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Medical Financing

Types of Medical Businesses

Contrary to popular opinion, you do not need to operate your own clinic, hospital, or nursing home just to be in the medical business. There are other types of businesses that one can establish in this industry and without needing to have your own MD or Ph.D. degree.

  • Pharmacy. This involves the sale of all types of medicated products and treatments.
  • Medical supply. This involves the sale or lease of medical supplies – which can be anything that is not actually a type of medication – to hospitals, nursing homes, clinics, and other healthcare facilities.
  • Medical packaging. This type of business specializes in providing packaging for healthcare products. Packaging used for healthcare products ascribe to rules that are different from those applied to packaging for other types of consumable and commercial products.
  • Medical billing. Healthcare facilities outsource processing of medical bills to businesses of this type. More often than not, medical billing companies are authorized to notify and remind clients about outstanding bills as well as manage all inquiries and concerns related to medical billing.
  • Medical transcription. This type of business is involved in transcribing audio files to text files or documents.

Small Business Funders is more than able to extend a merchant cash advance to all other types of medical businesses that have not been listed in this page.

Types of Medical Business Expenses

Medicated products and services are one of the costliest types of expenses anywhere in the world, and they are just as costly to offer or supply. It is for this reason that a medical business may have a need for a merchant cash advance. With this type of financing, they will be able to enjoy a few months to keep creditors at bay and have extra time as well to reorganize their finances.

  • Wages and training expenses for employees
  • Purchase, lease, and maintenance of medical equipment
  • Taxes
  • Inventory
  • Maintenance
  • Utilities

Why You Need Medical Business Financing

A merchant cash advance is not only useful for paying unpaid balances for the aforementioned expenses. It may also be used to give your business a competitive advantage through the following:

Increase and improve beds and rooms for confined patients

For those operating an actual healthcare facility, a merchant cash advance may be needed to quickly and effectively increase the number of patients they can accommodate. This may prove infinitely helpful during viral outbreaks, disasters, or any such event that could cost a sudden rise in demand for medical services.

Upgrade medical equipment

The medical industry is one of those types that rely heavily on technology. Most types of medical services may be immediately improved when access to technology is similarly improved as well. Transcription may be made more accurate and efficient with the best transcribing software and so it is as well for medical billing. Packaging of medical products may also be completed in a shorter amount of time or at a higher volume with better equipment.

Acquire specialization

Lastly, the medical industry is also one of those types wherein specialization is very much appreciated but difficult and costly to acquire. With a merchant cash advance, you are given the chance to establish plans for your business to be known for a specialized field in medicine.

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