Specializing In Medical Practice Loans For Doctors & Healthcare Businesses
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No personal guarantee & no collateral required.*
Get funded within a few business days.
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Past credit issues MAY not be a problem.
Within 24 hours of application.
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Intro to Medical Practice Loans
Doctors are the last people you’d expect to need extra cash. While annual salaries for medical professionals may be quite rewarding, the same cannot be said about the payment structure for a medical business. Between insurance reimbursements and patient co-pays, it can take several months for doctors to receive the full payment for their services. This can make it challenging to cover recurring expenses like payroll and inventory. And when the busy season arrives, doctors need plenty of help and can quickly go through supplies.
US Capital has access to small business loans for medical practices to bridge these gaps in cash flow so health care professionals can serve as many patients as possible.
In this guide, we’ll answer the following questions and more:
- What Are Medical Practice Loans?
- How Do Medical Practice Loans Work?
- What Are The Advantages of Medical Practice Loans?
- What Are The Disadvantages of Medical Practice Loans?
- How Do You Apply For Medical Practice Loans?
- What If I’m Declined For a Medical Practice Loan?
- Is Collateral Required For Medical Practice Loans?
- How Do You Qualify For Medical Practice Business Loans?
- How Would You Use Medical Practice Business Loans?
- Why Should Medical Practices Use Accounts Receivable Factoring?
- Can You Factor Accounts With Government Agencies?
- Can I Get a Medical Practice Business Loan With Bad Credit?
We have access to various business loan options for the construction industry that have proven to work for our clients. Take advantage today.
What are Medical Practice Loans?
Medical practice loans are business loans geared towards the small business cycles and expenses of a medical practice. Besides covering short-term and long-term costs, a medical practice loan allows medical business owners to stabilize their cash flow cycle and maintain operations during slow periods.
Medical practice loans can come in the form of:
- Business Term Loans
- SBA Loans
- Business Line of Credit
- Equipment Financing
- Working Capital Loans
- Merchant Cash Advance
- Revenue-Based Business Loan
- Accounts Receivable Factoring
How Do Medical Practice Loans Work?
The central purpose of medical practice loans is to give medical professionals several products to choose from to best suit their small business needs.
For example, one of the biggest challenges of medical practices is the amount of time it takes to receive full compensation or only small amounts of cash coming in at a time. This can be especially troublesome when business slows down, or essential medical equipment becomes outdated.
These dilemmas can be solved by several products, like business lines of credit, medical equipment financing, business term loans, or accounts receivable factoring. Equipment financing might be the most sensible option if the medical equipment is costly and used for at least three years. On the other hand, a business line of credit is designed to cover short-term expenses, like monthly bills or inventory.
If you’re waiting on sizable insurance reimbursements, however, you could also consider accounts receivable factoring. You would sell the unpaid receivables for a discount price. Instead of waiting weeks (or even months) for compensation, you’d get cash in just a few business days. It is now the responsibility of the factoring company to collect the payment from the insurance carrier. When the payment is received, you get paid the remainder from the first sale, minus fees.
If you have subpar credit or rocky cash flow, you might consider a merchant cash advance instead. This highly accessible option allows you to borrow against the strength of your debit and credit card sales. For many doctors, this is the preferred payment method for their patients. You could theoretically access plenty of cash to get through a slow season without making substantial payments until business picks back up.
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