Advancements in medicine and related technology have resulted in a longer life expectancy. Today’s senior citizen population is healthier than ever, but expanding at a rapid pace. Assisted living and end-of-life care centers must therefore adapt to the lifestyle and growing number of new retirees.
Renovations and environmental upgrades can fulfill their need for more community interaction and wellness programs. Updated machinery and furniture can accommodate different health conditions as well as provide a heightened level of comfort. Then there’s the logistical need for more staff, supplies and living spaces to meet inevitable increases in residents.
These crucial purchases and growth efforts would be a lot easier to achieve were it not for the ongoing cash flow problems of assisted living and end-of-life care centers. As if being paid on a strictly monthly basis wasn’t frustrating enough, residents often miss payments due to delays from insurance providers. Centers are left with barely enough cash to cover payroll and bills let alone increasing or unforeseen expenses. Despite having to wait several weeks or even months for insurance payments to come in, payment deadlines for medical fees and capital expenditures for compliance costs are typically non-negotiable.
And it’s not as if insurance policies for seniors are becoming any less complicated. Waiting for insurance payments ultimately increases debt, damages profits, and makes it very difficult to save money. Fundture Capital has many years of experience providing Small Business Loans for Healthcare & Seniors Centers. We can provide all types of business lending products. Contact us today for your FREE business funding consultation!