Dr. James Wiley is an experienced pediatrician who has been providing high-quality care to his patients in Alabama for more than three decades. He has a special interest in helping children cope with learning and attention issues. Today, he is the District X Vice Chairperson for the AAP.
Dr. Wiley’s success, however, is due not only to his medical expertise but also to his entrepreneurial spirit. After reporting to, then running, the pediatric clinic in Dothan, Alabama, for almost 20 years, he moved across the state to Mobile in 2008 where he opened a clinic for kids with complex diagnoses like ADHD, Autism, and OCD.
While he admits he first envisioned his practice as a kind of “semi-retirement strategy,” Dr. Wiley says his business venture ultimately “blew up,” attracting dozens of patients. In addition to Mobile, he now operates licensed locations in Daphne, Hoover, and Huntsville. In 2012, he took his business to the next level, founding Focus-MD, a revenue cycle management company with the target audience of other primary care physicians who want to adopt his model of evidence-based care.
“Because of my work in Mobile and with the American Academy of Pediatrics, I was also aware that the need was nationwide and there just weren’t enough developmental pediatricians or child and adolescent psychiatrists to handle the numbers,” he says of his meteoric growth. “Also, I guess once people realized how passionate I was about treating ADHD, they were drawn to my model of care.”
As Dr. Wiley’s practice and business continued to flourish, he realized the importance of having a financial safety net in place. His success over the years has come with its share of financial setbacks such as costly complications like Covid-19 that left him short-staffed. Dr. Wiley recalls a major obstacle when one of his largest payers had issues with their claims processing, causing cash flow problems for his business.
Flexible access to funds
A solution came in December 2022, in the form of an email from American Express, which informed him of a versatile funding option that could help him cover his short-term cash flow gaps. The American Express® Business Line of Credit1 provides access to a line of credit that allows approved businesses to use what they need, when they need it. Small businesses pay loan fees only on the amount they use and are able to take a draw any time funds are available. With this flexibility, business owners can focus on growing their business instead of worrying about financial constraints.
Dr. Wiley, an American Express® Gold Card2Member since 2014, was intrigued. “I get marketing emails from other companies about business lines of credit all the time, and I just delete them,” he says. “But because it was American Express, I opened [the email].”
He says he was immediately struck by the product’s ease and user-friendliness. “I’ve always been so impressed with the customer service, and this was no different. Three days after I applied, I got an email saying I was approved. And then I got a follow-up phone call from a sales representative saying, ‘I’m your person.’ Everyone loves to hear they’ve got a person.”
In time, his line of credit has given Dr. Wiley funds for day-to-day needs. But more importantly, he says, it’s given him peace of mind. “I haven’t needed to draw as much as I thought I would so far,” he admits. “But it’s so comforting to know that I’m not going to have to talk to one of my physicians about missing payroll, or to worry about paying the bills.”
Capital to fund talent
Dr. Wiley adds that he sees his business line of credit as a way to furnish his team with fresh talent. “I see it as a line to hiring and paying staff, which is what I need,” he says. “For me it’s working capital to attract providers without worrying about how I’m going to get them paid for three months.”
Dr. Wiley’s goal is to continue expanding his practice to better serve his growing number of patients, which includes adding new physicians to his 25-person staff. He recognizes the importance of having a strong financial foundation to bring on new hires, especially during the months when employee training may affect revenue. “You need cash flow to bring on new people,” he says. “I can definitely see going back to this line for help adding another provider.”
With determination, nimble thinking, and an American Express® Business Line of Credit, Dr. Wiley is growing a thriving business and slowly transforming the industry. His experience offers a valuable reminder to any business owner to embrace new tools and opportunities as they come.
“Everything is synergistic, you see,” he reflects. “The offer to apply for a line of credit came along at the the time that I was thinking ‘Ok, I’ve got to find a solution.’”
Story Footnotes
1 Individual Card Product application and approval required.
2 American Express® Business Line of Credit offers access to a commercial line of credit ranging from $2,000 to $250,000; however, you may be eligible for a larger line of credit based on our evaluation of your business. Each draw on the line of credit will result in either a separate installment loan or a single repayment loan. All loans are subject to credit approval and are secured by business assets. Every loan requires a personal guarantee. For single repayment loans, we charge a total loan fee that ranges from 0.95%-1.80% of the amount you borrow for 1-month loans, 1.90%-3.75% for 2-month loans, and 2.85%-6.05% for 3- month loans. Single repayment loans incur a loan fee at origination and the principal and total loan fee are due and payable at loan maturity. There are no required monthly repayments for a single repayment loan. Repaying a single repayment loan early will not reduce the loan fee we charge you. For installment loans, we charge a total loan fee that ranges from 3-9% of the amount you borrow for 6-month loans, 6-18% for 12-month loans, 9-27% for 18-month loans, and 12-18% for 24-month loans. Installment loans incur a portion of the total loan fee for each month you have an outstanding balance. If you repay the total of the principal of an installment loan early, you will not be required to pay loan fees that have not posted for subsequent months. For each loan that you take, you will see the applicable loan fee before you take the loan. Once you take the loan, the loan fees that apply to that loan do not change. We reserve the right to change the loan fees that we offer you for new loans at any time. American Express reserves the right to offer promotions to reduce or waive loan fees from time to time. Not all customers will be eligible for the lowest loan fee. Not all loan term lengths are available to all customers. Eligibility is based on creditworthiness and other factors. Not all industries are eligible for American Express® Business Line of Credit. Pricing and line of credit decisions are based on the overall financial profile of you and your business, including history with American Express and other financial institutions, credit history, and other factors. Lines of credit are subject to periodic review and may change or be suspended, accompanied with or without an account closure. Late fees may be assessed. Loans are issued by American Express National Bank.
Single repayment loans may become available to eligible new and existing Business Line of Credit customers at different times.
If you elect to have your loan funds disbursed directly to a third party payee, you are required to provide accurate and complete payee information. Payees must be located in the US or US territories. The per transaction payee payment maximum is the lesser of your then available line of credit and $100,000. Not all payee industry types are eligible. We may refuse a payee in our discretion or for reasons beyond our control. Loan funds sent to your payee may take up to three (3) banking days to post to the payee’s business bank account, although payments may be delayed for a number of reasons and the payee’s bank may have their own policy regarding how quickly to post a payment. If eligible, you can be approved in minutes for a line of credit from $2,000 to $250,000 when we are able to automatically obtain your business data and verify your bank account. If a manual review is required, it will take longer to provide you with a decision.