Medical and Healthcare
The medical and healthcare sectors in the US generate $3.5 trillion in annual revenue, or over $10,000 per person on average in the US alone.
With that kind of revenue potential, it should come as no surprise that a wide range of medical and healthcare-related businesses exist, with growing innovation, consolidation, and expansion activities continuing.
Coupled with an aging population, medical and healthcare businesses and related services continue to be highly profitable, with a forecast of continued growth well into the next decade.
Loans for Medical and Healthcare Businesses
While the outlook is quite positive for medical and healthcare businesses, many who manage or own small businesses in these sectors know full well that expansion and growth often comes in fits and starts, with large expenses necessary to realize the business’ full potential.
Unfortunately, many of these expenses come on an up-front basis, to enable patient or customer care, and don’t generate revenue until after they are in place and in use. This can make funding typical expenses for growth in the medical and healthcare sectors a bit of a challenge.
Loans, lines of credits, and related financial products for small businesses from BizFly Funding can help pay for any of your ongoing or one-time medical or healthcare business expenses, including investments, equipment, and much more, as we’ll explain in more detail below.
Typical Uses of Medical and Healthcare Sector Loans
The medical and healthcare sectors are quite diverse and varied, with a wide range of businesses operating around the country. Some are small businesses or sole proprietorships, whereas others are much larger national or multi-national corporations.
Under the heading of small businesses, the medical and healthcare sector reports the highest expenses (and the largest need for funding)
In four main categories:
- Education
Initial education, training, and certification of employees, as well as ongoing efforts to stay current on the latest practices, methodologies, equipment, and so on, all cost quite a bit. And many of those expenses are both not optional, and don’t provide a direct line or correlation with revenue.
Funding them with a small business loan, line of credit, or other financial instrument from BizFly Funding can allow you to pay for the training and education up-front with the loaned funds, and then pay the loan back over time, as you reap the rewards of that education expense in your business.
- Equipment
Medical and healthcare equipment, at all levels, is a massive industry in and of itself. They tend to be fairly high-tech and highly-specialized, and often come with very high price tags – especially at the upper end of medical equipment.
Of course, like education and training, though, equipment is a necessary expense for many businesses in this sector, in order to deliver the services that generate revenues.
Equipment financing is sometimes available from manufacturers, but may be hard to qualify for, offer unfavorable rates, or not be available to all small businesses in the first place.
Financing equipment purchases or leases through loans from BizFly Funding can be a great choice, allowing you to make installment payments over time rather than take a hit to your finances all at once.
- Supplies
Medical supplies, like equipment, can also be quite costly. Consumable supplies can fly off the shelves of your business on a regular basis, and need frequent – and expensive – replenishment.
Given the delays between the time of service and when receivables from insurance companies or individual patients may be processed, operating expenses can be strained.
Paying for supplies is easier if you have a bit of a financial buffer. A line of credit may be ideal, or some other form of unsecured loan product from BizFly Funding.
- Staff
Personnel or staff make up the other largest quadrant of medical and healthcare sector business expenses. Growing businesses need to grow their personnel base as well. Even when a business isn’t growing, the staff expense can be the biggest single line in your regular capital outlays.
For surge spending, growth, or just to help make ends meet during leaner times, a funding option for your small business may be ideal to help keep your cash flow in check, and allow you to fund all of your other operational activities without worry.
Benefits of Choosing BizFly Funding for Your Loan
BizFly Funding exclusively deals in funding for small businesses. We work with businesses to select and deploy the best products to meet their needs – even if they have poor credit or a limited credit history.
We know that access to capital can make all the difference in whether or not your business succeeds, grows, and ultimately reaches its full potential.
We’re proud to partner with small businesses in the medical and healthcare sectors, and hope you’ll consider BizFly Funding for all of your business financing needs. While you help us stay healthy, we’ll help your business stay financially healthy!
