At National Business Capital, we proudly provide physicians across the country with medical practice loans, so they can continue providing essential care for their respective — and growing — patient rosters.
At the same time, we also provide guidance and advice on how physicians can get the most value from their financing. To that end, here are 3 keys to keep in mind:
Medical Practice Loans Tip #1: Have a robust spending plan.
Borrowing too much means that you will have “dead money” sitting in your account, and borrowing too little will compel you to increase funding levels at a time when it may not be convenient or conducive to do so. Having a robust spending plan that covers how much you need and when you need it will help you avoid both of these costly scenarios.
Medical Practice Loans Tip #2: Combine your term loan with a business line of credit.
Even the most robust spending plan is not a crystal ball, which means that you still may need access to additional funds down the road. For example, you may be suddenly presented with a golden limited-time opportunity to move into a premium location, or a medical equipment vendor may have a special “first come first serve” discount promotion. Having a business line of credit gives you instant access to additional funds when you need it (and for any purpose). You only pay interest on the amount that you borrow, and if the line is revolving then repaid amounts are immediately available for future borrowing.
Medical Practice Loans Tip #3: Choose a partner — not just a lender.
Just as your patients trust you to help them get and stay healthy, at some point you will need or want to consult with your lender to potentially make an adjustment or change your plan. To ensure that the process is successful and streamlined, ensure that you choose a partner — and not just a lender. What is the difference? The former will lean forward to help you maximize value and minimize costs. The latter will do nothing; or possibly try and steer you in the other direction: paying more for less.
To learn more about getting the most value from medical practice loans, contact the National Business Capital team today or fill out our two-minute application to receive a funding decision in 24 hours or less! Our area of expertise is exclusively in business financing, and our entire focus is where it matters most: your success!