These days, physicians do not just need to be health care experts: they must also be savvy practice managers — which is not as straightforward an undertaking as it may seem.
Indeed, physicians learn early on in their careers that cash flow management is not as simple as providing services, collecting payments, and paying bills.
Everything from insurer reimbursement delays, to excessive paperwork, to employee errors add complexity and risk.
This not only distracts from the core focus on providing quality care and meeting clinical standards, but it can make it financially difficult — or infeasible — to keep the practice operational.
Contrary to what many patients mistakenly believe, operating a medical practice is not a proverbial “cash cow,” and it is certainly not a turnkey franchise operation.
Establishing and maintaining a medical or dental practice requires significant overhead to cover leases, technology (EHRs, EMRs, telecommunications, etc.), insurance, and in many cases, renovations and upgrades.
Indeed, combined with their medical school debt that typically starts in the 6-figures, many new physicians can take several years before they “climb out of the red.”
Fortunately, that is where medical practice financing enters the picture to make a transformative difference for physicians, staff, and patients alike.
Loans for doctors and dental practices are funding solutions that are specifically designed for physicians, and take into consideration the unique dynamics and details that separate medical practices from conventional businesses.
For example, physician loans often have relatively lower interest rates and total cost of borrowing, given that demand for medical services is consistently strong.
In addition, physician loans take into consideration that medical practices often have to wait months for insurance reimbursements due to the aforementioned excessive paperwork burden.
Physician small business loans can be used for a variety of funding needs and goals, including (but not limited to):
There are multiple types of small business loans available for doctors and healthcare professionals. The most popular include working capital loans, equipment financing, and business lines of credit.
These can be used as a short-term or long-term business funding solution to cover a quick expense or an investment.
Plus they range from under $100,000 to well over $1 million so your funding needs should be covered no matter how small or large they might be.
At National Business Capital, we proudly offer a range of physician loans to help physicians across the country keep their practices strong and successful.
To learn more, give us a call at (877) 482-3008 for a complimentary consultation or fill out our 1-minute application to see what we can offer you!
National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
Matt Carrigan is the Content Writer at National Business Capital & Services. He loves spending every day creating content to educate business owners across every industry about business growth strategies, and how they can access the funding they need!