DENTAL AND MEDICAL PRACTICE FINANCING
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 from Norita Money Consultants Group:
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.
Update Your Office
Have you been in the same location for what seems like ages? Looking to renovate your existing office or move to a completely new location?
Whether you’re looking to update your waiting room and workspace or purchase a larger office, there are financing options for you.
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.
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.
Perhaps your X-ray machine has seen better days, and you’ve been eyeing the latest digital panoramic imaging system. It has multipoint laser alignment and a stationery bite block. You know this equipment will benefit your patients — and ultimately your practice.
Whether you’re looking to buy new machinery or need updated front office equipment, a dental practice loan can help you make your purchase sooner rather than later.
Cover Operational Expenses
It’s a slow time of year and you need a little extra cash flow. Maybe you need help making payroll or paying your monthly bills. Or perhaps you had an unexpected expense crop up and you need access to cash fast.
There are financing options that can help you:
- Make repairs
- Purchase supplies
- Pay vendors
- Making insurance payments
- Pay rent and utilities
- Purchase advertising
Consolidate or Refinance Debt
Are you looking for a lower interest rate on an existing loan? Would you like to simplify your finances and roll all of your existing debt into a single loan?
Whatever the case, explore your dental practice loan refinance options. Perhaps a new loan or line of credit would be more suitable for your business’s current financial situation.
Financing Your Dental Practice for Success
While you’re in the dental field to help people, altruistic efforts aren’t enough to sustain and expand a business. You need capital.
Investing in new technology, hiring talented staff, advertising for new clientele or expanding to a new office location all cost money. Dental office loans can help you focus on your patients, not your practice’s pain points.
Considering the typical dental practice requires about half a million dollars just to get it up and running, you’ll likely need additional financing at one point or another to continue to grow your business. Innovating your dental practice can offer a positive return on investment (ROI). However, to achieve ROI you need money. That’s where dental practice loans come in.
Consider dental practice financing when you want to:
How to Get Dental and Medical Practice Financing
After your submission has been processed, our Business Consultant will reach out with the status and timeframe for approval.
Receive Your Dental and Medical Practice Loans Funding
Upon approval and your acceptance of the offer, funds are deposited directly into your bank account so you can use the money immediately.