the necessary working capital for your practice, please visit www.aquinahealth.com/praxis.