The medical industry has become increasingly difficult to navigate. Reductions in reimbursements from insurers and government programs have made the cost of operating much higher for independent doctors in the United States. In addition, hospital buyouts have been a contributing factor in preventing physicians from serving their communities. Many medical professionals have had to shut their doors in the past few years. Are you a doctor or dentist? We’re here to make sure that doesn’t happen to you!
Who is a Medical Business Loan For?
A medical business loan is a specific type of loan that is geared to professionals in the medical and healthcare sector. This can include med spas, dentists, doctors, chiropractors, and acupuncturists. Whether you are in alternative medicine or you have a traditional medicinal practice, you can benefit from obtaining a loan to grow and expand your medical business. A medical loan is also suitable for a wide range of different types of medical facilities including large hospitals, private practices, walk-in clinics, and providers of home health care services.
Why Get a Medical Business Loan
Caring for patients is a full-time job in addition to managing the business side of the healthcare field. With many overhead expenses and day to day costs of running a practice, it can quickly get overwhelming trying to manage all of the costs on your own. This is why many people turn to financing to help their medical business meet its financial goals. Understanding the core reasons to obtain a medical business loan can facilitate you in deciding whether or not this is the best option for your needs.
Reasons to get a medical business loan include:
Provide better patient care – One of the primary reasons to obtain a medical business loan is to allow your healthcare business to obtain the latest and best in patient care technology. By having access to the most advanced equipment, doctors and other healthcare professionals have a better opportunity to more fully serve their patients. They can increase the quality of the care they are providing which benefits the patients exponentially as well as the medical practice itself. With enhanced patient care, the medical practice will be seen in a better light and will have a much better reputation.
Open additional practices – Another reason to consider getting a medical business loan is that it can allow your medical practice to serve even more customers. With the capital you need to expand your medical business, it will be easier to open additional practices which equate to more growth and profits in the long run as the client base increases.
Provide new medical services – With a medical business loan, a healthcare practice will be better able to provide new medical services. The medical practice can increase their staff which means they can bring more specialists on who are able to offer more diverse medical care than was previously offered.
Meet industry regulations – Industry regulations are very stringent and inflexible and mandate that a healthcare practice follow very specific criteria. If a medical facility doesn’t have the medical supplies and equipment on hand to stay compliant, this could put them in danger of closing. That is why having access to funding such as that provided by a medical business loan is of utmost importance.
Purchase New Technologies – A medical business loan will allow your medical practice to purchase newer and more effective technologies. This ensures that your patients are all receiving a consistent standard of care. Newer technologies will allow your medical practice to enhance its image while providing better services for patients across the board.
Manage Daily Operations – Managing the daily operations of a medical practice can become overwhelming without the right support in place. Funding from a medical business loan can often provide that security and funding that many healthcare businesses need. From paying for utilities to paying payroll staff and covering the costs of equipment, a medical business loan can help.
What Access Do Healthcare Officials Have to Capital?
Various healthcare professionals have been turning to business loans in order to help finance their medical ventures. In fact, since 2000, loans to physicians within the United States have increased by more than 1000%. Entering the healthcare industry is an expensive endeavor, it’s very likely you’ll need to access some form of financing in order to start or sustain your practice. We’re happy to provide countless doctors, dentists, and chiropractors with finance for their business needs.
How Can Additional Capital Help Medical Professionals?
If you’ve been in the medical industry for a while you probably already know a few of the answers to this question! With additional capital available you will have the financial capability to sustain or grow your business. Having additional cash on hand can help individuals capitalize on opportunities at short notice. What you do with your small business loan is entirely at your discretion, but most of our current medical clients use their financing for some of the following reasons:
- Expanding the scope of your current practice
- Investing in additional technology and equipment
- Helping bridge cash flow gaps that may appear due to reimbursement issues
- Taking on additional staff
- Moving to a busier location
- Buying partners out of your practice
- Taking care of emergencies that may appear
The medical industry depends heavily on patient care. With a medical business loan, you will have the ability to take on additional staff, invest in high-end medical technology, and ensure your patients receive the treatment they need. Assess your practice’s current requirements and determine where additional working capital may be able to help you improve your business. And don’t wait for an emergency or opportunity to arise, apply for a medical business loan today!
What is needed to qualify for a medical business loan?
If you’re wondering what is needed to qualify for a medical business loan, you’re not alone. Many doctors, chiropractors, and other medical professionals are hesitant to apply for funding solely because they think that the will not qualify. However, before assuming that a medical business loan is out of your reach, it helps to have some frame of reference regarding what lenders will require during an application for medical business loan funding.
Most lenders will request a personal guarantee from a medical business owner who is requesting a small practice loan. This can affect the business negatively since it can tend to increase the risk. Additionally, some lenders will want detailed financials on the business in order to help them make the best possible decision. Requiring extensive credit and financial documentation can lengthen the approval process exponentially. Even in the event of approval, an applicant may wait days before they hear back regarding their loan request.
A better option than seeking out a traditional medical business loan is to explore a business line of credit. A business line of credit provides much-needed access to capital without the heavy financial burden that is associated with taking out a term loan. Here at Business Line of Credit Hub, we can connect you with the lenders who can extend a business line of credit to doctors and medical professionals. With our simple, fast, and automated application process, you will know within minutes whether you are approved.
Is a Business Line of Credit Right For Your Medical Practice?
Since the year 2000, government loans to physicians have increased 10-fold. This indicates a growing need for professionals to get the loans they need to be able to increase the quality of care their patients require. If your medical practice is in need of funding, you may want to explore whether or not a business line of credit is the right funding source. A business line of credit for medical professionals offers a flexible funding source to help expand your medical practice. It can provide the much-needed security that any business would benefit from. A secure line of credit affords the medical business owner a consistent reservoir of available funding that can be utilized for a variety of different purposes. Taking the time to explore the benefits of opening a business line of credit will ensure that you make the best decision for your short term and long term financial goals. Below are some of the reasons a business line of credit may be the most appropriate choice for funding your medical practice.
Easier to qualify – When compared to a traditional term medical business loan, a business line of credit is much easier to qualify for. Credit is not as strong of a requirement and the business revenue data can be supplied with basic paperwork. This takes much of the stress and pressures out of the process ensuring a more seamless transaction.
Lower interest rates – One of the primary reasons to consider obtaining a business line of credit is the lower interest rates. A business line of credit for medical professionals generally offers much lower interest rates than traditional medical business loans. However, if payments are late, the interest rate can increase significantly.
A consistent source of funding – A business line of credit acts like a revolving credit card loan where the funds are replenished as soon as the balance is paid off. This makes obtaining quick access to cash for the medical business a much easier process.
By exploring these benefits, medical business professionals can determine whether or not a business line of credit may be the most appropriate choice for their needs. Whether you need to purchase medical supplies, pay medical staff, or cover utilities and other expenses, having a backup funding source can make a major difference. When it comes to the way in which you operate your medical business, you will have more flexibility and greater access to resources with a consistent funding source. Consider opening a business line of credit to help grow your medical practice today.
Taking out a loan is a big decision however you can make the best choice for your medical practice by expanding your medical business to better serve your patients. A loan or business line of credit will allow you to expand your medical business to other locations, obtain resources and equipment to provide a higher standard of care, and much more. From hiring more staff to expanding into new medical services, your medical business will benefit greatly from the additional funding available.
What’s the Process?
We understand that obtaining financing can be difficult no matter what industry you work in. We’re committed to helping medical professionals get the working capital they need to help their wider communities. For this reason, we’ve made accessing capital as simple as possible. Unlike traditional lenders who require established credit histories and lengthy financial documents, we assess your eligibility through easily accessible revenue data. In addition, our application process is streamlined through our online portal that ensures the entire process is automated. We can give you an application decision in a fraction of the time of traditional banks or creditors. We offer clients up to $150,000 in finance for medical business loans. Avoid costly and lengthy delays by applying through our online portal today.
Learn More About Specific Loans for Your Business
Unsecured Small Business Loans
Secured Small Business Loans