We offer customized medical practice financing
Every medical practice business has its unique set of challenges. Let us help you overcome them with healthcare practice loans perfectly tailored to your needs.
Flexible repayment terms for medical practices
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Personalized medical business loans
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No restrictive loan usage clauses
Use for almost any business purpose.
Your Guide to Medical Practice Small Business Loans & Financing
At least 49% of physicians work in a physician-owned medical practice, according to the American Medical Association. Private practices are crucial to the health and wellness of the communities where they serve. Patients are the top priority, but often the challenges of running the business side of a medical practice can get in the way. Having updated medical equipment, the latest technologies, a welcoming office space, and knowledgeable staff are all important for your practice, yet also can have high costs.
A small business loan helps pay for the essential components you need to provide quality care to your patients. It can give your medical practice a boost in capital to cover expenses or propel your practice forward in a time of expansion. SmallBusinessLoans.com makes it easy to connect with a lender and get access to funding in as little as 24 hours1. Our lending partners have experience working with healthcare companies and know the unique challenges physicians and their practices face, so you will receive a customized loan designed to suit your needs.
On this page, you’ll learn about types of medical practice financing, loan qualifications, what option might work best for your medical practice, and how to connect with a trusted lender.
What is a medical practice business loan?
A medical practice business loan gives medical practices capital to fund their business expenses when they need it most. Healthcare companies can use the funds to purchase new medical equipment, buy insurance, hire staff, or update office space. Funding helps bridge the gap in expenses or carry a medical practice through a period of growth.
Medical business loans can be secured through traditional lenders or alternative lenders. SmallBusinessLoans.com partners with alternative lenders who help healthcare practices fill gaps in funding when traditional banks fail to provide quick medical practice financing. Our experienced partners provide funding much more efficiently and with less requirements than banks or government institutions so you can get the capital you need to get back to running your business.
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Types of medical practice loans
Depending on your business needs, there are almost as many loan types as there are business needs. SmallBusinessLoans.com partners with lenders who are experienced in tailoring loans for healthcare companies and securing the terms that work best for your practice, but here are some common loan types that might work for you:
Short-term business loan:
When you need quick funding to help foster growth – whether it’s hiring more staff or expanding the business – a short-term business loan offers a solution. This is a temporary financing solution with short repayment terms, often eighteen months or less.
Working capital loan:
A medical practice could benefit greatly from a working capital loan if they are struggling to meet the business operating expenses. It can be used to cover payroll, hire skilled technicians, stock up on medical supplies, maintain medical equipment, and pay utility bills.
Medical equipment financing loan:
Equipment financing helps business owners pay for new equipment or upgrades crucial to their business. From X-ray machines to diagnostics lab equipment, many types of new or pre-owned equipment can qualify to be funded by this type of loan.
How to use healthcare business loans
Whether you’re looking to grow your medical practice or are short on capital while waiting for payments to clear, a medical practice loan can cover your costs. You can use your medical practice business loan for expenses like:
- Hire doctors, physicians, and skilled staff
Hire nurses, administrative support, or more doctors to grow your practice. Use the funds to cover training expenses so your staff stays sharp and up to date on best healthcare practices
- Finance medical equipment
Upgrade medical devices such as diagnostic equipment or imaging machines with the help of medical practice financing. Give your patients the best possible care with the latest technology
- Streamline your medical practice operations
With medical business loans, you can upgrade medical business software like patient records management system and appointment scheduler to make your business operations more efficient.
- Renovate your practice
From renovating your reception to remodeling your patient waiting area, all expenses related to updating your place of business can be covered by medical practice loans.
- Expand your healthcare business
Whether you wish to buy out a competitor or open a medical practice at a new location, medical practice loans can help you make your business expansion dreams come true.
- Market Your Medical Practice To Reach New Patients
With small business loans, you can cover all your digital marketing expenses to build brand image and acquire new patients.
Medical practice loan requirements
At Smallbusinessloans.com, we strive to keep our healthcare practice loan qualifications fair and simple. Some of our common qualification requirements include:
- Your healthcare business should be operational for at least 6 months.
- Your annual gross sales should be $250,000 or more.
- Your personal and business credit score ranges between fair to excellent.
Many banks may require collateral to secure loans or follow strict eligibility criteria to approve loans. On the other hand, our alternative lenders ensure your medical practice receives the funding as soon as possible with a quick loan approval process. Apart from age of your business, annual gross sales, and personal and business credit scores, all we need is your income and bank statement to get the ball rolling on your healthcare business loan.
How do I get a medical practice loan for my business?
With flexible qualifications, it’s efficient and easy to get approved for a medical practice business loan. Here are five easy steps to take to secure a loan for your healthcare company.
Step 1: The doctor, physician or the medical business owner determines:
- The amount of funding they need
- The amount of funding they can afford to repay with interest
- The health of their credit history
- If they fulfill all the loan qualifications set by the lender
Most of our alternative lenders require a healthcare business to be in operation for six months with a minimum of $250,000 in annual gross sales.
Step 2: The medical practice owner reaches out to SmallBusinessLoans.com, and we match them with the right lender while exploring the various medical business loan options. Then, the small business owner submits a medical business loan application along with income statements, bank statements, and personal & business credit scores.
Step 3: In this stage of the loan approval process, the lender scrutinizes the loan application, analyzes the credit history of the borrower, and examines other business financial documents. We pair healthcare businesses with alternative lenders who can review loan applications within 24 hours.
Step 4: Once the lender approves the loan, they draft a loan agreement that includes the loan amount, interest rate, loan term, and repayment conditions. If the medical practice owner agrees to all the clauses in the loan agreement and signs the contract, the funds are then released.
Step 5: Lastly, the medical practice is responsible to repay the loan according to the terms of the financing agreement.
Why apply for medical practice financing with SmallBusinessLoans?
We’re committed to helping small businesses like yours succeed. Access to financing shouldn’t stop your business from reaching its potential. With SmallBusinessLoans.com, grow your medical business without worrying about finances. Get matched with one of our trusted partners who specializes in the unique needs of a medical practice and in as little as 24 hours1, you could be approved for up to $500,0001 from one of our lending partners.
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Frequently Asked Questions
If you still have questions about a medical practice business loan, we have answers for you.
Medical equipment can be expensive, yet you need the right equipment in your practice to serve your patients. Equipment financing loans give healthcare workers the funds they need to purchase or lease equipment.
With our trusted partners, most funds are deposited within 24 hours1 upon approval. However, this depends on the type and terms of the loan. SBA loans often take even longer, with funds becoming available after several weeks, if not months.
It depends. Your business may still be eligible for a loan even if you already have an existing loan with another lender. Every business loan is different and our partners will work with you to determine what you’re eligible for and how to get the best possible terms.
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