Marketing for Medical Practices without Going into Debt

July 12, 2018 by CNH Finance, LP in category “Financing”

Medical practices of all sizes already have a number of large expenses. Equipment, supplies, staff, and even the unavoidable utility bills eat up a good part of any budget. Many medical practices view marketing as an unnecessary expense. However, marketing for medical practices are often viewed as an exorbitant cost, and often falls by the wayside, or practices take out special loans just to launch marketing campaigns. However, there are ways to reach potential patients and bring in revenue without going into debt.

Social Media for Medical Practices

Every medical practice has a website, but most people are engaging via social media. Not every person in your target audience is going directly to your dot com, but they are looking at the world through Facebook, Twitter, and even LinkedIn. Medical practices can choose to outsource social media management and marketing or keep have a dedicated in-house specialist. By launching social media marketing campaigns, patients can leave reviews, and it encourages a more interactive level of engagement thank just maintaining a website and hoping proper find out about your practice.

Word of Mouth

If one patient has a great experience, they might tell friends and family. But if one person has a bad experience, they world will know. After seeing a patient, encourage that person to leave a review on your site or any one of your social media accounts. There are ways for practices to offer incentives for reviews, such as sending out follow-up emails or even phone calls.

The Expense

Marketing for medical practice is not without its costs. Finding in-house talent to manage marketing can eat into payroll expenses. Outsourcing may cut down on those expenses, but how many marketing firms understand the forward-facing side of the healthcare industry? Whichever path you choose for your practice, the cost is still going to be significant. Medical practices are already juggling expenses and trying to find a balance for cash flow, so finding the capital to launch a campaign without going further into debt with bank loans can seem like the straw that broke the camel’s back. As an alternative, healthcare professionals are turning to asset based lines of credit. Asset based lines of credit are not considered loans because there is no debt placed on the books. Asset based lines of credit are structured around the value of receivables, owned equipment, and more. This revolving line of credit can be accessed as needed, and then repaid to replenish the financing available. Additionally, the line of credit grows with your practice, providing even higher spending limits. Asset based lines of credit can be arranged quickly, and can be used for everything from marketing campaigns to covering day-to-day costs.

CNH Finance specializes in working capital solutions for medical practices. Contact our offices today to get a reliable and renewable source of capital to help broaden your reach and get more business for your practice.

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