Ready to Open Your Own Practice? Financing for Healthcare Professionals
You spent years building your expertise. Now you may be ready to build a practice of your own.
For physicians, dentists, veterinarians, optometrists, chiropractors, therapists and other healthcare professionals, opening or buying a practice is both a career milestone and a major business investment.
Great Plains Bank works with healthcare professionals and small business owners to explore financing for starting, acquiring and expanding a practice.
What Can a Loan for a Medical or Dental Practice Cover?
Opening a healthcare practice can require significant upfront capital. Depending on your plans and qualifications, small business and commercial financing may help with:
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Starting a new medical, dental or healthcare practice
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Buying an existing practice
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Purchasing medical or dental equipment
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Buying or improving commercial real estate
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Renovating or building office space
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Technology, furniture and other startup expenses
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Working capital
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Expanding or opening another location
The right financing structure depends on your practice, project and long-term goals.
Can You Finance Medical and Dental Equipment?
Medical equipment can be one of the largest expenses involved in opening or expanding a practice.
Equipment financing can help healthcare professionals purchase items such as dental chairs, imaging systems, diagnostic equipment, laboratory equipment and other specialized technology without necessarily paying the entire cost upfront.
Financing equipment may also help preserve cash for payroll, supplies and other operating expenses.
Can You Get Financing to Buy an Existing Practice?
Buying an established practice can provide another path to business ownership.
Practice acquisition financing may help qualified healthcare professionals purchase an existing business, including situations where the transaction involves equipment or other business assets.
If you're considering an acquisition, talking with a business lender early can help you understand your financing options before making a major commitment.
What About Buying or Building a Medical Office?
Some practice owners eventually decide that owning their commercial property makes sense for their long-term plans.
Commercial real estate financing can help qualified borrowers purchase, construct, renovate or expand space for a healthcare practice.
Whether you're considering a dental office, medical clinic, veterinary practice or other professional facility, a commercial lender can help you explore financing based on your project.
Why Is Working Capital Important When Opening a Practice?
Your expenses can begin well before your new practice generates consistent revenue.
Payroll, insurance, supplies, utilities, software and other operating costs continue while you're building a patient base and waiting for payments or reimbursements.
Working capital financing can provide additional financial flexibility during that period and should be part of the conversation when determining how much capital your new practice may need.
Already Own a Practice?
Financing isn't only for first-time practice owners.
An established healthcare business may need financing to add providers, purchase new equipment, renovate its office, acquire another practice, purchase commercial property or open an additional location.
As your practice grows, your banking relationship should be able to grow with it.
Start the Conversation Before You Need the Loan
You don't need to have a building selected or purchase agreement signed before talking with a lender.
If you're considering practice ownership, acquisition or expansion, an early conversation can help you think through equipment, real estate, working capital and other financing needs as you develop your plan.
Great Plains Bank offers small business and commercial banking solutions to help healthcare professionals take the next step.
Ready to put your name on the door? Talk with a Great Plains Bank business lender about financing your new or growing practice.