Types of Loans for Doctors
Since not every practice is the same, your financing options for your practice don’t have to be the same as others, either. Here are some examples of financing options for your practice:
These are business loans with a term no longer than one and a half years. While these loans are easy to qualify for, they tend to have fast payment schedules and high interest rates.
This loan agreement is when you agree to pay back the loan by paying over a portion of your credit card sales to the finance service. This option doesn’t have a bill or payment schedule, but its usefulness depends on how many credit card transactions are done at your practice.
This works like a form of cash advance. Instead of waiting for invoices to clear, you receive capital immediately and pay a factor fee to receive the funds faster.
Defining Doctor Loan Uses
A medical doctor loan doesn’t have a single purpose. The funds that you finance get used on what your business needs. Here are some common examples of what other practices use their loans for:
Hiring New Staff
If your workload is growing faster than your revenue stream, getting a business loan can help you hire the staff you need while your income catches up in the meantime.
Opening New Practices
New practices and buildings can help grow a business by giving your patients another place to receive care.
Changing to digital records over paper can save headaches on storage, management, and efficiency.
An older practice can use a physician loan to update equipment that improves the care you provide or services you offer to patients at your practice.
What Works for You?
Not every financing option works for every practice. That’s because the reasons to get a loan aren’t the same for each practice. If you have a practice that could use the extra cash and working capital to improve itself, check out some of the other options we offer.
See what would work best for you, your staff, and your patients today