The top 5 ways physicians invest in their careers
How do you rank among your peers?
“If it ain’t broke, don’t fix it.” Or so they say.
However, not being broke and not running at maximum potential are two very different situations—particularly when the former will keep you at the status quo and the latter can potentially earn you more revenue and improve your business operations. While one office may be just fine doing things the way they’ve always been done, another may see a boost in productivity and patient care by having made a smart investment.
Practice financing is on the mind of many physicians today—where to get it, how to invest it, and the returns it can provide. Bankers Healthcare Group, the premier provider of hassle-free financial solutions for healthcare professionals, issued a survey to healthcare providers in 2017 about their most immediate financial needs. Here, we share the top five ways physicians are looking to invest money in their careers, and challenge you to prioritize how financing can help yours.
1. Real Estate
Interestingly, more than one-third (39%) of MDs cited real estate as the most immediate need for financing¹. While specifics were not discussed as to how the real estate would be used, we surmise that it would be for the purpose to start a new business, whether related—or not—to healthcare.
2. Access to Working Capital
MDs managing their own practice probably have many priorities for today and goals for the future. Working capital can help fund many different initiatives to advance a practice, as well as help ensure that funds are there when most needed. Healthcare professionals certainly can feel the pains of slow insurance reimbursements and delayed patient treatments, which is why 36% of doctors surveyed say working capital is their second-greatest financial need. Having access can help them overcome the cash-flow crunch and worry less about covering the day-to-day costs.
3. New, Better, Faster Equipment
Medical equipment is constantly evolving and improving, from being faster and smarter to more diagnostic and smaller in size. While it can be challenging (and costly) to keep up with ever-changing equipment, many physicians are making equipment upgrades a priority for their practices. Of those polled, one-third (31%) said they plan to buy or lease new medical equipment this year.
4. Starting a New Practice
Starting a new practice can offer rewarding challenges and a newfound sense of freedom and flexibility. While the process can seem overwhelming at first, the rewards can make the initial work well worth it. Being your own boss and running the practice yourself can offer many benefits, which is why 21% of MDs said they would look to a financial partner to help with opening a new practice.
5. Consolidating Debt
In healthcare, predicting finances on a monthly basis can be daunting. Add in multiple business and medical school debt payments with varying interest rates, loan terms and payment schedules, and things can quickly get overwhelming. It’s no surprise, then, that 26% of physicians interviewed said they would seek a financial partner to consolidate their personal/medical school debts, while 19% would focus on business debt consolidation.
When it comes to improving efficiencies, better treatment and diagnoses, and building a patient base, there is one common denominator—the need for the right financial partner to provide with the capital you need.
Keith Gruebele is Senior Vice President, overseeing all loan originations, at Bankers Healthcare Group, the premier provider of hassle-free financial solutions to healthcare professionals. If you’d like more information about partnering with BHG to finance your new medical equipment with fixed rates and flexible terms, have one of our experts reach out to you directly. Not ready to take the next step? Visit our cash flow calculator to better understand whether your monthly cash flow is sufficient to meet your expansion and career goals.
¹ 2017 survey of 500 healthcare professionals; 350 of which were physicians/specialists.