How can I eliminate the concerns of seasonality slowdowns and grow my business?
Aquina Health, a leading provider of financial solutions to medical practices, recently had the pleasure of speaking with one of their valued customers. In this Case Study, you’ll meet Rick Jackson, CEO of Pacific Hills Treatment Centers, Inc., and learn how we were able to work together to find the right financial solution to meet his business needs.
Established in 1993, Pacific Hills is a drug and alcohol abuse treatment center with locations in CA and TX. Its dedicated team of medical doctors, licensed addiction therapists, and counselors have been helping clients achieve lifelong sobriety. They embrace both a non-denominational Christian 12 Step program and a Traditional 12 Step program for their patients to choose. They offer inpatient, outpatient, day treatment, and lifetime aftercare for those seeking help getting out of the grips of addiction.
Like many treatment facilities, Pacific Hills relies on being reimbursed by insurance companies for the services they provide. Reimbursements can typically take several weeks, sometimes months to clear. If reimbursements aren’t made in a timely manner, cash flow can become a concern.
A year or so ago, Pacific Hills had the unpleasant experience of one large insurance provider delaying payments longer than expected. This, coupled with the normal seasonality slowdowns his business faces towards the end of the year, gave him cause to be concerned about cash flow gaps and what that could do to the financial well-being of his company.
Though Rick has a long working relationship with his current bank, when his business hit a rough patch financially, the bank was unable to provide additional funding on a timely basis. A call from Aquina peaked his interest, “We weren’t actively looking for additional, funding but when Aquina contacted us and discussed the programs they offer – it seemed like the right fit, at the right time”, he explained.
After discussing with his business partner, Rick decided to apply. Upon speaking with an Aquina team member and reviewing the available financial programs available, the Praxis solution was presented as the best option that would ease his concerns. With Aquina’s Praxis solution, medical practices can obtain the working cash needed to grow and maintain their business.
“Applying for working capital was extraordinarily easy compared to applying for a line of credit at a bank”, continued Rick, “They only asked for basic financial information to get the process started and it only took a few days to have an answer.”
Overall the process was a success.
“We’ve used Aquina a few times now, each time the application process is quicker and more efficient”, explained Rick. “In fact, the last time we needed funding, all it took was a 15-minute phone call”.
Though not initially actively looking for additional funding, Rick is now happy he took that call – and, more importantly, glad to have access to funds when he needed it most. “I would highly recommend Aquina. They’re easy to work with, they did what they said they would do, and the funds were available just in the nick of time.”
The entire team at Aquina is excited to be able to help Rick and can’t wait to see what the future holds for Pacific Hills Treatment Centers.