Instead of waiting weeks (or even months) for compensation, you’d get cash in just a few business days. If you’re expanding your practice or acquiring a new one, update your business plan to reflect your growth objectives and the steps you’ll take to meet them. At the end of the leasing term, the medical practice will then be provided the option of buying the equipment outright for a small price. The structure of an equipment loan is similar to a car loan -- the equipment serves as collateral for the financing. We make it incredibly simple to compare rates on physician mortgage loans, physician disability insurance, student loan refinancing, and other financial services for medical professionals. They include: According to the Medical Group Management Association, U.S. medical practices fail to collect an average of 25% of the money they’re owed for treating patients. Lenders approve you for a maximum credit line -- which you can withdraw funds from as needs arise. As a doctor or healthcare professional, navigating to find a medical practice loan can be a time drain. Either way, you’ll be asked to enter the information from the previous section along with your desired funding amount. Medical technology also becomes more advanced very quickly. Medical practice loans can help with financing the purchase of an existing medical practice business.
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The likelihood of this scenario decreases when you research each option before seeking funding. Traditional banks that have physician programs are usually the best option if youâre purchasing or buying into an existing practice that has documented cash flow. Our goal is to provide funding that fits the specific needs of your practice. Apply to Practice Administrator, Manager in Training, Customer Service Representative and more! In return for an upfront amount of cash, medical practice lenders will purchase a percentage of a medical practice’s merchant account or business bank accounts at discount. Banks typically require collateral for all loans. As a practice leader or partner, you need to know that the business side of your practice is on target — even if you don’t have a passion for medical billing, balance sheets and income … The path you choose depends largely on your needs and what type of financing you’re most likely to qualify for. A Physician’s Guide to Medical Practice Loans, Updated: However, if you have strong cash flow or can provide collateral, your bad credit may have less of an impact on your rates and terms. Paige has written for a number of B2B industry leaders, including fintech companies, small business lenders, and business credit resource sites. The fee is a typically a percentage of the total loan amount. For example, you might use a loan to purchase everything from basic items like exam tables and computer software to more specialized equipment, such as x-ray imaging machines if you’re a dentist, or retinal scanners for your optometry practice.