Although it is true that you need to invest your dollars in order to improve and expand your business, yet if you ask any healthcare provider, he’ll tell you that there are several other areas that ask for attention. For the novices who are joining medical training, it is costing them a fortune to continue their education. Did you know that 40% of the medical students graduate with more than $200,000 in debt and 48% of medical students believe that their biggest financial burden is paying off school debt?
So, it goes without mentioning that paying back loans is crucial enough and at the same time, it is important to put in money into your practice as this not only improves loyalty among patients but also attracts new patients. Taking out loans is not as easy a task as buying chews for your dog and it requires lot of knowledge. Let’s check out few of the best loan options for medical practice.
- Equipment Financing
As the first things that you require for pursuing your medical practice are the equipments, this type of financing will help you gather capital for buying them. The equipment that you buy will also be considered as collateral to the loan and can eliminate the requirement for a down payment. You also have to note that equipment financing is undoubtedly one of the simplest kinds of loans to get. You can receive the proceeds of the loan within 48 hours and the interest rate will be based on the price of the equipment.
- Line of credit
If you operate a healthcare facility like Spectrum Health Care, then this loan is not for you but if you’re looking forward for financing options for smaller equipment purchases, you can certainly take out a line of credit. Just as you use a business credit card, you can also use a line of credit as a revolving financing option that offers you cash as long as you need it. For the not-so-established practices, this is a lucrative option as the lenders don’t check your business history before lending the loan. However, an overall bad credit might impact the interest rates that they charge you.
- Business credit card
For all the other equipment purchases, you may consider applying for a business credit card. You may get in touch with a payment processing business to use their facilities for issuing you a business credit card. You will not only receive your cash any time but you can also build good credit by leveraging the reward programs offered by the card issuers. If you had trouble obtaining loans in the past, it is better to go for business credit cards. With a score above 680 and some business history, you are at a great chance of being approved for such financing options.
So, now that you know the various financing options to continue your medical practice, what are you waiting for? Choose from any of the above given options to pursue your dream of being a medical practitioner.