Tampa’s port is the seventh largest in the nation.

It may be the game-changing financial vehicle you’re looking for.The Tampa Bay Area ranks second in the state of Florida behind Miami in terms of cruise ship travel. If you have cash flow problems-or anticipate them rearing their ugly heads in the future-take a look at invoice factoring. You can search a ton of factoring companies at once to find the most favorable rates. Thanks to small business loan comparison services, it’s easier than ever for doctors to find the funding they need to grow their practices. But if your choice is between factoring and shutting your doors for good, is that really so bad of an option? Yes, you’ll have to forego a portion of your receipts. If you need money to keep your practice afloat, it may be time for you to give invoice factoring a try. Assuming you’re sitting on a huge pile of receivables, chances are you’ll get a lot more money from a factoring company than you’d get from a traditional loan. And if your practice did qualify for a loan, odds are it might not be as lucrative as you hoped. You can get a lot of money. Today, banks are much more hesitant to lend money to small businesses.That means you won’t have to wait forever to invest the funds as you see fit. You can invest funds to grow your business. Once you decide to move forward with factoring, money will be in your account shortly.But who knows if your customers were planning to pay you anytime soon-if they were planning to pay you at all. Sure, you will lose out on some of your income. You don’t have to put up any collateral or take on any debt. Because you’re selling assets, you don’t have to worry about taking on any debt.You don’t have to waste time trying to collect from customers. Instead of having your employees spend their time tracking down customers and following up with them about where their payments are, they can spend their time on other important business endeavors-like trying to attract new customers.Once you’re approved for invoice factoring, funds appear in your bank account within a few business days. You get cash quickly. It can take as long as 60-90 days to secure a loan through a bank.If your physician’s practice is struggling with cash flow, invoice factoring may be precisely what you’re looking for. It’s not like you can pay your staff with them. While factoring can be expensive, accounts receivables that are collecting dust aren’t particularly useful. To get the money they need to grow their practices without incurring debt, many physicians are turning to invoice factoring, the process in which accounts receivables are sold to a third party that generally pays somewhere in the neighborhood of 80% of the total sum.

But when given the option, many of them are hesitant to do so. Some of these alternative financial vehicles-like working capital loans-require physicians to take on debt. If they don’t have the time or patience required to secure a loan through a traditional financial institution or the Small Business Administration, they can turn to alternative lenders to plug cash gaps. Luckily, physicians struggling with cash flow problems aren’t completely out of luck. And utility companies aren’t exactly thrilled by the idea of customers routinely struggling to pay their bills on time. You can’t expect your medical assistants and clerical staff to stick around if you’re not able to make payroll.

Like any other business owner, physicians need access to cash to keep their doors open. Even if you’ve done nothing wrong, you’ll have to cover legal fees. And who knows? There’s always the lurking possibility that a disgruntled patient will decide to file a lawsuit. How can doctors expect to have money if they’re not getting paid for their services?īeyond that, doctors have to spend a lot of money buying equipment and supplies-not to mention the various types of insurance they have to carry. For starters, 20% of Americans simply don’t have enough money to pay their medical bills, according to the Centers for Disease Control.

Doctors aren’t immune from cash flow problems for a variety of reasons.

Invoice factoring tampa