If you're researching funding for your medical practice, you may be wondering whether secured or unsecured funding is the better choice. Here’s teh short answer: If you do not have any collateral to secure a medical practice loan, then you'll need to apply for unsecured financing.

Unsecured medical practice loans do not require any type of collateral to secure the loan, such as property or equipment. Some traditional lenders offer unsecured funding, but most banks and SBA loan programs will require collateral in order to secure a medical practice loan. Alternative online lenders, on the other hand, primarily offer "unsecured" medical practice loans that do not require collateral.

In our latest post for Physician’s Practice, we take a closer look at 4 unsecured medical practice loan options, including:

Staffing shortages are challenging small businesses in many industries, primarily in accommodation, food services, and manufacturing.

Raising wages and offering more competitive benefits packages can help you attract new talent and retain your existing staff, but there are many other strategies you can consider to boost hiring and reduce the impact of staff shortages, such as automating routine processes or investing in new software or equipment that will help your business operate more efficiently.

Many of these strategies require an investment of working capital that small businesses may not have on hand after two years of shutdowns and restrictions and major changes in consumer behavior. Merchant cash advances (MCAs) may be an ideal solution for small businesses that want to boost cash flow in order to hire, innovate, and grow. In our latest post for Smarter Loans, we explore how small businesses can use merchant cash advance funding to address staffing shortages, including:

1. Hiring new staff
2. Offering higher wages and better benefits
3. Upskilling existing staff
4. Offering employee referral bonuses
5. Providing flexible work hours
6. Investing in automation technology to reduce staffing needs
7. Working with a staffing agency

Traditional loans are often the preferred small business loan for law firms. Although they typically offer lower interest rates, longer terms, and larger loan limits, traditional loans have their share of downsides-they can take weeks or even months to be approved, and they’re usually reserved for businesses that have collateral and extremely strong credit.

So where do you turn if your law firm needs fast funding or you don't meet the strict requirements of traditional commercial lenders?

With a simple online application, more flexible approval requirements, and shorter turnaround times, alternative lenders like Bluerock Options® may be able to provide the right small business loan for your law firm.

Merchant cash advances are among the most popular funding options offered by alternative lenders. There are no restrictions on how merchant cash advance funding can be used, so law firms can use MCAs however they see fit. In our latest post for Smarter Loans, we explore 7 ways law firms can use merchant cash advance funding to fuel their growth, including:

1. Meet the increasing demand for legal services
2. Invest in your staff
3. Update law firm technology and/or software
4. Offer new services
5. Purchase real estate
6. Acquire another practice
7. Boost marketing efforts

We also take a look at how MCAs can help attorneys respond to challenges such as:

• Navigating COVID-19 safety protocols
• Enhancing data security
• Dealing with long billing cycles
• Covering licensing and registration fees

Medical practices are one of many industries feeling the harsh effects of the "great resignation", including sudden staffing shortages, particularly in the field of nursing.

Though there are many things medical practices can do to not only hire new staff, but to retain them as well, overcoming staffing shortages often requires an investment of working capital. Merchant cash advances (MCAs) are an ideal source of medical practice funding for those looking to boost cash flow in order to hire and retain qualified staff.

In our latest post for Physician’s Practice, we take a closer look at how merchant cash advances can be used to attract new hires and retain existing staff, including:

Long-term small business funding from lenders like banks and the Canada Small Business Financing Program (CSBFP) have historically been the go-to option for small businesses seeking funding in Canada. But long-term loans aren’t always the best option for your small business-sometimes, short-term small business financing can make more sense.

Long-term loans are often ideal for businesses that have established good credit, a strong financial history, and a solid cash flow. Short-term loans, on the other hand, may be a better option for new businesses who need fast working capital or who may not meet the strict requirements of traditional lenders.

To help you understand the difference between short-term business loans and long-term loans, we took a closer look at both funding options and when to consider them in our latest article for Smarter Loans, an online lending resource in Canada.

Read the full article to learn more about:

• Repayment terms for short- and long-term funding
• Types of short- and long-term funding
• Short- and long-term business loan rates
• Qualification requirements
• When to use a short-term loan vs long-term loan
• Advantages and disadvantages of short- and long-term loans
• Who should apply for short- and long-term business funding
• Can you get a business loan without collateral?
• How to get a business loan without collateral, including lender types, funding types, and required documentation

Medical practices may need to upgrade their equipment for many reasons and at any time. Whether you are just starting your practice and are purchasing equipment for the first time, you’re an established practice looking to upgrade to the latest tech, or you are dealing with an unexpected breakdown and urgently need a replacement, you may need to secure third-party funding to help you finance the purchase of new equipment.

Small Business Administration (SBA) loans and loans from traditional lenders like banks are popular options for medical practices looking for equipment financing, but these loans have a long application process and extensive paperwork requirements. If your practice doesn't meet the requirements of the SBA or a bank or you need funding quickly, alternative lenders like Bluerock Options® may be a better option.

In our latest post for Physician’s Practice, we take a closer look at how alternative funding can help medical practices upgrade their equipment, including:

When you’re applying for a small business loan for your medical practice, the first thing you’ll ned to decide is which type of funding is right for you. There are two popular options: Small Business Administration (SBA) loans and alternative funding.

1. SBA loans are provided by SBA-approved lenders-including conventional banks or microlending institutions-and are guaranteed by the SBA up to a maximum amount (usually 80-90%). This means that if you default on your loan, the SBA will reimburse the lender for a portion of the total loan value.
2. "Alternative funding" refers to any lending that occurs outside of a traditional financial institution such as a bank or a credit union. It uses new technologies to support the underwriting process and provides a streamlined application with flexible approval requirements that are favorable to more medical practices.

Both types of funding offer advantages and disadvantages. In our latest post for Physician’s Practice, we compare SBA loans and alternative funding for medical practices to help you underestand the pros and cons and find the best funding for your practice. Keep reading to learn about:

The global home health care industry is expected to grow to $663 billion by 2030. As the population over 65 doubles-on track to outnumber children 18 and younger by 2034-and life expectancy stretches into the upper 80s, there has never been a stronger demand for home health care services.

It isn't only the elderly making use of these services. A third of patients in need of home health care assistance are under the age of 60, suffering from chronic illnesses and in rehabilitation programs, relying on home health care services such as:

• Non-medical home care
• Hospice and palliative care
• Senior care
• Personal care services
• Physical and occupational therapy
• Speech-language therapy
• Medical social services
• Adult daycare
• Nursing care
• Nutritional care
• Pain management

The fear of COVID-19 has fueled the demand for home health care services as an alternative to living in a nursing home or long-term care facility. The pandemic has also led to the rise of 24/7 telehealth services as a convenient and safe way to serve patients. The added pressure created by this increased demand has resulted in an urgent need for home health care services, presenting an opportunity for existing businesses to improve operations and scale growth quickly.

In order for home health care agencies to grow, third-party financing is often required. Typically the first options for home health care businesses are SBA loans and bank loans, but funding can be difficult to access through these sources. With streamlined online applications and more flexible approval requirements than traditional lenders, alternative funding is a fast and easy way to access the funds you need to grow your home health care business, often in as little as one business day.

Read on to learn about 10 ways home health care agencies can use alternative funding to fuel their growth, including:

1. Enhancing or developing new home health care services for seniors
2. Purchasing equipment, devices, supplies, and technology
3. Hiring and training new staff
4. Investing in marketing and advertising
5. Paying franchising fees, and obtaining licenses, certifications, and other continuing education or professional development skills
6. Developing digital solutions to scale your business
7. Managing cash flow and payroll during seasonal fluctuations or delayed/denied insurance claims
8. Covering unexpected expenses
9. Complying with state or federal regulations
10. Retaining staff and managing staff shortages

Let's dig in.

There are no restrictions on how you choose to use the alternative funds for your home health care agency. Here are 10 examples of how you could potentially meet your business goals with alternative financing:

As new health services become mainstream, home health care providers must expand their current list of offerings to remain competitive in the market. Skilled services that home health care agencies can offer include:

• Infusion therapy
• Nutrition services
• Pain management
• Social work
• Speech therapy
• Physical therapy
• Occupational therapy
• Psychiatric services
• Nursing care

Alternative funding can be used to hire new staff members who are trained in these services, to purchase new equipment needed to offer such services, or invest in training or continued education for existing staff.

The increased adoption of advanced home health care devices-like dialysis machines and blood glucose monitoring devices-has made it possible to receive high-quality care at home. Medical equipment and home health care supplies you may need to provide to your patients include:

• Respiratory devices
• Feeding equipment
• Voiding equipment
• IV equipment
• Infusion pumps
• Dialysis machines
• Ventilators
• Hospital beds
• Blood pressure monitors
• Wheelchairs

With alternative funding for medical equipment, you can pay for cutting-edge technology and equipment to provide your home care recipients with the best possible care and service.

As demand for home health services grows, your team must expand. Hiring in anticipation of increased workload can help you avoid overworking your current staff due to burnout. Use alternative financing to recruit, source, and hire new talent so you can accept larger contracts and stay ahead of the curve.

Marketing return on investment (ROI) can be as high as 5:1 or even 10:1, yielding up to $10 for every $1 spent. Using funding to boost your home health care business's marketing and increase revenue is a great use of alternative small business financing. Use your funding to:

• Revamp your website
• Develop an organic SEO strategy, such as adding a blog or hiring freelance writers
• Launch a social media or Google Ads campaign
• Create a referral program to attract new clients
• Sponsor community events such as vaccination clinics or blood pressure screenings
• Speak at seminars or conferences
• Run ads in the local newspaper

Use alternative funding to cover license renewals, franchise fees, or even cover tuition and the cost of continuing education to keep your staff up-to-date and relevant in today’s ever-changing market.

In most states (except Iowa, Michigan, Massachusetts, and Ohio), home health care businesses require a license to operate. The cost to obtain and renew licenses can put a strain on your business's cash flow. The associated costs for franchising can also become prohibitive with an initial franchising fee of up to $40,000 and a total initial investment of up to $400,000, which does not include renewal fees and royalties.

Continuing education for your staff can also come with a high price tag, but is critical for providing the best possible care to your patients, including offering new services.

Improve overall efficiencies by automating business processes to enable your team to focus on their work rather than admin tasks. With alternative funding, you can invest in technology to help streamline simple day-to-day operations, such as online payment processing and patient visit scheduling. You can also use alternative funding to automate financial reporting to keep an eye on revenue and analyze cash flow at any time.

In addition to streamlining your operations, digital solutions can help improve patient care. For example, you could:

• Implement a secure HIPAA-compliant teleconferencing tool to share sensitive health-related information
• Develop tools to remotely monitor patients' vital signs and send emergency alerts as needed
• Create a secure mobile app to send medication reminders

Second only to providing excellent care to your patients, maintaining steady cash flow is one of the most critical aspects of running your home health care business. Don’t let a slow season or delayed Medicare or Medicaid insurance claims stop you from growing your business. Bridging financial gaps with alternative funding allows you to focus on patient care without the stress of limited cash flow.

Sometimes the unpredictable happens-equipment breaks down, employees leave, and new regulations arise. Prepare for the unexpected with alternative financing and never again worry about covering surprise expenses.

As minimum health and safety regulations are constantly improving, it's critical that you ensure your home health services are always compliant with state and federal regulations. Use your alternative funding to pay for coverage requirements such as liability insurance and workers’ compensation.

Retaining staff is one of the most prominent pain points for home health care providers, especially as businesses emerge from COVID-19 lockdowns and face ongoing restrictions. Avoid wasted time spent hiring and training new personnel by keeping your employees happy with fair wages and promotions for outstanding performance.

Home health agencies can also use alternative funding to hire temporary staff. This can be a helpful option when there is a sudden increase in patient volume or if there is an unexpected staff shortage.

Home health care agencies can apply for four main types of alternative funding, each with different qualifications and factor rates. We recommend speaking with one of our Funding Advisors to select the best option for your home health care agency.

Here's a quick overview of the most popular alternative funding options for home health care businesses:

A merchant cash advance gives you immediate working capital in exchange for a percentage of your daily credit and debit card sales. Unlike a traditional term loan, which is repaid in monthly installments, payments for merchant cash advances are deducted automatically from your daily or weekly credit and debit card sales.

Since MCA funding is based on your projected future sales, this option is ideal for agencies with lower credit scores or who might not otherwise meet the strict financial requirements of the SBA and other traditional lenders.

Learn more about merchant cash advances

Invoice factoring is a financing solution whereby an alternative lender will advance up to 90% of the value of your outstanding invoices in exchange for immediate cash. This form of funding is ideal for home health care agencies with at least $15,000 in outstanding invoices and maximum payment terms of 30 to 90 days. Usually, Medicare and Medicaid payments will not qualify as they do not let you sell a claim to a third party.

Learn more about invoice factoring

Collateral working capital is a secured form of financing that uses commercial real estate (not a primary residence) as collateral to reduce the risk to the lender. With this added collateral, home health care agencies may be approved for a higher loan amount than other forms of alternative funding.

Learn more about collateral real estate loans

A business line of credit is a beneficial alternative to a fixed-term bank loan. You can borrow as little or as much as needed and only pay monthly interest on the amount you use-not the entire credit limit extended to you like traditional term loans.

Learn more about alternative business credit

The home health care industry is growing, presenting businesses with opportunities to expand. Alternative funding can help fuel this growth by providing the working capital needed to invest in strategies like proactive hiring, increased marketing, or purchasing new equipment.

Bluerock Options provides unrestricted funding for home health care providers in the USA and Canada with $3,000 to $500,000 in as little as one business day. The application process is quick and easy. Simply fill out an online form and submit at least three months of bank statements. A Funding Advisor will then reach out to you within the hour to discuss your funding options and finish your application. Once approved, you could receive up to $500,000 in as little as 24 hours.

Give your patients the care they deserve. Apply online today for alternative funding with Bluerock Options and scale your home health care business.

As the Great Resignation continues in 2022, staffing shortages are a familiar challenge faced by small businesses in many industries. Transportation, manufacturing, and construction businesses are feeling the pinch the most-half of small employers in these industries reported "significant" staffing shortages, with half of businesses also reporting significant losses in sales opportunities as a result. Fifty-eight percent of small business owners in the construction industry reported significant or moderate lost sales opportunities due to staffing shortages, closely followed by 55% of manufacturing and mining businesses and services industries.

According to April's Small Business Economic Trends survey, 22% of all small business owners plan to increase employment to alleviate the staffing shortage. The industries hardest hit by the staff shortage are also the most likely to plan to hire-31% of owners of manufacturing businesses plan to hire, followed by 28% of transportation operators and 24% of construction business owners.

In March 2021, the U.S. Bureau of Labor Statistics reported an all-time high of 8.1 million job openings with a job openings rate of 5.3%-a 43% increase over March 2020, the month COVID shutdowns began. Despite their plans to hire, many industries are struggling to fill job openings-in the same year, the National Federation of Independent Business found that a record high of 42% of small business owners had jobs they couldn't fill. Forty-three percent of small businesses across all industries have current job openings they are unable to fill, and more than half of small business owners in construction (60%), transportation (56%), and manufacturing (50%) reported not being able to fill open positions.

Wondering how to deal with staff shortages when you're trying to hire but can't seem to find the right candidates? Many business owners are raising compensation in order to attract and retain employees-39% of manufacturing firms reported raising compensation in April 2022, as well as 27% of retail firms and 34% of construction and wholesale firms.

Raising compensation is one way to attract and retain talent, but there are many other strategies small businesses can employ to boost hiring. These strategies require an investment of working capital, and after two years of shutdowns and restrictions and major changes in consumer behavior, many small businesses may not have the funding they need to deal with staffing shortages.

Merchant cash advances (MCAs) can be an ideal source of working capital for small businesses who are looking to boost cash flow in order to hire and continue to grow. With a streamlined online application, flexible approval requirements, and fast turnaround, small businesses in almost any industry can quickly access the funding they need to implement attractive new hiring policies.

Let's take a closer look at 8 ways you can use a merchant cash advance to deal with staffing shortages, including:

1. Offering overtime
2. Hiring more staff
3. Upskilling existing staff
4. Offering higher wages and better benefits
5. Providing flexibility to new and current employees
6. Investing in technology to help you automate and reduce staffing needs
7. Working with a staffing agency
8. Employee referral bonuses

Offering more hours to your existing staff may mean paying overtime, but this approach may be preferable to losing clients or compromising the quality of your services. Paying overtime also means you can avoid the higher costs of hiring and training new employees.

In 2022, small business owners can't afford to wait for potential employees to come to them-they must take a proactive approach to hiring in order to find the best candidates for the position. This can mean participating in job fairs, working with college training programs to create a hiring funnel, or developing paid internship programs. These strategies all require an investment of capital, but this investment could return dividends in the form of qualified staff who are interested in building a long-term career at your company.

Merchant cash advance funding can be used to offer new employees higher wages, better benefits, or more competitive salaries in order to attract top talent. You can also use MCA funding to cover onboarding expenses so that you can hire inexperienced staff that may require more training. Once your new staff member is on board and helping you earn more money, you'll be able to repay your cash advance faster.

For example:

• Law firms can hire bookkeepers, additional attorneys, paralegals, office managers, and reception staff so managers and partners can focus on higher-value work.
• Construction companies can expand their team or hire subcontractors so they can take on more projects, bid for larger projects, or offer more comprehensive services.
• Restaurants can hire more front-of-house staff so managers can focus on higher-value activities like reviewing reports, identifying opportunities to improve menus, and addressing supply chain challenges.

Use merchant cash advance funding to offer existing staff additional training so that they can provide more value to your business, work more efficiently, and help you earn more money. Skill-building programs can also be a strong retention incentive for your existing staff.

For example:

• Restaurants can offer the option of working from different kitchens to learn different menus.
• Manufacturers can cover tuition costs so employees can learn new skills.
• Any industry can offer leadership and training opportunities to entry-level staff to prepare them for future roles.

Paying median or above-average wages shows staff that they are valued, which can have a positive impact on job satisfaction. If your employees often work other jobs in addition to yours, a higher wage can incentivize them to take more hours at your business, or even quit their other jobs.

Offering higher wages or other perks, such as more paid time off, better health benefits and sick leave, or retirement savings plans, will also make your workplace more attractive to potential employees, and can minimize turnover.

By showing employees that they are valued, eliminating other demands on their time, and reducing stress during their off-hours, you can help your existing staff be more productive while they're on the clock. Merchant cash advance funding can provide the working capital you need to implement these changes without straining your cash flow.

Offering flexible work hours signals that you value work-life balance, which can give you a strong competitive edge over other businesses in your space. Flexible work hours can also make your business more appealing to different groups, such as parents and recent retirees who are looking for part-time work.

With a merchant cash advance, you can hire more part-time employees to enable flexible work schedules. You could also use your funding to invest in technology-like remote desktops or laptops-so your staff can work from home with a flexible schedule, or you can hire without borders and offer employees the option to work how they want. Investing in work from home tech is especially ideal for professional services firms like law firms, accountants, and other types of office work.

Investing in technology that replaces the need for some employees or helps employees do their work more efficiently is a great way to use merchant cash advance funding to deal with staff shortages. Automating time-consuming but simple tasks such as inventory or taking reservations can help your entire team work more efficiently so you can provide better service. Using technology to de-silo different functions using cloud-based software can also help you integrate your business processes more easily to make onboarding and flexible work arrangements easier to implement.

For example:

• Quick service restaurants can invest in self-ordering kiosks, or use new technologies to automate tasks like dishwashing.
• Construction companies can invest in building information modeling (BIM), telematics, and emerging tech like VR or AR, robots or drones, 3D printing, connected devices, or autonomous vehicles to improve communication, productivity, and safety.
• Retail outlets can add self-checkout and improve point of sale systems to enable online shopping and omnichannel approaches.

If you're wondering how to deal with staff shortages, working with a professional staffing agency might be the right way for you to find talented candidates. Some qualified staff simply prefer temporary work, and working with a staffing agency can help connect you with these workers, as well as fill staffing gaps when permanent employees need time off. Staffing services can also help connect you with qualified candidates for long-term contracts, special events, or seasonal hiring, such as:

• Planned vacation time
• Sick leave or personal emergency leave
• Parental leave
• New system implementations
• Seasonal projects

Merchant cash advance funding can be used to cover agency service fees so you can continue focusing on operating your business rather than hiring and onboarding new employees. Staffing agencies will handle the entire process, from posting the job to vetting candidates, so all you have to focus on is welcoming new team members and growing your business.

Employee referral bonuses can help incentivize your current staff to share new job openings with others they know. If a staff member refers a candidate who gets hired and stays for a certain period of time, the referring employee could receive a cash bonus or other incentive.

Merchant cash advances can provide the working capital you need to fund such bonuses or implement other benefits for successful employee referrals.

Merchant cash advances are a fast form of alternative funding that is ideal for hiring new employees or creating employee retention programs. Because MCAs are repaid from a portion of your daily or weekly credit card sales, retaining staff or hiring new employees that will help grow your business can help you repay your funding faster than other forms of small business loans like SBA loans or term loans.

When issued by a reputable lender, merchant cash advances offer a number of advantages over financing options offered by traditional lending institutions, including:

• Simplified applications with less paperwork and less rigorous approval requirements.
• Faster processing and approvals, with funding sometimes available in as little as one business day.
• Greater flexibility and more room to negotiate terms.

With funding from as little as $3,000 up to $500,000, Bluerock Options® can help business owners access flexible merchant cash advance funding to help hire new staff, retain existing employees, and fuel the growth of their business.

1. “Small Business And The Staffing Shortage by Industry.” William Dunkelberg. Forbes. May 27, 2021.
2. “How to Overcome the Small Business Labor Shortage.” Nextdoor. June 21, 2021.

Applying for a loan requires lots of documentation about you and your business. The documentation you’re required to supply will depend on the type of lender and the type of funding you're applying for-traditional lenders like the Small Business Administration (SBA) and banks have strict and thorough documentation requirements, while alternative lenders typically ask for less paperwork and have a more streamlined process.

We joined Physician’s Practice to outline what you'll need to apply for a small business loan from any type of lender. Keep reading to learn about small business loan documentation requirements for: