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Medical Practice Financing

Financing for your medical practice

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Financing for Medical Practices

Owning and operating a medical practice is both exciting and rewarding, but it also comes with its challenges. From day to day operating expenses, slow paying insurance companies, and the need to upgrade and purchase new equipment, there is a constant demand to ensure that working capital is available at your fingertips.

At SMB Compass we are focused on providing cost effective and flexible solutions to medical professionals. There are a variety of business loans for doctors, but you have to make sure that you are choosing the right solution. Often times a combination of multiple loan options is the best path for your medical practice.

Example: If you are looking to expand your medical practice you will need financing for construction, equipment, and working capital to support the short-term expenses associated with the expansion. SMB Compass will be able to provide a business line of credit for working capital, a business term loan for construction, and equipment financing for your equipment! 

By utilizing different financing options for your medical practice, you will have the ability to grow without thinking about capital!

Loan Options for Medical Practices

SMB Compass offers different types of financing options for the medical and healthcare industry. Speak with a trusted Lending Advisor today to find the loan that’s best for your business’s specific needs.

Bridge Loans for Medical Practices

A Bridge Loan is a great financing option for medical practices that are looking to finance short term needs. Like any industry it’s important to align short term business needs with short duration financing, like a Bridge Loan. Common reasons why a medical practice would use a bridge loan are as follows.

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Bulk medical supply discounts

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Transitional financing

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Leasehold improvements

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Hiring new employees

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Purchasing equipment

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Soft costs for equipment purchases 

Equipment Financing for Doctors

Medical practice equipment financing is one of the most commonly forms of financing used by doctors. The medical industry is highly reliant on equipment for routine procedures and operations. The equipment needs span from basic equipment like phones, computers, and copiers to technical equipment such as medical imaging machines, ultrasound and MRI machines, and CT scanners. Common reasons why a medical practice would use equipment financing are.

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Purchase technical equipment

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Refinance exisiting equipment

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Lease new equipment

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Replace computers and phone systems

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Upgrade customer management systems

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Update outdated equipment

SBA Loans for Medical Practices

SBA loans for medical practices are widely used by physicians and business owners. Utilizing SBA loan programs for medical practices business owners are able to take advantage of long terms, low rates, and low monthly payments. Some of the ways to use an SBA loan for health professionals are below.

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Consolidate existing debt

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Purchase new equipment

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Business acquisition

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Partner buyout

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Debt refinance

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Purchase commercial real estate

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Refinance existing real estate mortgage

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Leasehold improvement

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Business expansion

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Upgrade technical equipment

Business Lines of Credit for Medical Practices

Having access to revolving lines of credit are essential for day to day operations for medical practices. Whether it be for slow paying insurance companies or having money available to take advantage of opportunities, business lines of credit for medical practices are a must. With a business line of credit, you only pay for money that you use, when you use it. Below are some of the ways to utilize a business line of credit for healthcare professions.

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Purchase medical supplies

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Advertising and marketing

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Day to day operating cashflow

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Purchase equipment

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Leasehold improvements

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Standby Capital

Asset-Based Loans for Medical Practices

Asset-based lending for medical practices is commonly used to take advantage of highly valued company assets. Medical practices often have cash that is tied up in medical equipment, accounts receivables, and inventory. By utilizing an asset-based loan for doctors’ offices you have the ability to free up capital to reinvest in other parts of the medical practice. Some of the reasons to use asset-based loans for medical practices are below.

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Increase operating cashflow

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Accelerate payments on insurance receivables

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Lower monthly loan payments

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Purchase new equipment

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Hire new employees

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Refinance medical equipment

Term Loans for Medical Practices

Medical practice term loans range from one to five years and provide low monthly payments which have little effect of day to day operating cashflow. Opting to use medical practice term loans is typically a better option than using available cash. Medical Practice Term Loans can be used by medical professionals in a variety of ways.

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Purchase new equipment

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Leasehold improvements

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Refinance existing equipment loans

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Consolidate debt

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Hire new employees

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Working capital injection

Insurance Factoring for Medical Practices

Insurance factoring for medical practices is commonly used to accelerate payments on open receivables. Insurance companies are notorious for slow paying receivables which has a direct effect on cashflow for medical practices that rely on them. In order to speed up receivables payment cycles medical practices can use medical factoring. By collecting payments on aging receivables there is more cashflow available for the following.

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Marketing and advertising

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Operating expenses

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Business expansion

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Hiring new employees

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Purchasing bulk medical supplies

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Lease hold improvements

Types of Medical Practices we Finance

Medical Practice Financing
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Dental practice financing 

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Pediatrician business loans

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Ophthalmologist business loans

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Private practice loans

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Chiropractor business financing

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Group practice financing

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Internal medicine practice loans

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Dermatology office loans

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Gynecologist practice loans

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Psychiatrist office loans

Interested in learning about your financing options?
Speak with a lending expert today!

Interested in learning about your financing options? Speak with a lending expert today!