If you are opening a brand new practice or considering expansion of your current practice, you can do so through medical financing –it is versatile, strategic, and provides opportunities to grow your business. Opening or expanding a practice is a massive investment that will provide a great return. However, investing a large amount upfront can be stressful, risky, or even impossible for some.
Here are five strategic financing options every doctor should consider:
1. Start a New Practice
There are many benefits to owning a practice, but it is no secret that it is an expensive endeavor. Building or leasehold improvement costs, medical equipment purchases, staffing, software, technology, business fees, taxes and insurance are just some of the expenses you will face. At Hippo, we specialize in financing for healthcare professionals and consider your potential earnings as one factor in your loan application. Medical financing is one way you can start your practice with confidence knowing that you’ll have the funds to keep your practice growing and thriving.
2. Expand Your Practice
If you have an established practice and are looking to expand, financing is an investment in your practice that provides cash flow that will bring positive results for years to come. For example, maybe you are under-staffed and need to hire additional employees to keep things running smoothly. Or maybe your medical or computer equipment is outdated and you need to upgrade it because it is important to keep your technology up-to-date. Loan funds could even go toward marketing campaigns that will bring in more patients. The most successful businesses are continually looking for ways to expand, and financing can be a great way to make these improvements a reality.
3. Buy Stake in an Existing Practice
Purchasing an existing practice (or part of a practice) can be a great way to go when you’re taking the next step in your career. Opposite of starting a practice from scratch, buying an entire practice or part of one comes with some built-in benefits such as staff, buildings, and equipment. As you can imagine, purchasing a practice outright will cost a pretty penny, so financing it is a great strategy. Hippo can customize a loan to fit your needs so you can focus your time and attention on serving your patients. When you finance with Hippo Lending, you get flexible loan terms, loan amounts up to $500,000, quick access to funds, competitive rates, and low fixed payments.
4. Consolidate Debt
If you have existing debt and adding another loan to the mix seems overwhelming, one strategy to consider is for you to consolidate your debt. The simplicity of a debt consolidation loan can open up more time and opportunity for you to grow your practice, focus on other areas rather than worrying about multiple payments, interest rates, cash flow management and potential late fees. A debt consolidation loan can be a strategic move for healthcare professionals who want to pay off debt and improve cash flow.
5. Bank or Specialist?
You’ve made your decision and you’ve decided to seek financing.. But now what? There are so many lenders and banks out there, with so many options it can be hard to choose the right one. There are pros and cons for each lender and each lender will have various options, , but what it really boils down to is what’s going to be the best option for you and your business.
When you’re researching different options, consider the loan terms, the amounts available, the interest rates, how long it will take to receive the funds, and what the fixed payments will be. It’s also important to see whether the institution typically approves medical funding.
Hippo Lending specializes in funding for licensed medical professionals and is a great option because we specialize in loan products for medical practice financing. Here are a few of the options available to you with Hippo Lending:
- Loan amounts between $15,000 and $500,000
- Loan terms from 3 to 12 years
- Competitive rates and low fixed payments
- Quick approval time (typically a few days)
- Access to funds in as little as one week
No matter what you decide to do, customizing your financing to fit your specific needs will give you the best results. Take advantage of the options available to get the best possible loan for your situation.
Is Medical Practice Financing Right for You?
As a healthcare professional, you have numerous ways to invest in and grow your practice. You’ll want to look at your specific situation and create a strategy that will move your medical career in the best direction. Finding the right lending institution, the right type of financing, and the right terms are the most important parts of the process that will set you up for success. Start the application and approval process today – you’re ready to take the next step in growing your medical practice.
Hippo Lending represents the convergence of medicine and finance. 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.