Have cash available
A. In the past, equipment leasing OR a bank line of credit was all a business owner needed. But business owners today need the flexibility that both can provide. HME providers, in particular, need a full set of tools to address reimbursement and other challenges. Having equipment leasing and a bank line of credit allows HME providers to react quickly to cash and equipment demands.
A bank line of credit gives HME providers working capital for expenditures, leasehold improvements, acquisitions and upcoming tax liabilities. It assists with the operational hiccups that occur with a slowdown in business. Additionally, a bank line of credit can be used to meet payroll demand while waiting for outstanding accounts receivables to be collected. When it comes to establishing a bank line of credit, HME providers should be proactive. When a cash crisis occurs it may be too late to establish a line of credit that they can draw upon for an immediate need.
Equipment leasing allows HME providers to acquire new equipment to generate revenue and grow their businesses. It gives providers the flexibility to finance new equipment and recently acquired equipment from different manufacturers. Unique payment structures are available to HME providers to match their revenue stream with their monthly payments.
Having the cash available to act quickly gives providers not only peace of mind, but also stronger business plans. That’s the lifeblood of your business.
LeAnn Kelly is a sales manager, Home Care Division, for VGM Financial Services. Reach her at 800-532-6507 or firstname.lastname@example.org.