Trustworthy and Fast Medical Practice Funding
Due to their great earning potential, high net worth, and steady income, doctors and medical practices are frequently viewed as the best prospects for funding by the Small Business Administration and commercial banks. But there’s no assurance of acceptance, and the application procedure for these lenders can take months. Your patients’ health can deteriorate and growth possibilities might disappear while you wait.
Compared to typical lenders, Main Street Finance Group is an alternative lender that can approve more finance for medical practices and do it more quickly—funds can be deposited in as little as one business day. We provide a variety of doctor office finance options, ranging from $3,000 to $500,000, with no usage limitations to support the expansion of your medical business. All medical specializations are covered by our funding, including veterinary care, psychiatrists, dermatologists, and general practitioners.
Funding Rates for Medical Practices
The type of alternative small business funding you obtain determines the funding rates for medical practices. Instead of using a standard interest rate, the majority of alternative funding solutions for doctor practices use factor rates. Factor rates, which are derived from your risk assessment, are straightforward decimal numbers that indicate how much "extra" you will owe on the initial loan amount.
Funding Options for Medical Practices
OUR KIND, KNOWLEDGEABLE FUNDING ADVISORS WILL COLLABORATE WITH YOU TO SELECT THE BEST FUNDING OPTION THAT WILL SUPPORT YOUR GOALS WITHOUT AFFECTING THE CASH FLOW IN YOUR PRACTICE.
Advances for Merchant Cash
Working capital is provided as needed. Until the advance is paid back, we will earn a portion of your credit card sales on a daily or weekly basis.
Factoring invoices
We will pay the net amount in cash for your outstanding invoices. When we receive payment, you will be paid the remaining balance on the invoices (less our charge).
Secured Loan
A secured loan that lowers risk by utilizing commercial real estate. You can be qualified for a greater loan amount with cheaper rates and fees because the loan is secured.
Business Credit Line
You can take out as much or as little credit as you need without the obligations of a fixed-term loan. Take what you need and repay it as you go; only pay interest on the amount you have borrowed.
Credit Line for Businesses
You are free to spend your money however you see fit. The financing available to doctor offices is perfect for growth projects like practice expansion or improvement that can boost income. Make use of your funds for:
- Employ people to help you grow your practice's services and patient base.
- Invest in or update lab supplies or equipment.
- Create a secure website to provide additional services, such as virtual care or online booking.
- Boost your advertising and marketing to attract more patients.
- Invest in a new location or grow your business.
- Remodel your workspace to provide a more welcoming environment for patients.
Medical offices can require an immediate infusion of working capital to help them handle the particular difficulties in their industry, such as:
- elevated patient attrition
- Insurance claims that are denied or delayed, as well as problems being paid on time
- addressing the demands of new patients by providing remote care or lower wait times, for example
- Exorbitant prices for medical supplies, technology, and equipment
- To stay current with evolving standards, new tools and training are needed.
How Funding for Law Firms Operates
Utilize
Collect three months' worth of bank statements and other documentation. Give us secure access to the transactional data from your bank account so we can approve it more quickly.
Select Funding
Within an hour (during regular business hours), a financing advisor will get in touch with you to finish your application and go over your funding alternatives.
Obtain Money
Within a day of deciding whatever funding option is best for your company, you and your funding advisor can authorize and deposit your funds.
Decide on Repayment
Your company's debit and credit card sales on a daily or weekly basis will be automatically subtracted to cover payment. The amount of your payment will depend on your sales.
Are You Eligible for Funding for a Doctor's Office?
The specific qualifications required vary based on the kind of funding you are looking for for medical practices. Your credit score and financial history are not the only factors that Main Street Finance Group considers when approving funding for medical practices. We concentrate on your company’s general well-being, which includes:
- Revenue for businesses
- Money movement
- Payment history of the vendor
- Years of operation
- Records accessible to the public
Boost Your Medical Practice with Financing for Specialized Equipment
Modern medical technology is essential to the success of companies in the healthcare industry. For medical professionals looking to add to their inventory or lease state-of-the-art equipment, our financing solution for medical equipment is a lifesaver.
Our flexible financing options are made to meet your unique needs, whether you run a small clinic, a solo practitioner, or a larger healthcare center. This will help you keep ahead of the always changing medical scene.
Access to state-of-the-art equipment is not just a luxury in the rapidly changing field of medicine, but also a must for providing excellent patient care and maintaining a competitive edge.
You can utilize our loans to finance equipment purchases among other business development needs. This indicates that our products, in contrast to conventional equipment financing, are made to meet a variety of needs for improving your company’s operations.
Our versatile financing solutions offer the necessary financial support, whether you need to modernize technology, expand your infrastructure, or invest in new gear.
The hospitals, clinics, and diagnostic centers that make up our healthcare system are essential to the health of our communities. However, the expense of purchasing and maintaining cutting-edge medical technology can present serious difficulties for these vital companies.
Our funding options are intended to relieve these monetary strains and free up healthcare professionals to concentrate on what really counts—their patients. Whether you run a major medical facility or are a solitary practitioner, our versatile financing options for loans for medical equipment can be customized to meet your specific needs.
Advantages of Equipment Financing for Medical Professionals and Related Businesses
Financing for medical equipment has advantages that go beyond simply getting the instruments you need. Our finance solutions are a lifeline for small enterprises in particular, where budgetary constraints are sometimes a major worry. Here are a few main benefits:
- Save Working Capital: Healthcare companies can save money on working capital by choosing medical equipment loans instead of paying for other necessary costs like payroll, utilities, and advertising.
- Tax Benefits: There may be tax benefits associated with financing medical equipment, such as interest and depreciation deductions, which could result in significant savings for the company.
- Remain Ahead of the Competition: Having access to state-of-the-art medical equipment can help healthcare providers deliver higher-quality care, which will draw in more patients and help the company stay ahead of the competition.
- various payback Options: We provide various payback periods that are adapted to your business’s cash flow, so you can be sure that your payments on the financing for medical equipment will always be affordable and sustainable.
- Fast Access to Funds: Healthcare professionals can obtain the equipment they require without protracted delays thanks to our simplified application procedure and quick approval periods, which enables them to begin using their equipment to assist their patients sooner.
Are you prepared to advance your medical practice? Utilize Main Street Finance Group’s medical equipment loan application to realize the maximum potential of your healthcare enterprise. You can immediately obtain the financial resources required to invest in cutting-edge medical technology, improve patient care, and increase the efficacy and efficiency of your practice thanks to our simple application process and short approval turnaround times.
Case Studies of Loans for Medical Equipment and Doctor Funding
Company Name
Description
Outcome
Toronto Medical Clinic
obtained funding to modernize its MRI scanner, enabling it to provide faster and more precise diagnostics.
Better patient outcomes and increased diagnostic capacity.
Vancouver's Lakeside Medical Center
bought cutting-edge surgical equipment using equipment finance, which shortened operation times and enhanced patient outcomes.
decreased patient wait times and increased operational efficiency.
Calgary's Sunset Dermatology
expanded its business by obtaining funding for cutting-edge laser therapy technology, which allowed it to handle a larger patient base and draw in new clients in need of specialist dermatological services.
improved outcomes for a range of skin disorders and more treatment options leading to a higher level of patient satisfaction.
Q&A on Medical Practice Financing
You might be able to get finance through a merchant cash advance, collateral loan, or small company loan. You can get help from one of our Funding Advisors in deciding which option is ideal for your practice.
Main Street Finance Group, a medical equipment financing company, is aware of the difficulties faced by healthcare providers and works to make financing options available to companies with different credit histories.
While credit history plays a role in our assessment process, other aspects including income potential and business performance are also taken into account.
Medical device financing is meant to be used for commercial purposes associated with healthcare services. But there are usually no limitations on how the equipment can be used within that scope.
You can use your medical equipment money anyway you see fit as long as it doesn’t interfere with the way your healthcare business operates. This includes using it for administrative, diagnostic, or patient care purposes.
While there are no restrictions on how you use your money, we always advise using alternative loans to develop your business by buying more equipment, moving to a larger space, or offering more services.
While purchasing or leasing medical equipment is the main purpose of funding for this equipment, certain financing alternatives also cover maintenance and servicing costs.
In order to guarantee the lifetime and optimum functioning of your equipment, our financing professionals can collaborate with you to investigate solutions that best meet your needs and incorporate provisions for regular maintenance and service.