There comes a point when, as a healthcare professional, you are ready to take the next step – whether it’s deciding what position to accept after medical school, leave a hospital position, or choosing to take on an ownership role in a medical practice. All of these are important turning points, and when you find yourself considering buying into a medical practice, Hippo can help you make the best decision for yourself and your future. We understand each practice is unique, but the core benefits of ownership are very similar. Here we will outline some of the benefits of owning your own medical practice and describe how Hippo Lending can help you achieve your dream and become a medical practice owner.
- Higher Earning Potential
As part-owner of a practice, you will have higher earnings potential than if you were employed by a hospital or clinic. Higher earnings will lead to increased opportunities for you , your family and your medical practice. With an increase in earnings, you will be able to invest in additional medical practices, expand your existing practice, add new equipment, invest in real estate or stocks – the options are endless.
- Decision Making Opportunities
When you own a practice with like-minded partners you have the power to make improvements and changes. This not only helps you, but your partners, the practice, and your loyal patients. After all, your main priority is to maintain and improve the quality of the lives and health of the patients you serve. Having an ownership stake in a practice allows you to do just that.
- Shared Expenses
If you are partnering with two other medical professionals, you will pay a third of the expenses rather than the entire expense, assuming that is what you initially agree upon. Expenses such as payroll, hiring additional staff, making sure your equipment is up-to-date (Hippo has loan products for equipment purchases) installing scheduling software or computers, and keeping your practice running can add up. Shared responsibility for those expenses is a major benefit of buying into a practice.
- Avoid Startup Worries
When you enter a partnership with other medical professionals and join an established practice, you bypass the startup complications. You can focus on your patients, growing your referral network and take time to increase your medical expertise within your practice. A Practice Buy-In is generally much less stressful and a simpler option than starting your own medical practice.
- Established Patients and Reputation
If you have ever searched for a service on Google, you’ve probably looked at reviews. Buying into a practice with a good reputation, you can avoid this situation. You may still experience slow acceptance by existing patience since you are the “new” provider at the practice, but a practice with a good reputation has built trust and confidence with their patients so they know they are in good hands.
How to buy into a practice
Now that we have discussed the benefits of buying into a medical practice, you may be wondering how to make it happen. There are numerous ways to go about it but getting financing is the fastest, simplest, and most effective way to become part-owner in the practice you want. Hippo Lending offers loan amounts from $15,000-$500,000 to help you buy into a practice. Here are the four simple steps to get started:
- Customize your loan amount to fit your buy-in contract
- Share your information with Hippo Lending, provide some basic information and we’ll let you know immediately if you’re qualified.
- Receive loan approval in just a few days
- Access your funds, once approved funds can be deposited into your account in as little as one week
Getting a loan with Hippo Lending is quick and simple. To learn more about the process or get started, click here.
As with any business venture, you will want to perform your due diligence and research as you are getting started. Understand the terms of your buy-in contract completely, confirm that you will be getting what you desire, and most importantly, that you feel like it is the right move at the right time. If you are considering buying into a medical practice and would like to discuss financing options with one of our dedicated customer service advocates, give us a call or submit an application so we can walk you through your options.
Hippo Lending is a commercial lender that was created to help healthcare professionals such as physicians, doctors, nurses, technicians, dentists, optometrists and veterinarians get the financing they need. While we may not be saving lives, the underlying principles of the Hippocratic Oath closely align with our values: a commitment to service and treating our customers as people, not just a loan. We ensure privacy and always act from a position of unity and humility.
Hippo Lending is an originator and servicer of commercial loans to medical professionals. We provide these services to match lenders with medical professionals. Upon completion, Hippo Lending facilitates commitments between borrowers and lenders.