Healthcare Practice Funding in Binghamton, NY

A city turning toward health care

Binghamton once ran on cigars, shoes and computers. Today its economy is leaning on health care and education. United Health Services operates Binghamton General Hospital on the Southside and Wilson Medical Center in Johnson City, Guthrie Clinic operates Guthrie Lourdes Hospital on the West Side, and Upstate Medical University has established a clinical campus on the East Side. Around those anchors sit the independent offices: primary care, dental, physical therapy, behavioral health, optometry and specialist practices.

From visit to deposit

That is the insurance reimbursement lag. The length varies by payer and claim, so measure your own.

Practical ways practices use funding

• Bridge payroll while a batch of claims is pending.
• Replace or add equipment, such as a chair, a handpiece set, a treatment table or exam-room tools.
• Open a second day or a second room before the added patients are in the books.
• Absorb a practice purchase, such as taking over a retiring colleague's patient list.

A practice with a regional patient base that includes the neighboring villages of Johnson City and Endicott may also be growing hours or locations across the metro.

A short illustration

For illustration only, not our terms or a typical outcome. A three-clinician therapy practice bills about $60,000 a month and pays about $45,000 in payroll, rent and supplies. If claims typically pay six weeks after the visit, the practice is always carrying about one and a half months of costs, roughly $67,500, before revenue arrives. When a payer holds up a batch, that figure grows. Working capital is the cushion for that kind of spread.

Questions worth answering before you apply

1. Which payer is slowest? Your cash plan should be built around that payer, not the fastest.
2. How many claims are denied on the first pass? Every denial adds weeks.
3. Is the practice adding capacity? A new provider or room costs money before it produces revenue, because credentialing and scheduling take time.
4. What is the purchase, exactly? A quote for equipment or a signed agreement for a practice purchase makes the request concrete.

Practices that can answer these tend to ask for a more precise amount, which is better for the practice as well.

Compare the products

Look at working capital for payroll gaps, equipment financing for clinical equipment, and a line of credit for recurring gaps. Funding runs from $25,000 to $5,000,000, funds can arrive in as little as 24 hours, and FICO 500+ is considered. We ask for about three months of business bank statements, no tax returns, and the application takes about five minutes with a soft credit pull. Sole proprietors can apply.