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 claims to provide 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, the 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 amidst 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.
About Altron HealthTech
Altron HealthTech, comprising of MedeMass, MediSwitch, and MedeServe has over 30 years of experience providing practice management and electronic claims switching technology to the healthcare industry. The company’s focus is specifically on healthcare practice management and electronic health record (EHR) solutions, with the goal of delivering business solutions that minimise administration costs and increased efficiencies so that more resources can be focused on patient care and business health.
If you need more information contact MediAdvance at 010 140 3248