Ways to Fund and Grow Your Medical Practice
Opening or growing your own medical practice comes with many benefits. You get to be the boss. You choose your own hours and coworkers. You develop lasting relationships with your patients. Plus, there is the financial potential as well. Medical practice financing is often necessary to achieve your dreams.
Despite the benefits, running a business comes with risks as well. One of the biggest challenges many business owners face is how to finance their practice. Many physicians come out of medical school stacked with debt from student loans. The thought of trying to finance a new practice can be overwhelming. Even to experienced doctors who want to expand or acquire a new practice the financial aspect can be daunting.
However, there is no need to fear, LenDRgroup Consulting can help healthcare professionals find the appropriate financing options to suit their needs. We offer financing and business consulting exclusively to healthcare practices.
Financing for New or Growing Medical Practices
Opening, managing, and growing a medical practice requires a lot of effort, planning, attention to detail, and, of course, money. Whether you are a new physician just starting out or an experienced doctor looking to expand your medical practice, funding is available to help you achieve your professional goals.
Each Medical Practice Has Different Needs
Every medical practice is different. From what they offer and the patients they treat to what they want to achieve professionally, the scope of one practice and their needs differ from other practices. Therefore, why should your consulting, management, and financing needs be the same. When it comes to medical practice funding, there is no one size fits all.
Reasons for Medical Practice Financing
Funded by commercial lenders, a medical practice loan provides new and existing healthcare practices with the necessary funding to finance their desired projects. Medical practice loans are commonly used for:
- Starting a new location without a patient base
- Acquiring a new location (your first or your sixth)
- Refinancing debt (save on overhead or prepare for growth)
- Purchasing new equipment
- Buying existing or building ground up Commercial Real Estate
Start-up or New Medical Practice
Opening your own medical practice is exciting. However, it can also be challenging and complicated. Creating a detailed plan will help you move through the process smoothly and efficiently.
- Determine if you will open a solo private practice, group practice, or a hospital-owned practice.
- List your startup costs including the building, equipment, initial payroll and bills.
- Create a business plan to show to lenders.
Expanding Your Medical Practice
Growing your medical practice can include purchasing new equipment or opening another practice location. It may also involve expanding within your existing space such as adding additional treatment rooms or making room for new technology to better diagnose your patients. No matter what your expansion needs are, financing is available.
To determine your needs, first evaluate your business. Think about your goals and dreams, but be realistic about your plans. Prioritize your needs one step at a time before jumping into something too big too soon. Then, you can determine the appropriate financing for your needs.
Acquiring Another Medical Practice
After establishing and running their own practices for years, some physicians are ready to hand over the reins to someone else. Buying out or acquiring another medical practice requires careful thought and planning. Consider the seller’s motivation and how you will integrate into the new practice. What are the risks? Is the physician leaving on positive terms or negative? What will the impact be on patients and the remaining staff?
As with opening a new practice or expanding, there are risks involved. Acquiring a new practice involves a transition period for the current owner and new owner. Your business consultants at LenDRgroup Consulting can help you determine how long the period should be, how to keep the staff you want, and how to replace or dissolve the positions you no longer need.
You need to devise a plan to retain as much of the existing patient base as possible. What else should you prepare for once money changes hands and you, as the new owner, take over? Schedule time with us to learn this and more about navigating the waters of a practice transition.
Medical Practice Financing
Medical practice loans are available to healthcare professionals who need help funding their business goals. Unless you are independently very wealthy, some sort of financing will be necessary to open, run, or grow your business.
What is Medical Practice Financing?
Just like buying a house, you need a loan to finance your medical practice. Medical practice financing is the funding you need to purchase supplies and equipment, to pay bills before you have revenue coming in, to pay for a new building or an expansion of the building, and more. Medical practice loans are available to help you achieve your professional goals.
Choose LenDRgroup Consulting
Understanding the different loan and financing options can be as overwhelming as establishing a business plan. Thankfully, you don’t have to do it alone. At LenDRgroup Consulting, we do the work for you. We provide a concierge turn key loan process so you can do what you do best, focus on your patients and your practice. Let us handle finding the lenders.
Our specialized services include, but are not limited to, completing loan applications on your behalf, communicating with the banks and lenders, advocating and representing you as the borrower, and negotiating the terms of the loan. We will write a summary or reference for the borrower explaining why you should be approved for a loan. We gather and package the financials. The list goes on. Our goal is to make financing your dream a smooth, simple process without unnecessary stress.
Think of us as a “match.com” between doctors and lenders. We negotiate on your behalf to find the RIGHT bank for your needs helping to encourage your growth, not hinder it.
We work with physicians who:
- Are too busy to handle the process but would like their loans to be presented to multiple lenders
- Have tried to secure funding on their own but have been denied
- Are just starting out and need guidance on the financing process
- Desire to be multi-practice owners
- Are currently multi-practice owners but need help acquiring additional capital for continued growth
Experienced, Certified Healthcare Business Consultants
At LenDRgroup Consulting, our team of experienced healthcare business consultants can walk you through financing and managing your practice. We can review your business, your plans, and your goals to help determine the most appropriate healthcare practice financing options for your needs.
The team at LenDRgroup Consulting cares about the long-term success of your practice. No matter if you are in need of practice financing or business consulting, we are able to craft a customized plan to fit the unique needs of not only your practice but also your career. We bring a lending platform comprised of 300+ dental and healthcare-specific lenders. We built this network with the purpose of helping dentists, veterinarians, and physicians. We want you to achieve your dreams of practice ownership while eliminating the obstacles associated with practice financing.
To date, we have helped hundreds of medical professionals expand and grow their practice. LenDRgroup Consulting recognizes and understands the needs of your business and can provide guidance to help avoid costly mistakes. So, let’s get started.