Disclaimer: This blog article was written by an AdvancedMD partner. The views and opinions expressed in this article are those of the author(s) and do not necessarily reflect the official policy or position of AdvancedMD.
As an owner of a private medical practice, you’ve invested the time and money into going to medical school. You worked for years for other healthcare providers, learning all the details and steps involved on how to start a new medical practice. You finally achieve that goal, build a patient-base, and now you’re realizing it’s more about being a business owner than a clinician. You definitely want more growth, but at what cost, and what extent is appropriate? If the above sounds like you, you are not alone! Like any business, choosing when and how to scale your practice can be a challenge, and there are no perfect answers on how to accomplish this goal.
Here are some of the various ways in which you can invest in your practice:
It’s About The People.
The clinicians and care providers you hire are the foundation of your medical practice. They are on the front lines with your patients every day, setting the tone for your culture, customer experience, and overall patient experience. While technology can help your practice run more efficiently, you still need to invest in the people. The goal is to keep your operation running smoothly by providing quality care for the patient base and support to your Nurse Practitioners and Physician Assistants.
It’s About The Technology.
Technology is providing new methods to assist your patients but it’s also creating a competitive landscape the medical field has never seen before. For this reason, it’s important for private medical practices to choose the right technology to improve efficiency, lower cost and maximize profit. Embracing this new trend early will enable you to maintain your patient base for years to come.
It’s About The Money.
Now, more than ever, it can be difficult for healthcare providers to find outside financing, especially funding that is customized to the appropriate scale for their needs.
Introducing Lines of Capital from Aquina!
We are excited to announce the release of our new product: Lines of Capital (LOC)!
LOC are great for capital projects, hiring staff, expanding real estate, and purchasing equipment.
In the last few months, we have been working tirelessly to improve our products/services and we are sure our latest and greatest LOC product can provide a customized financial solution to help you grow your business! What you need to get started:
- 550+ FICO
- 12+ months in business
- $20k in monthly revenue
- Basic info about your company
- 3-6 months recent bank statements
Interested in finding out more about Lines of Capital can help your practice? Contact Aquina today.