WeCanFinancial.ca gets a lot of financing and strategic management requests from businesses in health care and related services. Over the last several years, our firm provided services to medical clinics, rehab centers, diagnostics clinics, optical centers, hearing centers, podiatrists, weight loss centres, wellness centers and many other health care businesses. Small business loans, equipment financing, and operating lines were the most usual requests. Average financing request was $200k-$250k per client, which makes EBL program perfect for this segment of business.
Health care and health services are very rapidly expanding business segment in Ontario. Small and medium sized doctor’s offices and practices servicing doctors generate millions of dollars in revenue once full established and run at full capacity. Ohip and private insurers covers a lot of services allowing for many services to become very affordable, and very often free of charge to the client.
Most of our clients look for operating capital, in order to be able to pay bills and expand current capacity. We start any strategic planning engagement from out standard first step – overview of requirements and current plan that entrepreneur has for his business. After financial and strategic requirements are assembled, our associates prepare professional business plan, financial plan, run competitive advantage analysis on the local market. WeCanFinancial.ca always spends time to analyze the competition, especially local competition. Financial projections are analyzed and normalized in order to be in line with similar businesses that were served previously by WeCanFinancial.ca. Projections that are overstated or unrealistic will not fly well when analyzed by the lenders. Understated projections will not show the depth of the expansion and growth opportunity, which may not serve the purpose well. Therefore we emphasize how important to be somewhere in the middle with financial projections, of desired effects of bank financing and most probable effects of the same.
Many of our health service clients also come to WeCanFinancial.ca for equipment financing. Health Care equipment is quite expansive, and very often we advise our clients to properly manage expansion budget and development plan, not to overspend on equipment. When we develop proper expansion budget for our clients – health care entrepreneurs, we are focusing our attention on the most efficient use of operating funds, and then the rest. Operating capital is what allows business to operate and execute daily routine. Equipment financing our firm structures through debt financing, and very often through lease programs as well. WeCanFinancial.ca has access to many equipment dealers in order to allow our clients – business owners to benefit from the best prices on the market, and also from selection of different brands of equipment. For health care practices, our firm delivered equipment financing as low as $150k, and as high as $1.2 Million. The size of potential financing depends on cash flow of the business, balance sheet and quality and feasibility of expansion plan. The quality of expansion plan is appreciated by the lenders, and in our experience very often good business plan, and other aspects of application creates better results with weaker businesses, then bad plan with good business.
In many cases health care entrepreneurs in the process of expansion planning forget about marketing part of the expansion, and marketing budget. We emphasize the importance of properly planned marketing plan and normally include one in our submission to the lenders. Marketing budget is planned within the lines of previously planned and executed marketing budgets. On line marketing plays important part of the health care business expansion, but industry referrals could be even more important. Therefore both aspects of marketing are implemented and budgeted in our strategic plan for most entrepreneurs in this segment.
WeCanFinancial.ca and our associates, love health care segment of business. We served dozens of clients in this space over last several years and provided very good results, with our strategic advice and access to affordable institutional capital. We are looking forward to servicing many more clients in health care and we wish Happy Financing to every one!