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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 dailyoperating 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.

SMB Compass takes pride in providing medical practice financing to healthcare professionals in the industry. There are a variety of business loans for doctors, but it’s crucial to choose the right type of financing. 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!

Different Financing Solutions for Medical Practices

Whether you’re a dentist, an optometrist, or a medical doctor looking to open your own practice, SMB Compass has a financing solution for you. You can contact one of our lending advisors to assist you in finding the best medical practice loan.

Bridge Loans for Medical Practices

A bridge loan is suitable for medical practices that need immediate financing. Like any other industry, you need to apply for short-duration financing, such as a bridge loan, if you need to meet short-term needs. Some of the reasons why medical practices choose bridge loan are:

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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

From routine procedures to operations, the medical industry heavily relies on equipment. It’s no wonder why equipment financing is the most common loan program used by medical professionals. You can use equipment financing to purchase or lease basic equipment (phones, computers, tablets, etc.) to technical equipment (ultrasound, MRI machine, CT scanners, etc.). Here are other reasons why a medical practice would use equipment financing:

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Purchase technical equipment

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Refinance exisiting equipment

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Lease 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. Here’s a list of how health professionals can use SBA loans:

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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

A revolving business line of credit is another great option for medical practices. Whether you need to bridge cash flow gaps from slow-paying insurance companies or seize a new business opportunity, a business line of credit can help. With this type of loan, you only have to pay for the money you’ve used, plus the interest. Your practice can use a business line of credit to:

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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

The medical industry often takes advantage of high-valued company assets to apply for asset-based loans. Medical practices usually have cash tied up in medical equipment, inventory, and accounts receivables. An asset-based loan can free up capital so you can reinvest it in other aspects of your medical practice. Here are some of the ways on how to use asset-based loans:

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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 have repayment terms of one to five years, depending on the terms of the loan. This type of financing has an affordable monthly payment, perfect for medical practice. Using the funds from a medical practice term loan is typically better than using your practice’s cash on hand. Medical professionals can use term loans to:

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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 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:

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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!