3 Ways to Finance Your Practice

Your practice is run like a business. There are times when you need cash to purchase new equipment, hire more employees, or buy a building to open your own clinic. There are various medical financing options available to you that will take the burden of funding the projects from you and allow you to pay them off gradually. Here are a few loans that you can consider.

Small Business Administration

The government has several lending options for you to consider as you build your practice. While they are given to you through the bank, they are backed by the Small Business Administration, or SBA. They typically have low-interest rates and the payments are low. However, the loans are designated for specific purposes. The application can also take weeks or months to process. When you ask for medical financing, be sure to give yourself plenty of time before you need the cash. Complete everything thoroughly and provide all the necessary reports as well so you get a prompt response.

Equipment Funding

You operate a successful office, yet you are in need of new equipment to serve your patients. It can include updated technology to provide a better diagnosis or tables that are more comfortable to sit on. Typical bank loans will pay for construction and relocation but often avoid items like these. Some lenders will provide medical financing so that you can purchase new products for your clinic. You must provide documented proof of the cost to qualify for the assistance. Reach out to your vendors and ask them to draw up a quote for you. Once you have it, you can then submit it for consideration. It is simple to be approved for this funding and, once you have it, you can place your orders.

Line of Credit

You have an emergency at your practice and need quick cash to rectify it. When you open a line of credit with the bank, you can access the money whenever and wherever you want. Attach it to your online account so that you can transfer the funds when you require them. This is a simple form of medical financing that pays for any project or necessity for your clinic as it comes up. Once you withdraw from the loan, you then repay it each month. However, if another urgent matter arises, you can still take additional funds from it regardless of the amount that you owe.


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