The COVID-19 crisis likely already has affected your practice’s financial and operational aspects.
By now you might need to take a hard look at your practice’s finances, from evaluating staffing levels and needs to talking to your certified public accountant (CPA) about available tax credits.
- Should you open a line of credit at your bank?
- Should you apply for a loan from the U.S. Small Business Administration?
- What options are out there to help your practice stay afloat, including loan payment deferments, loan refinancing, and new conventional loans?
The Texas Medical Association has created several resources to help you answer those kinds of questions.
The webinar Cash Flow Considerations - COVID-19 focuses on staffing levels, tax credits, and loans. It is accredited for 0.75 AMA PRA Category 1 Credits™.
TMA also has created a chart that compares SBA loans to help you choose which is best for your practice.
The chart provides a side-by-side look at maximum loan amount, terms, forgiveness, personal guarantee/collateral requirement, eligible uses, and eligible participants for each SBA loan: Payroll Protection Program (PPP), Economic Injury Disaster Loan (EIDL), and EIDL Advance.
In addition, TMA has created a checklist of the information and documents lenders most commonly request for a loan application, and a document that highlights questions you should ask financial lenders when applying for a loan.
Finally, TMA’s Practice Viability Toolkit contains a section on cash flow that includes a financial worksheet that you can customize to get an at-a-glance view of your practice’s financial health, and explanations on the various SBA loans and other financial products.
The toolkit also includes sections on telemedicine; human resources; payers, coding, and documentation; and advocacy, such as mass critical care guidelines, non-urgent, elective surgeries and procedures, liability protection, and stay-at-home guidance.
You can find the toolkit and other tools, resources, and information on the practice viability section of the TMA COVID-19 Resource Center.