Expanding your practice or in need of the latest medical equipment? If so, know that a doctor’s loan options are varied. In this guide, we’ll review some of the top medical business loans and provide you with information about physician loan interest rates.
Financing Your Medical Practice for Success
According to a survey by the American Medical Association, approximately 55% of doctors work in physician-owned medical practices. When you own your practice, you’ll inevitably need financing at one point or another. And even if you don’t own your practice, you might need supplemental funding one day too.
Here are a few reasons why you might need to apply for a doctor’s loan:
Open a New Practice Location
Perhaps you’ve been in business in the same location for years. You have an established patient base, but you’d like to continue to grow. You’ve found a location where you know a second practice would thrive. Whether you’d like to purchase a new office space or lease one, there are medical practice funding options out there for you.
Acquire a Practice
You’ve heard that a colleague in your field is retiring, and her wholly-owned practice will need to find a successor. You like the idea of acquiring a practice with existing patients. Plus, the practice has developed a positive reputation in the community throughout the years. This is another scenario in which medical business financing can help.
Purchase Medical Equipment
After attending a prestigious medical conference, you’ve decided you want to invest in the latest imaging technology. You know your patients and your medical practice will benefit, but you’re concerned about how you’ll be able to afford the upgrade. Applying for medical practice financing could provide you with the funding you need to advance your practice and provide optimal healthcare for your patients.
Increase Your Working Capital
Are your reimbursements lagging? Need an influx of cash to be able to stay atop everyday expenses? Use working capital funding to cover short-term needs. If you need help paying bills or staff, this type of medical practice financing could help.
How Much Can My Business Qualify For?