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Running a successful optometry office takes more than clear vision
Running an optometry practice is no easy feat. While optometrists focus on patient care, they often struggle with managing delayed insurance reimbursements, rising technology costs, and high commercial real estate rents.
One major issue is the delay in insurance payments, which can take 28 to 45 days to process. This creates a cash flow gap, making it difficult to cover immediate expenses like payroll and rent. On top of that, optometry practices need constant equipment upgrades to stay current with diagnostic tools and software.
Real estate costs add to the strain, with rents for healthcare providers rising by 2.3% over the past year. These financial burdens leave many optometrists wondering how to fund critical improvements, expand their practice, or acquire new offices.
Positive growth trends propel optometry practices to new heights
The good news is that despite these hurdles, many optometry practices reported their bottom line was up, with more than 58% of practices reporting increased revenue over the previous year. This growth is largely attributed to expanding patient demand and strategic investments in technology and leveraging social media that have helped practices grow.
There are ample opportunities for optometry practices to grow, and the right financial partner can make all the difference. At First Bank of the Lake, we specialize in providing Small Business Administration (SBA) loans that are tailor-made to meet the unique needs of optometrists.
First Bank of the Lake has helped numerous healthcare providers, including optometrists, secure the financing they need for both day-to-day operations and long-term growth. Whether it’s funding for new equipment, working capital, or real estate, our SBA loans offer flexible, competitive solutions. SBA 7a loans are ideal for covering immediate needs like payroll or inventory, while SBA 504 loans provide low-interest, long-term financing for major investments such as purchasing a new office or upgrading essential equipment. With our expertise, you can find the right funding to keep your practice thriving.
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