In 10 years, the market for digital transformation in healthcare is expected to hit a whopping $253.6 billion globally. This number underlines something that has already become pretty apparent over the past few years: Any healthcare organization that wants to remain competitive needs to invest in digital health solutions and cutting-edge equipment.
Easier said than done.
With inflation still a problem and a possible recession around the corner, many providers may not have the money they need to make those investments. Healthcare funding — especially in digital health — is down, and it’s not clear when it will pick back up. This presents healthcare organizations with a dilemma: Do they wait out this economic uncertainty in the hopes that things will improve, or do they try to find another way to begin the digital transformation process now?
While the answer to that question might vary depending on specific situations, the reality is that the move to digital health shouldn’t be delayed. Over 80% of doctors recognize that digital health means better access to care, while 94% of patients who’ve used telehealth solutions want to retain the option to use them again going forward. In other words, a lack of digital health options is bad for business.
But if waiting isn’t a good choice and normal funding sources for healthcare organizations can no longer do the trick, what options are left to providers? For many, the solutions can be found in working capital loans and equipment financing.
Why Working Capital Is So Important to a Healthcare Organization
There are a number of reasons that working capital loans — along with equipment financing, which we’ll discuss shortly — are one of the best bets for healthcare organizations looking to further their digital transformation efforts.
For one, with medical working capital loans, you get access to your money quickly. That can mean having much-needed funds to work with in as little as 24 hours after you complete the approval process. A working capital loan is exactly what it sounds like — it provides you with the capital you need to get to work right away. This is particularly important in a healthcare setting because any delays in funding can translate to delays in the transformation process, potentially leaving physicians and patients in an uncomfortable limbo when it comes to their care.
Healthcare working capital loans allow you to do away with the worries over a loss of funding or increased expenses that get in the way of upgrading your organization. With a working capital loan, you can stop being hesitant and start making changes that benefit your staff and patients, both in the present and in the long-term.
Why Equipment Financing Is a Critical Component of Digital Transformation
Having working capital to spend on digital upgrades is vital for healthcare organizations to stay competitive in a fast-moving industry. Just as important is the ability to finance life-saving and care-enhancing pieces of medical equipment at favorable rates. PEAC Solutions provides access to both.
Digital transformation includes hardware and software, both of which can be handled through equipment financing. The benefits of financing medical equipment are apparent.
With equipment financing, healthcare organizations are able to bundle the full acquisition cost, which can include equipment, installation, training, warranty, software, and much more. Additionally, creative structuring (such as deferrals, step structures, and seasonal payments) allows the lessee to acquire the equipment and begin to generate revenue prior to starting their payback period. In essence, the financed equipment often pays for itself.
Beyond that, healthcare providers are able to maintain their cash reserves and credit lines for immediate needs such as payroll, staffing, marketing, and other pressing priorities. This allows lessees to have a better handle of their overall financial condition. Best of all, financing medical equipment allows organizations to avoid equipment and technology obsolescence.
Why PEAC Is the Right Partner for Your Healthcare Digital Transformation Efforts
While there are a number of companies out there who can offer you equipment financing or a working capital loan, PEAC stands apart thanks to a full-scale finance team dedicated to its customers. This provides those who choose PEAC with a few unique benefits.
1. A personalized experience.
PEAC recognizes that every healthcare provider is going to have its own unique needs and preferences. Given the many variables involved in digital transformation (especially when it comes to healthcare), PEAC’s ability to treat each company as an individual can be a major asset.
What does this personalization mean on a practical level? It means adjustable payback terms, including the length of a loan and the rate of installments. It also means ongoing support once financing is approved, with both self-service options and the ability to speak to an actual human when you need (or simply want) to.
2. Quick turnarounds.
Our approval process is streamlined and designed to get you the right answer as quickly as possible. When it comes to funding, most capital is delivered in as little as 48 hours, with same-day funding available for some cases. Approvals for equipment financing have similarly quick turnarounds. When you need money and/or equipment as soon as possible, PEAC can deliver.
3. Competitive rates.
We understand how narrow the margins can be in healthcare, which is why PEAC offers premium solutions. The working capital loans provided through PEAC have some of the best rates in the industry, and our flexible equipment financing helps our clients get to work as fast as possible.
Using a capital loan or equipment financing for your healthcare digital transformation efforts should be a positive thing that benefits you for years to come. It shouldn’t weigh you down in a bunch of surprise fees or high-interest payments you can’t afford. Once you’re ready to take the next step, submit an application to get fast approval for equipment financing or a working capital loan for your organization.
PEAC Solutions is a DBA of Marlin Leasing Corporation. Equipment financing is provided by Marlin Leasing Corporation. Working capital loans are originated by WebBank.