medical practice working capital

Top 3 Ways To Improve Your Medical Practice With Working Capital

As a medical doctor, you are always looking for ways to improve your practice and provide the very best healthcare to your patients. To achieve this level of service, you must embrace the mindset of a business owner.

Identifying what your practice needs to succeed to will set you up for financial growth. Whether you want to hire a physician’s assistant, make technological improvements or market your practice, you will need access to medical practice working capital.

Partnering with a lender that understands your business is key when trying to secure working capital. Live Oak Bank has provided over $1 billion in financing to healthcare professionals since 2010. Our team of medical financing specialists has over forty years of combined lending expertise. This experience and a clear understanding of the medical industry enable Live Oak to offer a financing program that will elevate your practice.

Here are the top 3 ways you can improve your practice with a Live Oak Bank working capital loan.

 

1 – Expand Your Team

Grow your practice by hiring an additional physician, nurse practitioner or office manager. By adding one or two new, qualified employees, you can spend less time on paperwork or routine check-ups and more time providing your patients with excellent healthcare.

 

2 – Make Facility Improvements and Upgrades

Make your practice inviting through small renovations and upgrades. Are your carpet, walls and furniture suffering from wear and tear? Now is the time to refresh. Update the office or waiting area with small renovations or outfit your practice with the latest technology to improve efficiency.

 

3 – Marketing + Adding New Services

Maintaining and expanding your brand is critical to keep your practice and your name relevant to your current and prospective patients.  With additional capital, you could execute a marketing campaign that includes advertisements, new signage and redesigning your website. Today’s patients are savvy and have many options to find their new physician. It is important you’re easily accessible.  By keeping your practice relevant, you will attract new patients and keep the patients you have.

Live Oak strives to give you the best solutions possible in every way – lowest appropriate interest rate, no origination fees, speed, and responsive and knowledgeable people.