Apply for Medical Practice Financing today
Understanding
Medical Practice Financing
Business financing for doctors, clinics and health-related manufacturers involves securing funds and managing financial resources to establish, operate, or expand their practices. Loans and financing include funds for property acquisition, practice setup, equipment purchase, medical goods manufacturing, and operational costs. Effective business financing strategies for the medical industry aim to ensure sustainable growth, optimal patient care, product quality controls, and sound financial management while navigating the unique economic challenges of the healthcare industry.
how to
Effectively Apply Funds
Financing in the medical industry is broad. It can mean the acquisition of new property for a clinic, lab, physical therapy facility, manufacturing or distribution hub, equipment financing, and even working capital funding. The foundational principle is to identify the required assets necessary to establish operations, attract patients or customers, and deliver based on product demand.
Funds can be applied to purely operational costs, but it is also important to consider waiting rooms (furniture and fixtures financing), and marketing (websites, brochures, advertising, chat or text services, email marketing, and more). Our team will work with you to find the right financing. Whether that is a 0% down payment medical practice loan, one-off equipment financing, factoring to accelerate insurance payments and other accounts receivable, or construction financing for a health industry compounding or manufacturing facility, our brokers are able to source the right type of funds to support your practice.
Medical PRACTICE Financing Options
Medical Practice Financing
Start your practice off right with the funds necessary get your medical practice up and running. With many options starting at 0% down, you’ll have the ability to build your practice as you pay off your financing.
Construction Financing
Clinics and service networks often need to build spaces around a particular floor plan. Construction financing allows these providers and groups to customize workspaces to suit the practice areas addressed within the facility.
Equipment Financing
The standard of care is always evolving, often based on improvements in technology performance. Choose between equipment leasing or equipment purchase based on the estimated longevity of today’s technology on your area of expertise.
Medical Factoring
When insurance or payment plans extend 30, 60, 90, 180 days or longer, medical factoring can accelerate your receivables. That provides cash now while the factoring firm picks up some of the responsibility for collections.
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FAQS
Q. Why work with a broker on financing in the medical field?
Our brokers are experienced in the area of financing across the medical industry. From practices to manufacturers and distributors, we work with a wide array of lenders, giving you the maximum choice and the most options in terms of financing. Not every deal is the same, and when those in the medical profession go to a direct lender, they are likely to miss out on what’s available to them.
Q. Should medical equipment be leased or purchased?
The decision to lease or purchase is based on a range of factors. What is the pace of innovation? When new technologies replace old every few years, brokers can find themselves selling equipment at a discount only a few years after purchase and buying new equipment at a premium. In these cases, financing provides an opportunity to get off the roller coaster and maintain access to the latest innovations. In other cases, when a tool or technology will be in regular use for five years or more, purchasing may provide the best long-term return on investment. Our brokers will help you examine the implications of each pathway so you can make an informed choice.
Q. When is the right time to work with a broker on practice financing?
For many doctors finishing school or planning to leave a hospital or clinic to build an independent practice, talking with a loan broker a year to year and a half prior to start can be ideal. It gives you the time to assess options across a broad range of capital demands and to make the best choice in terms of financing.
Q. How long does it take for medical financing to close?
Financing in the medical industry includes a wide variety of financial instruments, some that can close the same day with funds available in 24 hours and others that require a lengthy process. In general, the larger the loan amount and the longer the term, the longer it will take to finalize a loan package. Financing hospital construction could be a year or longer in process while financing an imaging technology can close in a matter of hours or days. In addition to that, loans that are backed by owned assets will generally close faster and have better rates than those that are unsecured. Brokers look at a medical practice’s entire financial picture and the goals of the organization prior to presenting financing options.