“As a young dentist, I was faced with unexpectedly losing my job with the practice that employed me and I had nowhere to go. My consultant helped me immensely—they assisted in finding me part-time employment and then convinced me to start my own private practice outside of a pretty restrictive covenant. More than that, my consultant helped me get practice financing, too! Over the course of three years, my overall gross revenue increased from $400K to $1.2M with a 37.7% overhead. Thank you!”
“Our consultant understands the broader picture, they were so supportive, and returned calls promptly. They worked hard for me—and that’s hard to find these days.”
“I was faced with a routine state sales and use tax audit at my OB/GYN practice. The auditor wanted to tax the practice’s sale and distribution of Intrauterine Devices (IUDs) as a taxable item. I worked with my consultant to handle this issue and after several months, the auditor realized their folly. In the end, my practice prevailed and thousands of dollars in sales tax was saved!”
When "business as usual" doesn't apply to your healthcare practice...
Case Study 1: New Dental Facility
Just recently, a dentist was referred to LenDRgroup Consulting because he needed to finance the building of a new dental facility. He had outgrown his current lease space to the point that he had to turn patients away. He was desperate for more room and needed to expand. As we are all aware, cash is critical when running your own business. Therefore this dentist wanted to avoid putting cash towards the typical down-payment required by a traditional bank. LenDRgroup Consulting, however, provides financing solutions that require less money down. We enabled this Dentist to preserve strong working capital to drive toward continued business growth.
Because LenDRgroup Consulting has deep knowledge of the dental and healthcare industries as well as unparalleled commercial real estate lending expertise, we were able to truly understand his long-term plans. We put together financing that included refinancing existing debt, the cost to relocate, a 10K square foot ground-up construction project with $200K in equipment funding based on his current and projected cash flow. We got this deal done, we saved the doctor roughly 430,000 dollars AND created a revenue producing asset for the dentist as he could lease 4800 sq. ft of his new building!
Ultimately, when you are facing a large dental facility construction project, it is key to partner with someone who understands the nuances and challenges faced by a professional like you and what goes into a big dental specialty build.
Case Study 2: Refinancing Debt and Constructing a New Dental Facility
A pediatric dentist in Texas started her first practice back in 2010. Since that time, her growth plan has centered on acquiring or starting up small pediatric clinics, ultimately merging them into her larger practice as they grow.
She approached LenDRgroup Consulting to get the financing she needed to refinance commercial real estate debt, construct a 6.6K square foot dental facility from the ground up, and purchase equipment for her sixth practice. Given that her existing practices were still operating in a significant ramp-up phase, it was vital that she continue to invest capital into each of them—this limited her conventional down payment options.
Nevertheless, LenDRgroup Consulting had a solution. We provided a loan through the utilization of equity that she had in her existing practices. In turn, this structure allowed her to continue to reinvest, build her sixth practice, and preserve her cash, which would enable her to continue to grow down the road.
Case Study 3: Building Purchase, Facility Improvements and New Equipment
Two dentists were offering state-of-the-art dental care at their successful, albeit run-down, facility. However, as the conditions of their facility were on a steep decline, their monthly rent continued to escalate over the course of five years. Ultimately, they made an important decision: It was time to purchase a building for their practice to call home.
Enter LenDRgroup Consulting. We were able to devise a funding solution that led to a building purchase, facility improvements, and new equipment. And in turn, these two dentists were able to grow their business and reap the financial benefits of owning real estate as opposed to pouring money into leasing!
LenDRgroup Consulting can help you if you are facing the following situations:
- Lease to Own: You are seeking to buy a building that you are currently leasing or are thinking about moving out of leased space into a new building that you want to purchase.
- Expansion or Ground-Up Construction: You are growing out of your existing space and want to do a ground-up construction project or are thinking of purchasing a building to renovate.
- Start-up/Multi-Practice: You want to start or acquire a practice that involves real estate—or you are looking to open an additional practice location.
What’s more is that LenDRgroup Consulting offers alternative financing options—which means that we can take less down when compared to what a conventional lender typically requires. This allows you to preserve your strong working capital and grow your business.
“I couldn’t give [the group] a higher grade. I have been in practice for 44 years and have traditionally dealt with banks—well, it’s not easy to go this route anymore. Banks don’t look at what I am doing personally [as a dental practitioner], and this makes it hard. You need to have an agent who will represent you and your interests. [LenDRGroup Consulting] understands the broader picture, they were so supportive and returned calls promptly. They worked hard for me—and that’s hard to find these days.”
“Over the years, my dental practice grossed well over $1M annually and had an overhead somewhere in the 40% range. Partnering with my consultant, I was advised to start funding a cash balance retirement plan—and in turn, this saved me thousands of dollars each year because I was able to defer large sums of money and plan for my retirement!”
“I worked with my consultant to identify and begin using an outside billing company to handle patient receivables. It was a great strategy as it improved cash flow from in-house staff by 50% and collected on old receivables that I had thought were long past the point of recovery.”