Whether you are fresh out of medical school or have been practicing for a while, or if you are considering starting your own practice, you are likely wondering about financing. Of course, it may seem that, being a doctor, there is no reason why you would not be able to get a loan. There are some variables however, that can make a difference when it comes to physician practice funding.
Where You Plan to Practice
If you plan to practice in a low income area, for example, there may be special financing options available. On the other side, if you intend to open a practice where there are already several offices, the question will be asked if it is healthy competition or if the market will be saturated. There is also the matter of whether you are new at practicing, or just opening a new practice. If you come from another practice in the area and already have a patient base, there may appear to be less risk and therefore better rates and terms may be available.
Medical school isn’t cheap. Did you amass a lot of debt while you were earning your license? Student loan debt is only one possibility. Other credit issues could come in to play, and while opening a practice that looks promising is a definite plus on a loan application, other debt and current credit score will not be ignored completely.
There are other options for physician practice funding besides loans. There may be grants available also, especially if the practice is going to be opened in a rural or high need area. This is something to be considered if it appears that traditional financing is going to be an issue.
Biz2Credit has produced an eBook with advice for physician seeking financing. Click here to download it. Additionally, Biz2Credit has a network of lenders that offer a variety of financing options for physician practice funding.