As a doctor in private practice – whether you are a primary care physician, a dentist, or even a veterinarian – the current economy means that you are facing shortages. Many of you may be feeling tremendous pressure financially because of lower reimbursement rates from insurers. In addition, your small practice may be facing difficulties in luring in new doctors and purchasing new medical equipment as well as electronic medical records upgrades. How can you cover these costs in light of the sluggish economy?
The Run Down
- Some states have created plans to specifically help small medical practices; however, such plans aren’t available in every state.
- Financial needs extend beyond payroll and equipment. The need to bring more physicians into your practice, in particular specialists, can be more of an expense than you are able to afford.
- There are a variety of private financial solutions to help maintain and grow your practice.
Many states are putting together plans to help small medical practices. Many of these plans include a package of loans and grants to help cover everything from signing bonuses for new doctors to acquisition of medical equipment. While it is in the best interest of the local economy for a state to support a small business such as a private practice (on average each physician with a small medical practice generates at least four other jobs), not every state offers this type of financial assistance.
The question of finance affects more than your small business. For example, according to a recent survey conducted by the Connecticut state medical society, the number of primary care physicians no longer accepting new patients is one in four while about 25 percent of family physicians and internists are considering changing careers.
Additionally, physicians who responded to the same survey said that they have had trouble recruiting physicians into their practice. Those who specialize in neurological surgery, orthopedic surgery, and urology are also much more difficult to find, it took about two years for practices seeking these specialists to recruit one.
Being unable to grow or even to sustain your practice affects the entire community. If your state doesn’t have a financial assistance program or legislation in place to assist your small business, you still have options. You may be able to get a line of credit, a small business loan, or even an unsecured personal loan to purchase medical equipment, build capital and improve your facilities.
Fulfilling the needs of your practice can be a financial struggle in these tough economic times. To maintain the highest standard of care for your patients, you need to pay for training, working capital, and acquiring medical equipment. When your cash flow is limited and you don’t have state or local assistance available, what can you do? If your small medical practice is in need of funds to sustain itself or to even grow, AmOne can help. Our knowledgeable associates are ready to guide you through the process finding the right financial solution for your private practice. AmOne offers solutions; your call to us is free and we won’t try to sell you anything. Find out how to reach us and learn more about how AmOne can help you today.