The medical field is constantly growing, with regular offices, specialists and alternative medical facilities. Medical office buildings offer one stop shopping when it comes to patients' needs, so the need for healthcare funding providers is always there.
The solo practitioner looking to start her own medical practice is probably still paying for med school. So finding the right healthcare financing solutions means getting up and running faster. Hospitals are also in need of quality healthcare financing. As medical cost rise, research facilities, expansion and updated equipment projects have to wait. Healthcare financing companies keep hospital improvements moving forward.
Healthcare finance companies help all kinds of medical facilities realize their dreams. From eye doctors to veterinary medicine, startup costs can be huge.
Low cost healthcare financing will:
- Enable new medical practitioners to open their own practice sooner.
- Keep hospital improvements moving forward.
- Bring together the best doctors, specialists and testing facilities all under one roof.
- Help those in other branches of medicine go into private practice.
Action Steps
The best contacts and resources to help you get it done
Find healthcare funding providers offering special incentives for new physicians
Healthcare finance companies understand the need to keep loan rates low for recent medical school graduates. Most physicians starting out have a great deal of debt, and financing an office is impossible without low interest rates and generous repayment terms.
I recommend: BHG provides practice acquisition loans and welcomes physicians who are buying their first practice.
Bank of America has a special small business loan program for new practice start-ups.
Use healthcare finance options for hospital improvements
Hospitals rely heavily on donations, capital campaigns and foundation grants to fund expansion and research facilities. Finding creative healthcare funding solutions from a company specializing in hospital projects allows hospitals to move projects along faster.
I recommend: 1st Commercial Credit provides medical accounts receivable financing for health care providers based on net realized value to third parties, like insurance companies and HMOs. They have several different programs for different receivable levels.
Capital Freedom Funding offers a similar solution to healthcare professionals.
Get a loan from a healthcare financing company that specializes in medical office facilities
Patients like finding multiple care providers under one roof. Healthcare funding for multiuse medical office buildings is a great use of healthcare operating capital.
I recommend: Barclay Associates offers healthcare financing for medical office buildings and other healthcare facilities.
Health Capital Investors work with healthcare professionals with funding needs from $100,000 to $100 million.
Consider healthcare financing solutions for medically related fields
Medical finance companies also provide financing packages to chiropractic care, veterinary hospitals and dental and optical facilities. Take advantage of medical financing for other medically related areas like medical supply, home healthcare companies and alternative medicine providers.
I recommend: DoctorFunds.com offers several options for capital funding as well as practice acquisition for veterinarians, chiropractors and other health related fields.
Tips & Tactics
Helpful advice for making the most of this Guide
- One of the best places to begin looking for a loan is your own bank. Banks have a wide variety of loan options and may offer healthcare financing solutions as well. Building an established relationship with a bank is always a good idea.
- Talk to other healthcare providers in private practice about what company they use for financing. Established physicians will know which companies are reliable and which ones to avoid.
The official source of Healthcare Finance is the Healthcare Finance page at Business.com
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