As the current coronavirus pandemic continues, businesses are finding themselves in a tighter and tighter position. Most have had to either shutdown for a period of time or completely alter their service and product delivery methods. Restaurants, salons, retail stores, gyms and many others have had to quickly adapt and find creative ways to still engage with their customers and meet their needs.
These unprecedented times have not only impacted the way businesses operate, but also the way healthcare is delivered. The current crisis is so dramatically different from anything experienced that it has even put the medical field in a vulnerable position. While that may seem counterintuitive, local health providers rely on day-to-day operations like any other business.
Local health providers are no different than other small businesses in that they rely on appointments to keep things running smoothly and to manage cash flow, rent and payroll. Many local providers are already struggling due to the dramatic decline in non-emergency patients. Regular checkups, specialist visits and routine surgeries have all stalled, in most cases by half and in some cases as much as 80 percent.
Those numbers are not sustainable for any business in any industry. Just like other businesses navigating these uncertain times, medical providers are looking for creative ways to meet their patients’ needs amid social distancing and stay-at-home orders. Many appointments are being handled remotely, and in-person appointments are being held with strict precautions.
Health Care Businesses Also Need to Get Business Funding
As the crisis continues, there is a very real risk of health professionals closing their doors or moving elsewhere. In addition to flattening the infection curve of the coronavirus, the goal has also become to decrease the financial burden on health providers. Industry experts are saying these are still the early phases and businesses – of all kinds – have a long road ahead to rebuild their customer base and income and boost their cash flow.
As companies search for ways to secure quick business funding, more and more providers are stepping forward with fast solutions. Firstamericanmerchant.com, for example, provides one of the most popular forms of financing for small business owners and health providers that are searching for options to help their business through the current crisis.
A merchant cash advance offers a high approval rate, fast funding and revenue based collections. Because payment is a percentage of a business’ daily sales, it is incredibly flexible. If you have a slow month, you pay back less. If you have a strong month, you pay back more. All in all, the goal of FAM is to make sure business owners like health providers have the resources and funding they need to be at full strength when the nation finally returns to normal.