Best business credit cards for healthcare

As a healthcare professional, your priority should be patient care, not financial complexities. Choosing the right business credit card is crucial for simplifying your practice's operations and ensuring you have financial tools. 

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Among various options available, Ramp stands out with its comprehensive solutions tailored for healthcare professionals. 

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In this article, we'll explore why Ramp is the best choice and review other top credit card options for healthcare professionals.

What are the best business credit cards for healthcare professionals?

Selecting the right business credit card can simplify financial management for healthcare professionals. Read on to discover the top five options.

1. Ramp

Ramp provides financial management tools tailored for healthcare professionals, making expense tracking easier and offering real-time financial data.

• Automated expense tracking: Automatically categorizes expenses, reducing manual work. 
• Spending controls: Set custom limits and approvals to manage employee spending. 
• Real-time insights: Access up-to-date financial data anytime because real-time expense management is crucial for agility. 
• No fees: No annual, foreign transaction, or interest charges.
• Accounting integrations: Connect with software like QuickBooks and Xero, offering seamless integrated accounting software solutions.
• Global support: Operates in 195 countries, supporting over 40 currencies.

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Ramp's solution combines financial processes, making management easier for healthcare practices.

2. American Express Business Gold Card

The American Express Business Gold Card offers flexible rewards based on spending patterns.

• 4X Membership Rewards Points on top spending categories such as medical supplies or advertising.
• No preset spending limit.
• Travel benefits. 

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However, the card comes with a $295 annual fee. Furthermore, rewards are capped at $150,000 in combined yearly purchases, which may affect practices with higher spending.

3. Capital One Spark Cash Plus

This card offers straightforward cash back and comes with the following features:

• 2% cash back on all purchases without limits.
• $200 cash bonus when spending exceeds $200,000 annually.
• No preset spending limit.

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But the annual fee is $150. Smaller practices may find the high spending requirement for the bonus challenging.

4. Chase Ink Business Preferred Credit Card

This card provides rewards on essential business services:

• 3X points on travel, shipping, internet, cable, phone services, and advertising.
• 100,000 points after spending $15,000 in the first three months.
• Travel benefits.

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On the other hand, there is a $95 annual fee. Furthermore, the significant fee for the sign-up bonus may be a consideration for some businesses.

5. Brex Card for Startups

Designed for newer businesses, this card offers rewards without requiring a personal guarantee.

• No personal guarantee: Approval is based on the business's financials (learn more about credit cards without personal guarantee).
• Earn points on categories like rideshare, travel, and dining.
• No annual fee.

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However, approval may favor startups with significant venture capital backing, limiting accessibility for some healthcare practices.

How can you choose the best credit card for healthcare professionals?

As a healthcare professional, your financial needs are unique. Here are essential questions to ask yourself when choosing the best business credit card.

Does the card offer rewards on purchasing medical supplies and equipment?

Healthcare practices frequently spend on medical supplies and equipment. A card with higher rewards or cash back on these purchases can significantly reduce operational costs.

• Maximize savings: Look for cards that partner with medical suppliers or offer bonus points on healthcare-related expenses.
• Exclusive discounts: Some cards may offer exclusive discounts or rebates on bulk purchases of medical supplies.

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Can the card help manage expenses across multiple practice locations?

If you operate across multiple locations, managing expenses can be complex. Furthermore, a credit card that simplifies tracking and consolidates expenses is crucial. Here’s what to consider when you have multiple practice locations: 

• Centralized reporting: Choose a card that offers comprehensive reporting tools to monitor spending across all locations.
• Employee cards: Consider cards that allow you to issue employee cards with customizable spending limits for each location.

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Does the card provide benefits for furthering medical education?

Investing in further education is essential for staying current in the healthcare field. The following is what you should be looking out for:

• Education rewards: Some cards offer rewards or higher cashback on educational expenses, including conferences, seminars, and online courses.
• Professional development support: Look for cards that provide access to exclusive educational resources or events.

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What are some features that assist with managing staff expenses?

Managing expenses for nurses, administrative staff, and other employees can be challenging. However, it could be easier if you go for a card with the following features:

• Spending controls: Opt for cards that allow you to set spending limits and restrictions on employee cards.
• Expense tracking: Advanced expense management tools can automate receipt collection and expense categorization.

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Does the card offer financing options for large equipment purchases?

Purchasing medical equipment often requires substantial investment. Here’s what you should consider:

• Flexible financing: Some cards provide special financing options or introductory 0% APR periods for large purchases.
• Leasing options: Explore cards that offer leasing programs for equipment to manage cash flow effectively.

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Can the card integrate with healthcare accounting software?

Integrating your existing accounting or practice management software can save time and reduce errors. Partnering with experienced accounting partners can further enhance financial management. Here’s what to prioritize:

• Seamless integration: Choose a card that syncs transactions automatically with systems like QuickBooks, Xero, or healthcare-specific software.
• Real-time data: Access to up-to-date financial information aids in making informed business decisions.

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Does the card provide relevant protection and insurance benefits?

Healthcare practices face unique risks that can be mitigated with the right card benefits, such as the following:

• Data breach protection: Cards that offer cybersecurity insurance can help protect against patient data breaches.
• Malpractice support services: Some cards may provide resources or support services related to malpractice risk management.

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Are there rewards for payments to healthcare vendors and insurance providers?

Regular payments to vendors and insurance companies are significant expenses. Choose a card that offers:

• Vendor partnerships: Look for cards that offer additional rewards when paying preferred healthcare vendors.
• Insurance payment benefits: Some cards may provide points or cash back on premium insurance payments.

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Focusing on these healthcare-specific questions can help you select a credit card that meets your practice's financial needs and enhances your operational efficiency.

How can you maximize rewards?

Choosing the right card is the first step; using it effectively increases the benefits. Here are strategies to maximize your rewards:

• Plan significant business expenses around introductory periods to meet spending requirements for sign-up bonuses.
• Charge all eligible expenses to your card to accumulate business credit card rewards faster without increasing overall spending.
• Keep an eye on communications from your card issuer for promotions that offer extra rewards or cash back.
• If you travel frequently, align your card use with loyalty programs to enhance reward value.
• Consider using multiple cards to maximize rewards across different spending categories.

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Take control of your financial future with Ramp

Selecting the right business credit card is essential for improving your healthcare practice's financial efficiency. With its tailored features and comprehensive financial solution, Ramp offers unparalleled benefits that align perfectly with the needs of healthcare professionals.