Many healthcare providers, physicians, dentists and veterinarians, will require additional medical practice financing throughout their professional lifetime. Depending on the requirement, one or more financing options will likely fulfill their needs. As with most businesses, healthcare providers will keep a fluctuating amount of working capital available to cover contingencies. When growth demands greater cash flow, quick access to cash is not generally possible through traditional financing sources such as their bank. In this article we’ll cover the general requirements throughout the lifecycle of a medical practice which will drive practitioners to seek financing as well as the best sources to fulfill their requirements.
For example, at the onset, a doctor may be making the transition from a large group practice or hospital staff to open their own, single practitioner office. This is the ideal time to have a frank discussion with your financial partner to discuss business line of credit and small business financing among other possible financial solutions to underwrite the cost of new equipment, reception, waiting and exam room expenses as well as the cost of medical supplies.
Over time, medical practices expand and contract to provide optimal patient care. Confer with your trusted financial advisors prior to merging or expanding practices, having a new partner buy-in or when an existing principal leaves a practice, to buy-out that partner’s share. Such opportunities may present themselves on short notice. Unlike banks, alternative financing companies, such as National Business Capital, assist clients obtain financing quickly so that fleeting opportunities may be realized.
Some equipment purchases can be put off until invoices are paid, and others, such as the recent electronic medical records coding system upgrades, cannot. Thinking about relocating your practice? In an uncertain economy physicians and veterinarians, who once were almost assured acceptance, are viewed as small business owners, like any other. Banks may deny up to 80% of the small business applications they receive. Where will a healthcare professional obtain access to working capital for several different requirements?
Through every phase of their professional lifetime, National Business Capital, an industry leader, provides assistance to our clients in the healthcare industry seeking medical practice financing to manage their businesses. We strive to establish long-term business relationships built on mutual trust and financing success. For more information regarding small business loans, business lines of credit or specialized Loans for Doctors and Equipment Financing programs, contact our Business Consultants at (888) 888-9124.
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Megan Capobianco is the Marketing Manager at National Business Capital & Services. Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.