Medical Practice Loans: 3 Keys to Getting the Most Value Last Updated on January 19, 2018
At National Business Capital & Services, we proudly provide physicians across the country with medical practice loans, so they can continue providing essential care for their respective — and growing — patient rosters. At the same time, we also provide guidance and advice on how physicians can get the most value from their financing. To that end, here are 3 keys to keep in mind:
Medical Practice Loans: 3 Keys to Getting the Most Value
- Have a robust spending plan: Borrowing too much means that you will have “dead money” sitting in your account, and borrowing too little will compel you to increase funding levels at a time when it may not be convenient or conducive to do so. Having a robust spending plan that covers how much you need and when you need it will help you avoid both of these costly scenarios.
- Combine your term loan with a business line of credit: Even the most robust spending plan is not a crystal ball, which means that you still may need access to additional funds down the road.For example, you may be suddenly presented with a golden limited-time opportunity to move into a premium location, or a medical equipment vendor may have a special “first come first serve” discount promotion.Having a business line of credit gives you instant access to additional funds when you need it (and for any purpose). You only pay interest on the amount that you borrow, and if the line is revolving then repaid amounts are immediately available for future borrowing.
- Choose a partner — not just a lender: Just as your patients trust you to help them get and stay healthy, at some point you will need or want to consult with your lender to potentially make an adjustment or change your plan.To ensure that the process is successful and streamlined, ensure that you choose a partner — and not just a lender. What is the difference? The former will lean forward to help you maximize value and minimize costs. The latter will do nothing; or possibly try and steer you in the other direction: paying more for less.
Get Medical Practice Financing as Soon as 24 Hours
To learn more about getting the most value from medical practice loans, contact the National Business Capital & Services team today or fill out our 1-minute application to receive a funding decision in 24 hours or less! Our area of expertise is exclusively in business financing, and our entire focus is where it matters most: your success!
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.
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