The long-term benefits of investing in new healthcare technology
For many healthcare providers, adapting to serve patients during the coronavirus pandemic meant temporary fixes and workarounds. However, there are some new systems that, if implemented permanently, can provide value for the foreseeable future.
One example is telehealth. A survey from Doctor.com shows that not only do most patients prefer a virtual appointment over an in-person appointment, but 83% are also looking to continue using telemedicine in a post-COVID environment.
Here are some reasons you might consider implementing an upgrade like this:
1. Safety and accessibility
For some patients, having an option for online, at-home care is preferable even when in-person conditions are safe. For those preexisting conditions that put them at a high risk for contracting other illnesses or those with a disability or mobility issues, telehealth is a safe and convenient way to reliably seek care.
2. Schedule flexibility
Telemedicine also allows more flexibility with schedules and in-office time. For example, if you organize appointments based on patient desire for in-person vs. online care, you could work remotely on set days. So, creating this schedule could help you work toward a better work-life balance.
3. Digital integration
Because telehealth is inherently digital, you can use it to streamline record-keeping and scheduling. Many platforms offer these services, which can replace your current system if you’re looking to upgrade or embed with your existing processes for seamless integration.
4. New patient opportunities
You can remove the geographic barriers that many patients take into account when selecting a healthcare provider, like commute time to your office, proximity to home and work, ease of parking, etc. Eliminating these obstacles will widen your net for possible patients and help you to attract new revenue. According to the same survey from Doctor.com, 55% of Americans would be willing to use telehealth to see a new doctor for the first time.
5. Lower operational costs
Decreasing your in-person patient visits means fewer administrative and sanitation tasks, like turning over exam rooms or maintaining a waiting area. This can save you money spent on both supplies and labor. Additionally, with fewer patients seeking care at the same time in one place, you may be able to downsize your office, saving on rent.
Telehealth technology is just one of many business investments that could benefit you now and in the future. You may also consider equipment upgrades, office renovations, or other technology enhancements that can help you attract new patients, improve patient experience, streamline operations, and increase revenue.
A working capital loan can help
Now more than ever, healthcare providers are looking critically at their finances, especially as they relate to making prudent decisions about larger, long-term investments.
While you may consider tapping into a cash reserve to make business improvements, this can put you at risk should you need those funds in the future. An alternative to consider is a commercial working capital loan, which allows you to:
Access funds quickly, so you can implement new technology without delay
Keep cash on hand so you can cover ongoing operational expenses and other day-to-day costs
Be prepared for unexpected costs, or unforeseen events
Spread out the cost of your investment over a longer term, creating a more affordable monthly payment
Investing in new technology is an important decision, and your financial partner should be with you every step of the way. At BHG Financial, your business goals are our goals. Our working capital loans go up to $250K* with funding in as few as 3 days* and repayment terms out to 12 years,* providing you with low monthly payments.
If you’d like to learn more, call our team to speak to a loan specialist today, or try our free online Payment Estimator to see how affordable your business goals could be.
*Terms subject to credit approval upon completion of application. Loan sizes and interest rates vary and are determined by applicant’s credit profile. Call for complete program details. For California residents: Consumer and commercial loans are made or arranged pursuant to the California Financing Law, License No. 603-G493.