Get the Best Medical Practice Loan Options
Like any other small business owners, physicians and other medical professionals often run into situations requiring business financing. Owning your own medical practice can have its challenges. That’s why we offer medical practice loans and other options that you won’t find at traditional banks or credit unions. AdvancePoint Capital provides a wide range of medical business loan terms and financing options for your healthcare company through our network of medical practice lenders.
Your medical practice faces unique challenges in the ever-changing world of healthcare management. Mergers and acquisitions have become more popular in medical care due to rising costs and other industry factors. Healthcare practices face many financial hurdles, including:
- Consumerism
- Regulatory uncertainty
- Competition
- Mergers/acquisitions
- Healthcare technology
Nearly half of all healthcare practitioners no longer have an ownership stake, so those who do must prepare for needs that may require the need for a medical practice loan.
A physician turning to a large bank like Wells Fargo, U.S. Bank, and Bank of America for medical practice loans might meet more challenges due to most banks’ strict underwriting guidelines.
AdvancePoint Capital has wide-spanning experience in medical practice loans and small business loans for healthcare for years. We understand the difficulties of operating a medical practice and the need for practice loans to support it. Our job is to effectively provide the best business financing products to established businesses so that you can operate your practice effectively. We offer a wide range of medical practice loans and alternative funding through our marketplace of alternative lenders that help our doctors decide what best serves their needs.
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7 Best Medical Practice Business Loans (May 2023)
Long-Term Medical Practice Loans
A long-term loan is a great medical practice loan for medical professionals looking for large expansions and needs to spread to cost and payments over years.
Short-Term Medical Practice Loans
Short-term loans are another medical practice loan that's used for more immediate cash needs. Short-term financing is considered anything less than 18 months to repay.
Business Line of Credit
Business lines are popular to have in place as it's a revolving line of credit in which money can be drawn without seeking approval from the lender up to a credit limit. With a business line of credit, you only pay interest on your outstanding balance. This is not a traditional loan.
Equipment Loans for Healthcare
Healthcare professionals are well aware that medical equipment can be expensive. Equipment financing can be a great option to purchase medical equipment. Equipment funding can come in the form of a lease or a loan and help defray the costs. An equipment lease and loan use the equipment as collateral and therefore can offer longer terms at lower payments. Financing for this product is new medical practice equipment only.
SBA (Small Business Administration) Loans
SBA loans are loans that offer an existing practice long term loans at affordable interest rates and payments. This type of loan is primarily used for large business expansion and not typically for short-term working capital needs. SBA will require a personal guarantee.
Merchant Cash Advance for Medical Practice
A merchant cash advance, also known as a future accounts receivable agreement is a common product used when the business owner has impaired credit or financial statements and cannot get approved with traditional business loans
Small Business Loans for Medical Practice Startups
There are a variety of alternative loans and other products available with attractive loan terms in the marketplace. Explore the possibilities.
Benefits of
Medical Practices Business Loans
Running a healthcare operation requires loans and financing options that work for the practice, not against it. Many healthcare professionals rely on education, tools, equipment, and technology to get an advantage in the field. Unfortunately, those advantages aren’t cheap and may require a loan. However, there are many benefits to obtaining medical practice loans. Whether you’re looking for new medical real estate opportunities to expand the practice or you need financing to keep up with operational costs — there’s a loan option for you.
Cash Flow
Operating your own practice is a complicated venture that has a lot of moving parts to it. Opening a new practice can be even more complex as other healthcare professionals will tell you due to initial costs. There are a variety of operating costs that a doctor can face that can impact the practice, like staffing, employee salaries, delayed receivables, collections, pressure from large medical groups, maintaining business licenses, and competition.
Software and Technology Upgrades
As innovations are always omnipresent, it’s crucial to have the business credit facility available to acquire the necessary technology to keep up with best practices in patients management, treatment, record keeping, and other processes that a doctor may have to manage. A practice loan is a solution to this problem.
Business Debt Consolidation
Debt can build up in a Medical Practice, so debt consolidation may be necessary to improve the overall cash influx for a practice. Another popular reason for debt refinancing is medical school debt.
Purchasing Medical Practice Loans
Medical practice acquisition is going on at an ever-increasing rate. Most practices are financed with medical practice loans due to the high cost of the sales price, so finding medical practice loans of this type is a must.
Medical Equipment Purchases
New types of equipment are always developed in the medical industry to deploy new tests and treatments. Equipment financing is available to defray those costs and not negatively impact your balance sheet or cash flow. It can offer business funding options that upgrade or improve equipment for patient care.
Advertising
Some health care professionals like plastic surgeons rely heavily on advertising to grow there business. Advertising costs can really impact operating expenses and a loan funds advertising in a way that will help take on advertising opportunities otherwise would not try.
Types of
Medical Professionals We Serve
- Doctors & Primary Care Physicians
- Pediatricians
- Dermatologists
- Psychiatric Professionals
- Dental Practices
- Plastic Surgeons
- Veterinarian’s/Veterinary Practice
- Medical Professionals
- Private Practice Physicians
- Chiropractors
- Hospice Care Providers
- Ophthalmologists/Optometry Practice
What Do I Need to Apply for Medical Practice Loans?
When getting medical practice loans for your medical practice you will need to know how medical practice loans work and gather documentation and fill out an application so the lender can determine your financial health. Reviewing your credit report is also important. What documents you need will depend on what products you select to apply for based on your qualifications.
Here's a quick breakdown of what you will gather in terms of financial statements and/or paperwork for medical practice loans;
- Business Loans- Application, 3 months business bank statements (Business tax return above $250,000 loan amounts)
- Short Term Business Loans- Application, 3 months business bank account statements, (Business tax return if loan amount is above $250,000 loan amounts)
- Business Line of Credit- Application, 6 months business bank account statements, most recent tax return
- Merchant Cash Advance- Application, 3 months business bank account statements
- Equipment Financing - Application, 3 months business bank account statements, Invoice/Specifics of equipment
- SBA Loan- Application, 6 months business bank account statements, 2 years personal & business tax returns, year to date balance sheet and Profit& Loss, business plan/financial projections, resumes of owners
- Business Credit Card- Online application only (Sometimes bank account statements and tax returns are required for larger credit limits)
