In the movie classic, “The Wizard of Oz,” Dorothy had it right: There’s no place like home. That’s especially true for older Americans — those aged 65+ — and that demographic is predicted to simply explode over the next 40 years, doubling in size over that timeframe. Most seniors would prefer to be cared for in their own home, rather than in a hospital or skilled nursing facility, because it’s usually less expensive, more convenient and just as effective (not to mention a lot more comfortable).
Home healthcare is projected to not just have the fastest growth in the healthcare sector, but of all industries through 2024, with an annual growth rate of 5%. This is certainly good news if you’re thinking about starting or expanding your home healthcare business. The demand for this service will certainly be there — since home healthcare provides a bridge for seniors in between hospital stays, nursing home care, and other care provided by family and friends. But there are challenges, including a shortage of skilled employees, the uncertainty about the future of Medicare and Medicaid, and the need to leverage improved technology and stay current with advancements.
Why Home Healthcare Financing
That last challenge alone is one of the reasons why you may seek financing for your home healthcare business. But there are plenty of other reasons why you might, including:
- Expanding business operations
- Purchasing equipment
- Covering the gap between providing services and state/federal insurance to pay
- Acquiring a new practice
- Purchasing bulk supplies to take advantage of discounts
- Hiring and training staff
- Advertising and marketing to potential clients
- Paying off vendor bills
- Doing something else that improves business performance
You are in the business of caring for people, a mission we understand. And we are in the business of making sure you continue what you do best: serving our nation’s growing senior population.
The Alternative Financing Option
You may think of Clear Skies Capital as being in the health business, but our focus is financial health; we help businesses like yours overcome the challenges presented by bank financing — offering options to help your home healthcare agency grow and thrive. There are many reasons why we may be the right choice for you, and here are just a few:
- Less-than-perfect credit is not a problem.
- We offer flexible terms up to 48 months with fixed, biweekly payments, and interest rates.
- Our streamlined funding process includes very little paperwork.
- Our funding decision isn’t linked to credit card receipts.
- You can be approved within 24 hours and have 24-hour access to funding.
- The interest on your loan is tax-deductible.
- You’ll benefit from excellent customer service.
The bottom line is this: unlike banks, which are often in the business of saying “no,” we’re in the business of saying “yes.” We want to partner with you to support your growth, and our financing options offer multiple ways to support you on your journey. From acquisition to expansion, we can deliver on:
- Working Capital Loans — Get $5,000 to $2,000,000 to use as you wish, so you can capture time-sensitive opportunities, increase staffing, enhance your marketing, or do something else to support your business.
- Business Lines of Credit — Be prepared to jump on opportunities by being approved for a line of credit, an open-ended revolving home healthcare loan that allows you to access funds to a certain limit, make repayment and borrow again.
- Equipment Financing— Preserve your capital by leasing state-of-the-art equipment instead of purchasing it outright, giving you the flexibility to upgrade as necessary.
The Takeaway
If you own a home healthcare agency, you have a tremendous opportunity to thrive as part of the fastest growing industry for the foreseeable future. Not having access to capital shouldn’t be an excuse to remain stagnant. CSC has worked with many home healthcare providers, so we’ll be delighted to share our expertise while investigating your financing alternatives with you. Why not schedule a free consultation today?