Opportunities are like sunrises. If you wait too long, you miss them.” –William Arthur Ward
Pain Management Medical Practice In Immediate Need of Working Capital
A number of years ago WCP Financial was contacted by a medical doctor who owns and operates a successful pain management medical practice. In his initial inquiry, he expressed interest in physician short term loans. He explained that while his business was growing nicely, the practice’s cash flow was often irregular due to slow reimbursement from patient health insurance providers. To increase working capital he had researched traditional bank loans, SBA 7(a) Loans, and a few longer-term loans, however, the practice just didn’t have the time to go through the slow 30-90 day process just to see quotes and then go through a tedious underwriting process. The practice had vendors to pay and a short-term opportunity to purchase medical practice management software at a significant discount.
Physician Short Term Loans Provide Fast Funding
As WCP Financial explored funding options with the practice owner we soon focused on short-term loan products. Why choose a short term loan?
- Short term loans provide fast cash, often in 48 hours or less.
- Applications for most short term loans are simple and quick to complete.
- Approval criteria for short term loans tend to be less rigorous than other loan products.
- Businesses with loan payoff certainty can use a short term loan to capture near-term opportunities.
The benefits of this type of financing are offset by higher interest rates and shorter repayment terms making the capital more expensive. This was a trade-off our physician small business owner was willing to make. Together we reviewed the practice’s need for funds, explored various short term loans, and completed the documents necessary to expedite full approval and receipt of the funds by wire transfer.
WCP Financial received the required documents from the physician on a Monday, including:
- An easy 1-page application
- Bank statements from the previous three months
WCP Financial processed the documentation immediately and the healthcare practice received full funding by Wednesday the same week. Quick, easy, and stress-free.
Solve Common Small Business Problems With WCP Financial Funding Solutions
Small Businesses typically excel in their specific area of specialization but running a business often requires tools and expertise beyond a company’s capability. While it’s commonplace for small businesses to partner with CPAs for accounting and Attorneys for legal matters, fewer businesses form relationships with finance firms beyond their local banking institutions. Unfortunately, when a business owner is faced with a critical financial problem or an opportunity that requires fast funding, they quickly realize that their local bank has limited options. Back to our story…
Over the years WCP Financial has helped the same pain management medical practice secure fifteen different physician short term loans. This fast funding has helped the practice solve a variety of business problems quickly, easily, and hassle-free. Not every business problem can be solved with financing, but when they can you’ll want a reliable finance partner. WCP Financial can help you with that. Contact us today to start a conversation.
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