Troy Business Group has experience in processing funding for all industries.
Listed below are just a handful of the most common industries we service. Please do not be alarmed if your businesses industry is not listed below. Please contact us directly and we can walk you through exactly how we can best serve your specific industry.
Any business in the medical industry will likely need to rely on financing at some point. Whether it be a large medical facility, or a small home health care agency. Both will have costly expenses. And, all have to sit back and wait for insurance payments to roll in. Whether they accept only private insurance or they also take Gov’t insurance. Regardless they have to lay out expenses and sit back and wait to be paid for work already completed.
Another major issue that Medical facilities and practices face is that their business relies heavily on a large amount of high priced machinery and equipment. This is all needed in order to perform their day to daycare. These are, for example, a bulk amount of basic necessities like beds, furniture, sheets, towels, bottles, trays, tables, chairs, etc.
These items are constantly being replaced either due to wear and tear or something becoming obsolete. For any size medical facility, these are expenses that can add up quickly and will continue to come year after year.
On top of this, the salaries paid for most medical workers are typically at the higher end of the wage spectrum. So, practices also have to deal with paying a higher than normal labor cost. Not to mention facilities must spend a ton to maintain the cleanliness of the facility, to the high standards that are necessarily placed upon the medical industry.
Finally, insurance payouts are generally never on time. This means a Medical practice has to wait quite a while. Post-procedure before the medical facility can receive payment. A practice can send an invoice to the insurance company in January, and not be paid out until June.
This can quickly back up cash flow when you have many patients to deal with, employees to pay, and equipment to maintain. Another cash flow issue that typically arises is that insurance companies often dispute treatment they inevitably deem unnecessary. Therefore leaving the business with extra delays in payment, for work performed months prior.
Medical Industry Financing & Troy Business Group
Troy Business Group understands the complexities of running a medical services business. We know the importance of maintaining steady cash flow and are here to help. Whether the need is for new equipment, a long term loan to pay off old debts, or health insurance receivables financing. Either way, we here at Troy Business Group are here for the medical services industry.