Merchant Capital and Altron HealthTech Launch Business Funding for Medical Professionals
Merchant Capital has partnered with Altron HealthTech to offer a tailored financing solution for South African medical professionals looking to grow their practices or navigate the challenges posed by Covid-19.
This new offering, called MediAdvance, is a cash advance solution designed specifically for medical practice owners. Successful applicants can access funds in as little as 24 hours, with flexible repayments based on a set percentage of claims. According to Andrew Brown, operations executive at Altron HealthTech, many medical professionals are seeking business funding but often lack the time to go through the lengthy application processes involved in traditional funding options.
“Conventional funding solutions don’t always account for the unique challenges of medical practices. Medical professionals’ time is precious, and they need seamless, supportive financing that allows them to focus on patient care while growing their practices,” said Brown.
Ryan Cohen, co-founder and chief relationship officer at Merchant Capital, noted that the lockdown had forced many medical professionals to scale back their practice plans. However, many are now finding innovative ways to recover, acquire new equipment, and grow their practices, despite the ongoing Covid-19 challenges. “We believe business finance should provide sustainable, growth-enhancing solutions that empower business owners to think big and act quickly. Medical professionals are entrepreneurs too and should be supported accordingly,” Cohen added.
To qualify for MediAdvance, practices must meet the following criteria:
- A minimum of six months' practice history
- Submission of medical aid claims through Altron HealthTech’s MediSwitch claims management service
- A minimum monthly turnover of R30,000
- An active BHF and HPCSA practice number
Over the past eight years, Merchant Capital has provided working capital to more than 10,000 SMEs, totaling over R2 billion.
About Altron HealthTech Altron HealthTech, consisting of MedeMass, MediSwitch, and MedeServe, has over 30 years of experience in practice management and electronic claims switching technology for the healthcare industry. The company focuses on delivering business solutions that reduce administrative costs and increase efficiency, allowing healthcare providers to concentrate on patient care and business health.
For more information, contact MediAdvance at 010 140 3248.
