Cash flow can make or break a healthcare practices health. More often than not, maintaining it is a balancing act between insurance reimbursements and cash on hand, and it's a tricky tightrope to walk. Especially if you're relying on insurance reimbursements or irregular payment cycles, your cash flow can become unpredictable. As the numbers grow, so do the stakes and the best possible asset you can have is a plan.
With a proper accounting of all your possible expenses throughout the year, coupled with your anticipated revenues, it's possible to project how much cash will go in and out of your business on a day-to-day or week-to-week basis for the next year.
Several templates for cash flow planning are available online, but you can easily make your own. To prepare your own cash flow forecast, begin by projecting cash inflows, being sure to base your numbers on when the cash will reach your business, as opposed to, for example, counting a customer's credit card payment the day of the sale. Then, include all expense variables for the same time period. Finally, add the projected bank account balance at the beginning and end of all of those transactions.
The result should be a clear picture of how much cash will enter and exit your business during any given time period. A good cash flow projection can help a small-business owner know when to make major purchases, when to set funds aside, and, in general, how to keep a healthy amount of cash flowing through the business at all times.
Cash shortfalls happen. The month you need to buy new medical equipment, could be a naturally slow month for revenue; the need for major repair work could fall in the same month half of your employees worked overtime. Whether they are due to a slow season, lagging client payments or unanticipated expenses, cash shortfalls are survivable if healthcare businesses look ahead and act early.
So... What happens when the need for additional cash flow arises?
LVRG Funding is now offering commercial funding programs developed specifically to address the needs and complexities of the healthcare sector. As a recognized leader in the small business loan space, LVRG has developed financing products designed to supply healthcare provider’s fast access to short-term funding for their business. Repayment is based on receivable collections and is not tied to a fixed amortization schedule. Funding is fast, flexible, and works in tandem with your existing revenue cycle process.
We have the flexibility to finance - healthcare business cash advance and healthcare business loan products against traditional electronic payment proceeds, as well as Government (Medicare/Medicaid) and Private Health Insurance. LVRG is able to underwrite accounts for the specific and unique nature of healthcare reimbursements, allowing clients to obtain capital for all their business needs.
Healthcare Financing - Funding Amounts from $10,000 to $500,000
Funds can be used for any purpose that improves the business. Uses include, but are not limited to:
Practice Acquisition / Practice Expansion
Inventory / Supply Purchase
Bridge Health Insurance Reimbursement Delays
Hire and Train Staff / Bridge Credentialing Period
Advertising / Marketing
Pay-off Vendor Bills
Any Other Use that Improves Business Performance and Solves Short-Term Financial Needs
Unlike typical cash advance lenders who only consider credit card receipts, LVRG understands that as a healthcare business credit card sales only constitute a tiny portion of your overall revenue. That’s why when qualifying for a LVRG healthcare cash advance, the amount your business is able to receive is based on your historic volume of insurance receivables as well as credit card receivables. By considering insurance receipts from any private or government insurance provider, including Medicare and Medicaid, we can offer substantially larger financing amounts with a much lower cost of capital than other traditional cash advance lenders.
Instead of taking a fixed daily, weekly, or monthly amount, repayment occurs through collection of a predetermined, fixed percentage of future insurance receivables. We only get repaid as you're repaid from any or all of your insurance processors.
Our approval process is painless. All we need to determine how much you qualify for is a one page application and your four most recent months of bank statements. We’ll determine which insurance types it makes sense to use as a repayment method and what percentage of those insurance types we’ll hold back to repay the financing. Within a few hours we’ll provide a completely free, no-obligation quote for your consideration. Our primary goal is to help your business grow. After discovering the speed and ease of acquiring additional funds, the majority of our clients decide to renew. We may be providing short-term financing, but we also strive to be your long-term partner in improving your business’ cash flow.
With LVRG, you get the working capital you want right when you need it. With minimal paperwork and qualifications, no hidden fees, and no restrictions on the usage of funds, you can receive capital for anything your healthcare business needs in as little as three business days. Why do healthcare businesses choose us for a healthcare cash advance? When you receive healthcare financing from LVRG, you’re getting funding with industry-leading speed that can be used without restriction. Whether it’s for expansion, bridging payroll, hiring new personnel, advertising, or buying anything from a new building to office furniture, you can use the funds for whatever your business wants or needs! Our healthcare advance product is a perfect fit for healthcare practitioners and businesses that require more than a traditional loan can offer in a shorter period of time.
Our exclusive, non-traditional cash advance solution helps keep your business running. Instead of taking a fixed daily, weekly, or monthly amount, repayment occurs through collection of a predetermined, fixed percentage of future insurance receivables. We only get repaid as you’re repaid from any or all of your insurance processors. The changeover is painless. Healthcare industry businesses shouldn’t be judged by their credit rating alone. Our speedy but thorough underwriting process includes a brief interview and constant, open communication with your representative so we make sure you get the chance to tell your story behind the numbers before a decision is made. From expansion opportunities to covering reimbursements and payroll, we offer an understanding and strategic source of continuous cash flow for your healthcare business. We have the tools and expertise to help you improve your business on your terms.
Healthcare Industries We Fund:
Home Health Care Services
Hospitals, Physicians, and Physician Groups
Mobile Medical M.D. and Nursing
Clinics, Urgent Care, Acute Care Facilities
Durable Medical Equipment Providers
Laboratories, Pathology, and all Diagnostic Testing Facilities
Medical Transportation Companies
Skilled Nursing, Long and Short-Term Care Facilities
Pain Management, Weight Management, and Wellness Centers
Physical Rehabilitation & Substance Abuse Rehabilitation
Eating, Sleeping, Speech, Hearing, and other Disorders
Our Healthcare Financing options are ideal for healthcare related businesses in need of a fast funding, with very flexible repayment terms based on insurance reimbursements. Ready to learn more? Call (855) 998-LVRG or click below to get started!