Are you looking to start your own medical practice? This can be one of the most exciting times in your life, but also one of the most overwhelming. There are so many aspects that go into starting your own medical practice. From finding the right location to obtaining the right loan, you have to tackle it all.
Rather than looking to a bank to get financing for your new practice, try reaching out to an alternative financing company for a medical loan. These companies will help you get the best bang for your buck, but before you start your application process, here are three points to consider:
1. Know Your Worth
Before meeting with any financial company, be sure that you know your worth. How can you know your own worth? Fill out a Personal Financial Statement. This document is simple and will only take a short amount of time to complete. This form is required by all small businesses to allow financial companies to get to know your personal and professional financial history. It will also show the business loan company what kind of credit risk you are to them.
The form covers everything from personal savings to life insurance to student loan debts. This form allows the loan company to see all of your financial records in one place so they can grant you a medical loan faster.
2. Shop for the Lowest Rates
When you are looking to start your own business, especially a medical practice, you should look for the financing company that offers the lowest rates. Many financial companies will boast impossibly low numbers, but you must consider that you will have to qualify for that loan.
In order to know exactly what rate you qualify for, you have to do a little shopping around. Going to multiple financial companies for a medical loan will help you determine which can get you the funds you need at the lowest price possible.
If you are like most medical businesses, you are probably looking into short term loans. It is important to consider that these loans typically have lower rates, but will need to be paid off in a shorter timeframe. For traditional business loans, you will be looking at anywhere from a 5 to 10 year repayment period. Because of this long payoff time, you will encounter higher rates.
Our medical loans hit right in the sweet spot. We get you cash in your pocket in just five business days or less at the lowest rates to ensure that you can start your practice off on the right foot.
3. Use Your Money Wisely
After you have found the business loan company that can provide your practice with the lowest rates for a medical loan, it’s now time to start planning your expenses. Having a plan of action will help you avoid frivolous spending.
Ask your financier for a period on interest only payments. When you start your own practice, this will be what is commonly called your ramp-up time. As you gradually grow your patient panel, your payments will increase, allowing you to pay more. By having an interest only period for the first year, you will be able to take on the operational costs of your expanding clientele and cope from the long waiting period of insurers.
You have always wanted to start your own medical practice, so don’t let the woes of financial hardship keep you from it. We hope that these three tips will help you get the medical loans that your practice needs to start off on the right foot.