Medical Chronicle November/December 2013 | Page 61

PRACTICE MANAGEMENT
Medical specialists positive about growth prospects
Medical specialists are positive
about growth prospects in SA consistently voting ‘Yes’ to expansion
with a portion of their revenue.
The assessment comes from
Bidvest Bank, an institution that
focuses more and more intensely on
medical professionals in response
to growing volumes of asset-based
finance business from this sector.
Byron Corcoran, the bank’s head
of asset-based lending, says that
in a year when economic growth
faltered, the medical profession
continued to invest in expansion.
“Our asset-based lending term
varies from 24 to 60 months,” said
Corcoran. “Most business from our
professional clients is at the longer
end of this spectrum, which means
specialist practices are usually
happy to commit to a five-year
forward view.
“In effect, South African doctors
in private practice are saying
growth prospects remain good in
a key area of the economy. This
is particularly true of specialists
with an established practice - a key
focus area for us.”
Bidvest Bank tracks sentiment in
three specific fields:

Corcoran points out: “Technology
costs are mounting worldwide and the
rand has weakened significantly year
on year; so it’s no surprise that capital
sums per contract are tending to be
higher.
“We also see new business. We put
this down to referrals, as medical
professionals communicate closely
with their peers.
“We’re a niche bank rather than one

of the massive institutions that have
traditionally dominated this form of
lending. We take pride in the personal
touch and ensure clients go through
only one point of contact and don’t
have to deal with layer upon layer of
management.”
He says doctors have a very precise
appreciation of the value of time and
take note when efforts are made to
accelerate approvals and cut red tape.

“Timely action by well-equipped
specialists can save a patient,”
added Corcoran. “Prompt action
by specialists in our business can
also save a lot of transactions
from falling through. That keeps
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