Alternative lender Merchant Capital has launched a partnership with Altron HealthTech to provide a bespoke financing solution to South African medical professionals looking to grow their practices or meet the challenges brought about by COVID-19.
The new solution, MediAdvance, is a cash advance solution designed specifically for medical practice owners. Successful applicants will get access to funds in as little as 24 hours, with customised repayments based on a set percentage of medical aid claims to provide for flexibility.
Andrew Brown, operations executive at Altron HealthTech, said many medical professionals were considering business funding, but lacked the time and capacity to do the onerous application processes often involved in other funding options.
“Conventional funding solutions don’t always recognise the unique challenges required to get medical practices on track. Medical professionals’ time is valuable, and they need seamless and supportive business financing that leaves them to focus on their patients and secure their growth ambitions for their practices,” said Brown.
Ryan Cohen, co-founder and chief relationship officer at Merchant Capital, said the lockdown last year had forced many medical professionals to scale back plans for their medical practices. That said, many practices have since started to recover; finding innovative ways to grow, acquire new equipment and take their practices to the next level amid the ongoing COVID-19 challenges.
“No matter what the sector, we believe business finance should provide sustainable, growth-enhancing financing solutions that allow business owners to think big and execute on demand. Medical professionals are entrepreneurs in their own right, and should be supported in this way too,” said Cohen.
To qualify for MediAdvance, practices must have at least six months’ medical practice history; submit their medical aid claims through Altron HealthTech’s MediSwitch claims management service; have a minimum turnover of R30 000 per month; and have an active BHF and HPCSA practice number.
Over the past eight years, Merchant Capital has assisted more than 10 000 SMEs with working capital to the tune of more than R2 billion.
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