Healthcare Profession Lender Grows Through Fast, Easy Service and Innovation
To say the founders of Bankers Healthcare Group had an idea whose time had come would be an understatement. The idea behind their company is timeless.
BHG, created to provide commercial financing for physicians, dentists and veterinarians, found exactly the right niche. In the past few years, the company’s growth has been explosive, an affirmation that healthcare professionals see the value in a provider dedicated to their financial needs. BHG’s primary offering is working capital financing from $20,000 to $200,000, with terms up to 10 years. But there’s more than just the core business.
BHG recently expanded beyond conventional lending to include a full line of business and personal credit cards, as well as a product that allows healthcare providers to offer their patients financing. “This way, if there’s a gap in insurance coverage, a patient can still get care and doctors receive prompt payment for their services,” says Bob Castro, president of the company.
Not Just for Doctors Anymore
Other indicators of BHG’s growth over the past two years include an increasing client base and service expansion from 43 states to all 50. Originally, its services were only for doctors, dentists and veterinarians. Now they’re also available to nurse practitioners, physicians’ assistants, physical therapists and pharmacists.
In 2012, the company generated more than $150 million in revenues. This year, it’s on track to surpass $300 million. The staff has grown from 126 employees to 190, necessitating a move into more expansive space in both its Syracuse and Southwest Ranches locations. BHG also opened a sales office in New York City, and there are satellites in Denver and Washington, D.C.
Bob Castro, his brother Eric and Albert Crawford became partners in BHG in 2001. They established a direct-lending business model based on an understanding of their clients: busy healthcare professionals whose time is at a premium. BHG serves them by making the loan application process easy and fast, with over-the-phone or online application, approvals in 48 hours or less, favorable terms and funding in as few as five days. “Today’s healthcare providers have very little time to spare,” says Crawford, chairman and CEO. “Our clients never have to leave their desks. We make it hassle-free.”
And BHG never stops working to improve the process. “Innovation” is the key word, and it suffuses the entire company. Surveys provide feedback; Eric Castro, chief operating officer, says, “Of our funded customers, 99.4 percent prefer us over a traditional lender, and 97 percent would recommend us to their colleagues.”
“Innovation,” Bob Castro says, “is how we’ll stay at the top. Nobody in this industry does it like we do. We want to create the most innovative financial solutions for healthcare professionals across the country.”
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