Any successful business venture requires capital, whether for start-up or to remain up to date and able to compete within their chosen niche. Industries across the board need access to working capital, and the dental industry is no exception to that. In the past, dental practices seemed able to succeed on word of mouth and patient walk-ins, but currently, dentists are finding that they have to compete and stand out just like conventional businesses do to keep and attract new patients. A dentist running a practice is bound to face cash-flow problems, common to medical professions as a whole, at one time or another. Fortunately, companies like Iruka Capital provide an alternative funding option through their flexible merchant cash advance loans.
Lower-Cost Plans and Demand for Dentists
We all know how expensive going to the dentist can be with no or little coverage, and it is a cold hard truth that many people avoid visiting the dentist because they simply can’t afford it. This impacts dental practices as they are missing out on providing their service to the large demographic of low-to-middle income individuals. To counteract this, dentists have had to offer their patients low-cost plans to bring more people in. The more people can afford dental visits, the better it is for dentists so they can maintain a steady customer stream and subsequent cash flow.
There are merchant cash advance loans ideal for dentists as repayment plans can be customized to work with the practice’s busy and low seasons. A popular merchant cash advance repayment option for dentists occurs when loan payments are automatically made every time a patient pays for a service with a credit or debit card; this allows for the practice to pay down the loan when the cash flow is there.
Merchant cash advance loans of that nature allow for dentists to keep up with inventory demands, pay their staff, and provide care for their patients without being restricted by traditional fixed monthly repayment plans. This kind of business funding is ideal for medical industries that are vulnerable to the ebbs and flows of demand.
Capital for Marketing
Whether a business likes it or not, the need for marketing has skyrocketed in the current digital marketplace. Dentists now have to put time, effort, and money into promoting their businesses like never before. Email marketing reminding patients of upcoming appointments and website design and management are two ways that dentists can keep current and compete within their industry. It has also become commonplace for dental practices to include a blog on their website promoting dental hygiene and regular dental visits and check-ups. Hiring ghost writers and bloggers to provide fresh and relevant blog content is part of a successful marketing strategy.
Marketing does, however, require capital, and often a good marketing strategy involves hiring a digital marketer or company to design and execute a marketing campaign. Acquiring a merchant cash advance loan can more than pay for itself with the extra patients a positive and powerful marketing campaign can bring in to a practice. Regardless of how good, kind, or approachable a dentist is, if no one knows about their practice, that patient flow needed to generate cash flow will not be there. Having the funding to pay for long-term marketing campaigns is not something that dentists have had to worry about traditionally, but today, the reality is that dentists have to promote themselves just as conventional businesses have to promote their brand.
Keeping up with Technological Advancements
While dental equipment used to be somewhat standard across the board, like most forms of technology, it has evolved. Advancements in dental equipment are now commonplace and can provide patients with a variety of ways to perform traditional dental services like filling cavities, cleaning teeth, X-rays, and using lasers rather than painful tools and needles.
Some dentists simply can’t afford the new equipment and fall behind with the types of services and options they can offer their patients. Technology in the dental industry has also evolved out of the necessity to make certain procedures less invasive and safer for patients. This can be a huge motivating factor for patients deciding where to take their business, and many will choose dentists with up-to-date equipment over those that are left behind.
Advancements in technology are inevitable. Dentists who cannot afford to keep up with dental-equipment advancements will soon be operating below what will become the standard when it comes to dental services and procedures. Using a merchant cash advance to acquire the technology and equipment needed to stay up to date and compete can save a practice. Like all businesses, dentists have to maintain a steady patient flow to ensure profitability and success, and being able to offer their patients the latest and greatest when it comes to technology and dental services has become a necessity.
Companies like Iruka Capital have made it their business to help businesses succeed. Through SBA loans, medium-term loans, short-term funding, equipment funding, and much more, they businesses stay afloat when capital is needed most. Iruka Capital helps businesses achieve long-term success by providing them with quick access to working capital based on their cash flow availability. This allows businesses to repay their loans when they have the income stream to do so. This removes a lot of stress from business owners who, otherwise, struggle with fixed monthly loan payments that are too much to carry during times of low demand or off-seasons. Iruka has knowledgeable and experienced cash-advance consultants able to assess a client’s needs and provide them with access to their funding in as little as 48 hours.
Whether it is to get started or to enable growth, merchant cash advance loans have flexible repayment options that can be customized for each individual business and industry. As dentists face the changes to their industry in terms of demand, marketing, and technology, having the cash flow needed to stay competitive and promote themselves will be invaluable when it comes to business success.