When it is time to branch out on your own and open your own medical or dental practice, it can be easy to get excited and overwhelmed. With those things comes a tendency to overlook some details that should really be ironed out before you attempt to gain financing for your new business. The questions will always be asked eventually, but it is much better to anticipate and answer them on the front end before you attempt to apply for medical & dental practice financing.
Where Are the Patients?
It seems like a no brainer, but it should really be considered. Are you bringing patients with you or starting from scratch? Do you have a partner that already has patients, or do you have something unique about you that will draw new patients? Are you going to have to compete with other doctors for patients or are you going to be located in an area with few practitioners, allowing locals to travel less if they see you? Where are your patients going to come from?
Are You Going to Have a Partner?
You may not, and that is fine, but have you thought about it? A partner that has more experience, a different specialization, or just funds to invest can be very helpful. At least you would not be solely responsible if things do not work out, and you will have someone to shoulder the load. Someone to both help handle patients and to help with the finances could be very good. If you are not going to have a partner that is fine, but it definitely needs to be considered before the lender asks the question.
What Makes Your Practice Unique?
Maybe you just have an excellent bedside manner. Is that enough? It may be! Is there anything else that is going to make your practice different than others? Is there anything that will make someone leave their doctor or dentist now and come to you? Maybe you are the only office that provides a certain service for several miles. People may change where they currently go and come to you if you are closer. Maybe you are able to boast shorter wait times or a better waiting room. This is a pivotal question when it comes to gaining new medical practice financing.
When you have the answers and you are ready to look into physician loans for doctors or dentists, see what Biz2Credit can do for you. Our network of over 1,300 lenders is sure to hold the perfect financing solution for your new practice. Visit Biz2Credit today for more information.