Business Loans for Medical Practice

• Get loans for your medical business at competitive rates.
• Loan products specifically designed for medical practices.

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Get the Best Medical Practice Loan Options

Like any other small business owners, physicians and other medical professionals often run into situations requiring business financing. Owning your own medical practice can have its challenges. That’s why we offer medical practice loans and other options that you won’t find at traditional banks or credit unions. AdvancePoint Capital provides a wide range of medical business loan terms and financing options for your healthcare company through our network of medical practice lenders.

Your medical practice faces unique challenges in the ever-changing world of healthcare management. Mergers and acquisitions have become more popular in medical care due to rising costs and other industry factors. Healthcare practices face many financial hurdles, including:

  • Consumerism
  • Regulatory uncertainty
  • Competition
  • Mergers/acquisitions
  • Healthcare technology

Nearly half of all healthcare practitioners no longer have an ownership stake, so those who do must prepare for needs that may require the need for a medical practice loan.
A physician turning to a large bank like Wells Fargo, U.S. Bank, and Bank of America for medical practice loans might meet more challenges due to most banks’ strict underwriting guidelines.

AdvancePoint Capital has wide-spanning experience in medical practice loans and small business loans for healthcare for years. We understand the difficulties of operating a medical practice and the need for practice loans to support it. Our job is to effectively provide the best business financing products to established businesses so that you can operate your practice effectively. We offer a wide range of medical practice loans and alternative funding, even medical loans for bad credit through our marketplace of alternative lenders that help our doctors decide what best serves their needs.

What is a Medical Practice Loan?

Medical practice financing can come in many forms whether your a new practice or have been in business for years. Business financing products can include small business loans, business lines of credit, equipment financing, invoice factoring and other alternatives as well. Your need or use of business funding and qualifications, including credit worthiness, will dictate what products and terms you may choose.

How does a Medical Practice Loan Work?

Medical practice loan product features can vary greatly by product to product. A small business loan offers a lump sum upfront with fixed term and payment but a business line of credit offers a revolving line with the ability to draw funds when needed up to a limit. As you can see there are many differences that require some though as to what product best suits your needs.

All business financing products require you to apply and provide specific documents to acquire a pre-qualification to receive offers to consider and once you accept an offer you will need to provide the necessary conditions to receive your business funding. The application process can be as little as 1 day or go on for weeks depending on the business funding product and/or lender.

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Get Started Today

AdvancePoint Capital makes the loan application process a simple, straightforward experience.

Medical Practice Business Loans

Long-Term Business Loans

Long-Term Medical Practice Loans

A long-term loan is a great medical practice loan for medical professionals looking for large expansions and needs to spread to cost and payments over years. A comprehensive application process and strong creditworthiness is required for approval.

  • Terms from 2 years up to 10 years
  • Rates starting at 9%
  • Must have strong credit worthiness

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Short-Term Business Loan

Short-Term Medical Practice Loans

Short-term loans are another medical practice loan that's used for more immediate cash needs. Short-term financing is considered anything less than 18 months to repay.

  • Terms ranging from 3 to 18 months
  • Streamlined application process
  • Same day funding available

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Business Line of Credit

Business Line of Credit

Business lines are popular to have in place as it's a revolving line of credit in which money can be drawn without seeking approval from the lender up to a credit limit. With a business line of credit, you only pay interest on your outstanding balance. This is not a traditional loan.

  • Flexible credit line
  • Ability to draw funds on-demand
  • Rates starting at 1% simple interest

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Equipment Loans

Equipment Loans for Healthcare

Healthcare professionals are well aware that medical equipment can be expensive. Equipment financing can be a great option to purchase medical equipment. Equipment funding can come in the form of a lease or a loan and help defray the costs. An equipment lease and loan use the equipment as collateral and therefore can offer longer terms at lower payments. Financing for this product is new medical practice equipment only.

  • Terms of repayment from 2 to 7 years
  • Equipment can be used as collateral to secure financing
  • Monthly payments

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SBA Loan

SBA (Small Business Administration) Loans

SBA loans are loans that offer an existing practice long term loans at affordable interest rates and payments. This type of loan is primarily used for large business expansion and not typically for short-term working capital needs. SBA will require a personal guarantee.

  • Attractive rates compared to other business funding options
  • Duration of repayment from 2 to 25 years
  • Monthly payments

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Merchant Cash Advance

Merchant Cash Advance for Medical Practice

A merchant cash advance, also known as a future accounts receivable agreement is a common product used when the business owner has impaired credit or financial statements and cannot get approved with traditional business loans

  • Repayment based on percentage of future sales
  • High approval rate with all credit considered
  • Simple application process, funds available in as little as a day

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Small Business Loans

Small Business Loans for Medical Practice Startups

There are a variety of alternative loans and other products available with attractive loan terms in the marketplace. Explore the possibilities.

  • Strong credit worthiness required
  • Application requires significant documentation
  • Attractive rates and terms

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Benefits of Medical Practices Business Loans

Common Uses and Benefits of Medical Practices Business Loans

Running a healthcare operation requires loans and financing options that work for the practice, not against it. Many healthcare professionals rely on education, tools, equipment, and technology to get an advantage in the field. Unfortunately, those advantages aren’t cheap and may require a loan. However, there are many benefits to obtaining medical practice loans. Whether you’re looking for new medical real estate opportunities to expand the practice or you need financing to keep up with operational costs — there’s a loan option for your medical practice.

Cash Flow

Operating your own practice is a complicated venture that has a lot of moving parts to it. Opening a new practice can be even more complex as other healthcare professionals will tell you due to initial costs. There are a variety of operating costs that a doctor can face that can impact the practice, like staffing, employee salaries, delayed receivables, collections, pressure from large medical groups, maintaining business licenses, and competition.

Software and Technology Upgrades

As innovations are always omnipresent, it’s crucial to have the business credit facility available to acquire the necessary technology to keep up with best practices in patients management, treatment, record keeping, and other processes that a doctor may have to manage. A practice loan is a solution to this problem.

Business Debt Consolidation

Debt can build up in a Medical Practice, so debt consolidation may be necessary to improve the overall cash influx for a practice. Another popular reason for debt refinancing is medical school debt.

Purchasing Medical Practice Loans

Medical practice acquisition is going on at an ever-increasing rate. Most practices are financed with medical practice loans due to the high cost of the sales price, so finding medical practice loans of this type is a must.

Medical Equipment Purchases

New types of equipment are always developed in the medical industry to deploy new tests and treatments. Equipment financing is available to defray those costs and not negatively impact your balance sheet or cash flow. It can offer business funding options that upgrade or improve equipment for patient care.

Advertising

Some health care professionals like plastic surgeons rely heavily on advertising to grow there business. Advertising costs can really impact operating expenses and a loan funds advertising in a way that will help take on advertising opportunities otherwise would not try.

Types of
Medical Professionals We Serve

We provide business loans for healthcare professionals including:

  • Doctors & Primary Care Physicians
  • Pediatricians
  • Dermatologists
  • Psychiatric Professionals
  • Dental Practices
  • Plastic Surgeons
  • Veterinarian’s/Veterinary Practice
  • Medical Professionals
  • Private Practice Physicians
  • Chiropractors
  • Hospice Care Providers
  • Ophthalmologists/Optometry Practice
What Do I Need to Apply for Medical Practice Loans?

What lenders offer Medical Practice Loans

Choosing the right business loan originator is important as not all lenders are equal. Lenders offer different products and terms.

  • Banks and Credit Unions- The bank you do your business banking is often the first stop in acquiring financing for your medical practice. They often have great rates and terms, but the product diversity is limited and qualifications can be difficult because they have to protect there depositors.
  • SBA Approved Lenders- SBA loans can be acquired by approved SBA lenders with the best terms in the business funding industry. The application process is lengthy and qualifications are tough, so this may not be a fit for your qualifications.
  • Online Business Lenders- Online business lenders offer streamlined applications and higher approval rates than a bank, but terms are less attractive than a bank and often don't have product diversity to suit all business needs.
  • Business Loan Brokers- Business loan brokers can get a bad wrap as the middle man, but in actuality they often have the widest diversity of products from business loans, business line of credit, equipment financing, invoice financing and merchant cash advance to name a few. Not all brokers are equal, some make sure you do your homework about the reputation of the broker you are working with.

What Do I Need to Apply for Medical Practice Loans?

When getting medical practice loans for your medical practice you will need to know how medical practice loans work and gather documentation and fill out an application so the lender can determine your financial health. Reviewing your credit report is also important. What documents you need will depend on what products you select to apply for based on your qualifications.

Here's a quick breakdown of what you will gather in terms of financial statements and/or paperwork for medical practice loans;

  • Business Loans- Application, 3 months business bank statements (Business tax return above $250,000 loan amounts)
  • Short Term Business Loans- Application, 3 months business bank account statements, (Business tax return if loan amount is above $250,000 loan amounts)
  • Business Line of Credit- Application, 6 months business bank account statements, most recent tax return
  • Merchant Cash Advance- Application, 3 months business bank account statements
  • Equipment Financing - Application, 3 months business bank account statements, Invoice/Specifics of equipment
  • SBA Loan- Application, 6 months business bank account statements, 2 years personal & business tax returns, year to date balance sheet and Profit& Loss, business plan/financial projections, resumes of owners
  • Business Credit Card- Online application only (Sometimes bank account statements and tax returns are required for larger credit limits)

How to apply for a Business Loan for my Medical Practice

Once you have chosen the business loan originator you are looking to work with and you have identified the need or "why" you need business financing for you medical practice, the following is what you can expect in a typical application process.

  1. Application- You will be required to fill out an application detailing specific business information and personal information of the business owners. Additionally, you will be required to provide specific documentation, depending on the business finance product you are applying for. Not all products or lenders have the same documentation requirements.
  2. Offer(s)- Offers should include type, features, rates, costs and terms. You should always shop and compare to make sure you are getting the right product at the best terms available based on your qualifications.
  3. Acceptance- After considering your offer(s), an agreement will need to be signed as well as closing stipulations will need to be provided for final approval and funding.
  4. Business Funding- Once the lender or funder has cleared your agreement and funding stipulations, money is then sent via wire or ACH.The application process can vary based on product selected and lender or funder.

Alternatives to Medical Practice Business Loans

Sometimes traditional business financing for your medical practice either may not be an option or may not be the right option.

  1. Ownership Funding- Sometimes medical practice owners will lend there company personal money at costs and terms that are better than other traditional business lending options.
  2. Credit Cards- Personal credit cards are a quick option that many medical practices utilize in the tool box of business financing options.
  3. Crowdfunding- If your willing to give up equity, crowdfunding may be an option to raise the amount of capital you need to grow your medical practice.

Frequently Asked Questions

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