When you lead and manage a healthcare practice, it is quite easy to have debt add up—quickly. Debt could be associated with having taken out a practice startup loan, you might have needed to purchase costly equipment or go through an office upgrade. No matter the reason for your debt, refinancing your debt could offer a great solution.
In order to ensure a strong financial foundation for your healthcare practice, learn how refinancing debt could be a key strategy. The team at LenDRgroup consulting is happy to provide some key information.
Ultimately, this is when a healthcare practice will take out a new loan with the goal of paying off existing debt. Refinancing typically will allow you to get a lower interest rate, pay off a loan sooner, spend less money on interest payments, and potentially extend the term of the loan. It is a great way to expand your practice’s operations and improve cash flow.
There are a variety of reasons why you might consider refinancing your practice’s debt, including:
Here is when it makes the most sense to refinance:
If you are interested in learning if refinancing debt is right for your business, we encourage you to reach out and set up a consultation with the LenDRgroup Consulting team. We would love to learn about your individual situation as a healthcare practice owner and advise you on the next steps. We have created a variety of personalized financial strategies for medical, dental, and veterinarian practice owners and would love to do the same for you.
Reach out to our team today and let's talk!