Big investments in your health care business can be a daunting prospect but federal funding is available to help offset costs associated with embracing digital technologies and transforming your operation to meet demands. CDAP offers a unique opportunity in the health care space for businesses to upgrade their technologies and plan for the future with the help of an MNP advisor.
Federal Government Announcement Monday, February 19, 2024
The Canada Digital Adoption Program is fully subscribed and no longer accepting new applications for the Boost Your Business Technology grant. MNP Digital remains committed to supporting your digital adoption goals. View our SMB solutions for more information.
Investing in digital technology upgrades at your practice, office, or store has never been easier thanks to no-interest federal loan opportunities
Making the investment to adopt digital technologies in small to medium-sized health care businesses can be a big undertaking. Trying to determine where to spend limited funds on your own can be even more challenging.
With the help of federal funding through the Canada Digital Adoption Program (CDAP) businesses have the opportunity to take a step back, assess the needs of their organization, and make a plan for the future, all with the help of a third-party advisor.
You may know exactly what aspect of your business could benefit from a technologies funding boost, or you might not know what options are available to you.
Each operation is different, and you know the needs of your business the best. Whatever your position, CDAP offers the flexibility to learn as you go, grow your business, and keep up with the evolving market.
What is CDAP?
CDAP funding gives small to medium-sized businesses a unique opportunity to not only upgrade their technology but to dig a bit deeper into their operations.
First, eligible businesses can receive $15,000 in grant funding to put towards securing a government approved third-party advisor to help assess your organization’s needs and build a plan. The Boost Your Business Technology Grant is available to for-profit, Canadian-owned businesses with between 1-499 employees who have had at least $500,000 and no more than $100 million in annual revenue in one of the last three years.
Once you’ve worked with an advisor to build a comprehensive digital adoption plan, you can apply for an interest-free loan through the Business Development Bank of Canada (BDC) of up to $100,000 for a five-year term to help bring those plans to fruition.
Businesses with revenues from $500,000 to $5 million can access loans between $25,000 and $50,000 and those with revenues over $5 million can access loans between $25,000 and $100,000.
The funds can be used for anything from improving operations efficiency by purchase of new equipment or software, to training employees on how to use the new or existing tech, introducing cybersecurity tools, and more.
Health care applications
This funding can be used in a variety of different ways depending on the needs you’re facing right now and the needs you might face in the future.
A few ways health care spaces could use CDAP funding include:
Improve operational efficiency
- IT hardware – Laptops, desks, tablets, phones, etc.
- 3D printers
- Digital Xray solutions
- Lasers
- Dental microscopes
- Client relationship management solutions – automated outreach, segmentation, content creation
- Digital marketing strategies – customer engagement, audience personas, etc.
- Scheduling software
- EMR conversions
- Software to improve the automation of your patient intake, reminders and check-in processes
IT/digital foundations
- Cybersecurity – training employees, completing threat assessments, protective softwares, etc.
- Physical security – cameras, alarms, monitors, etc.
- Data analytics – leverage the data you are collecting and the right software to improve your decision-making process, make informed financial decisions, and create added value for clients
- Managed IT services – helpdesk, purchasing, maintenance, etc.
- Cloud migration – move from server-based software to cloud-enabled modern solutions
Improve back-office automation through new software and processes for the following:
- Billing management
- Human resources management
- Bookkeeping and payroll
In the case of dentists with multiple corporations, each may qualify for separate CDAP grants.
The CDAP journey
- Assess your eligibility – Contact our dedicated CDAP team through our contact form or email [email protected] for a grant eligibility assessment and support with your application. Our qualified advisors will review the funding criteria with you to determine whether you qualify, and which stream would be best for your business. Completing your application with the help of an MNP Digital advisor can maximize your funding and the likelihood of approval.
- Apply online – Once you have determined you’re eligible, apply through the CDAP website and choose MNP as your digital advisor. This will generate a notification to our CDAP team once the application is completed.
- Get approval and sign an engagement letter – Once you have finished your application, you will automatically receive your approval and from there, you’ll have nine months to develop a plan with your MNP Digital Advisor.
- Develop your digital adoption plan – Throughout this process, you’ll work with an advisor to analyse the current state of your business efficiency, profitability, and customer engagement. From there, a report will be developed to show how digital transformation can benefit your business. A cost/benefit analysis will then look at your best options followed by the development of a short and long-term digital strategy and lastly, you’ll put together an actionable implementation roadmap complete with clear steps, timelines, and costs.
- Apply and receive the grant – Submit your adoption plan and access the Boost Your Business Technology Grant to cover the costs of the assessment, less $1,500 for advisor fees plus tax.
- Loan application – Apply for the BDC interest-free loan through the CDAP website.
- Execute your plans – Access your funds and begin to implement your digital strategy. Your relationship with your advisor doesn’t have to end after approval. MNP advisors can assist in every step along the way to help build your business and plan towards further future goals.
As high interest rates persist, securing funding in an interest-free loan is not something to take for granted. Learning more about your health care business and getting support from an advisor to plan for your future is an added bonus.
As a federally recognized provider, MNP is qualified to help draft your unique technology roadmap after a review of your systems. Though not an insignificant time commitment for the applicant, the potential reach CDAP funding could have, and benefits to your business it could yield, are worth the effort.
Connect with us to get started
Our team of dedicated professionals can help you determine which options are best for you and how adopting these kinds of solutions could transform the way your organization works. For more information, and for extra support along the way, contact our team.