Case Study: Medical Group Success

In just 9 months, we were able to purchase a larger facility which allowed us to increase our patient load by 40% and our profitability by 50%.

Client:	Southern Urgent Care Group
Industry:	Medical
Result:	Purchased a new facility Increased profitability by 50%

Situation:

We are an urgent care center catering to the suburbs of a large city. We started the practice with myself and two other doctors — all partners. Because we are opened on Saturday and until 9:00 p.m. on weekdays, we get a large number of patients moving through our facility. About 3 years into our practice, we experienced tremendous growth and we were in need of a larger facility and more doctors. Our cash flow, however, precluded us from moving to a larger facility and taking on a larger monthly fixed payment and there was no room to add additional doctors. Our bank told us about , and we made a phone call.

Solution:

Within 5 days, we were set up with an account. This program allowed us to receive upfront payments on money owed to us by both the insurance companies and patient payments. Immediately, our cash flow situation improved. Besides having the money up front, we noticed within a few months that the patients were actually paying quicker and the whole process was much smoother than it had been before.

My partners and I were able to stop covering office expenses with personal funds. In fact, within 9 months, we had saved enough to purchase a larger facility and bring on 2 additional doctor employees. Being in the larger facility with additional doctors enabled us to see more patients, more efficiently.

Within a matter of months, we were seeing 40% more patients per week. This resulted in increased profitability of 50% which went straight to our bottom line.

Summary:

Five (5) days after making a phone call, my partners and I no longer had to cover practice expenses from our personal checkbooks; we had the money to efficiently run our practice, and we were able to put money away every month. Nine (9) months after setting up our account, we were able to purchase a larger facility and add 2 additional doctor employees. Our profitability increased by 50%.