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Answer Upon - How to Finance your Medical Office, Medical Supply or Medical Testing Company
Being a reseller or wholesaler is all about moving product. The more product you move, the higher your revenues and profits. But moving high volumes of product requires quite a bit of working capital. Why?Well, unless your company is well established and has credit, your suppliers will demand that you pay them upon delivery. However, your clients will most likely insist on paying you in 30 to 60 days. This leaves your business with a significant cash flow gap. If your company ha
This week is National Customer Service Week. As we celebrate the people who pay our bills, I want to give a few low-cost and no-cost ideas to WOW Customers so that they come back again and again and tell everyone they know. 1. Have a live person answer the phone – with no wait time. 2. Southwest Airlines sends out birthday cards to their most valued customers. Consider sending your best customers birthday cards. 3. Myra Golden Sem
However, even though the growth trend looks good, running a medically related business keeps getting more and more challenging. In the past, doctors and medical suppliers could expect to get large and quick reimbursements for their services. Cash flow was reasonably easy to manage. However, Medicare, Medicaid and 3rd party insurance companies have put in place strict compensation guidelines. These guidelines can be summarized in two simple points: you can look to receive less money than before and you should be prepared to wait longer to get paid.
This creates a financial “perfect storm” for medical industry companies. On one hand, you are getting paid less and waiting longer for your money. On the other hand, your operating expenses remain the same or perhaps are higher. You still need to pay your employees and your suppliers. In almost all cases, this limits your ability to pursue new opportunities and grow your
Reach and frequency are terms generally used when planning advertising campaigns. However, the concept of reach and frequency applies to any promotional activity you undertake: direct mail, direct selling, and even networking.Reach is the number of people you touch with your marketing message or the number of people that are exposed to your message. Frequency is the number of times you touch each person with your message. In a world of unlimited resources you would obviously
However, even though the growth trend looks good, running a medically related business keeps getting more and more challenging. In the past, doctors and medical suppliers could expect to get large and quick reimbursements for their services. Cash flow was reasonably easy to manage. However, Medicare, Medicaid and 3rd party insurance companies have put in place strict compensation guidelines. These guidelines can be summarized in two simple points: you can look to receive less money than before and you should be prepared to wait longer to get paid.
This creates a financial “perfect storm” for medical industry companies. On one hand, you are getting paid less and waiting longer for your money. On the other hand, your operating expenses remain the same or perhaps are higher. You still need to pay your employees and your suppliers. In almost all cases, this limits your ability to pursue new opportunities and grow your
In today’s Machine Age, every business is wholly or partially dependent on equipment to carry out its activities. But with time, this equipment gets depreciated and loses its performance. Keeping this concern in view, smart businesses regularly spend money on Equipment Maintenance to ensure consistent performance and increase its lifespan as well.The best way to start Equipment Maintenance is by planning the whole maintenance process in advance, like time of maintenance, total c
This creates a financial “perfect storm” for medical industry companies. On one hand, you are getting paid less and waiting longer for your money. On the other hand, your operating expenses remain the same or perhaps are higher. You still need to pay your employees and your suppliers. In almost all cases, this limits your ability to pursue new opportunities and grow your
This article will show you how to cut your printing costs to a penny and have your postcards addressed for free without doing it all yourself, reducing the time you invest in your mailing to almost nothing.So, you have a list of hot prospects in hand; you need a way to get your marketing message in front of them with the hope that a reasonable percentage will call you. You decide that you want to send a postcard to each prospect.You open the yellow pages and randomly sele
This creates a financial “perfect storm” for medical industry companies. On one hand, you are getting paid less and waiting longer for your money. On the other hand, your operating expenses remain the same or perhaps are higher. You still need to pay your employees and your suppliers. In almost all cases, this limits your ability to pursue new opportunities and grow your
The threat of data loss exists with almost every click of your mouse. Life in the online world can be dangerous. Smart businesses will do whatever is required to minimize that risk.Have you ever lost all of the data on a floppy disk and had to redo an entire afternoon’s work? Perhaps you have rendered a music or game CD unusable because of a tiny scratch? Maybe you have experienced a full fledged hard drive meltdown that resulted in gigabytes of lost data and months, even YE
Is there a way to “fix” the cash flow problem?
If your business’s main cash flow problem is not being able to afford to wait 30 to 90 days to get paid by insurance companies and Medicare, then factoring your invoices could be the right solution for you.
The factoring proposition is very simple. Factoring is a way of financing, in which a factoring company provides you with advance payments based on your outstanding accounts receivable (or invoices). You get funding as soon as you invoice. The factoring funds it and waits to get paid until the insurance companies or Medicare pay the invoices.
Factoring has advantages over loans and lines of credit. First, factoring financing lines do not have arbitrary limits. The maximum amount of monthly financing is solely determined by your ability to invoice. If your business grows, your financing grows automatically. Also, factoring comp
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