With six magnetic resonance imaging (MRI) centers in Illinois and Wisconsin, MRI Consulting, Inc. is really in the business of helping people. But what happens when the people in the business of helping others, need a little help?
Over the last 15 years, MRI Consulting has been busy building their business based in Bloomingdale, IL. With a focus on patient care and quality imaging, MRI Consulting provides the latest in MRI services. Having state of the art MRI suites, and investing in MRI machines, can cost hundreds of thousands of dollars. An investment like this is based on financial forecasts but when the healthcare market's financial structure shifts, it can cause unforeseen changes.
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When MRI Consulting first opened, the revenue mix was 80% covered by insurance and 20% was patient responsibility. Over recent years with changes in the healthcare system, less came from insurance and more became patient responsibility.
With a 30 - 60-day delay introduced to the billing process, MRI Consulting's cash flow took a dive. Skip Sage, MRI Consulting's President, thought a business loan seemed like the wisest option, but the estate of a partner that passed away was still in probate which prevented a traditional bank loan. Luckily, an acquaintance in the equipment leasing business recommended Ascentium Capital.
“We went to Ascentium Capital and [were approved] right away. . . we had the money in our account in literally three days.” - Edwin “Skip” Sage, President MRI Consulting
After describing the situation, and providing basic checking account statements, Ascentium was able to quickly approve loans for each of their MRI centers. It was an extremely effortless process and Ascentium came through as promised -- funding the loans in a matter of days. MRI Consulting was able to get the help that they needed to make payroll, keep vendor accounts current and do what they do best: provide patient care comfort and quality imaging.
Ascentium Capital enables your business to avoid tunnel vision and see beyond to where your business can go next. Whether you need a small business loan or line of credit, explore our fast, flexible and affordable financing programs.
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