When people hear the term “medical industry financing,” many think it only applies to large hospitals and insurance companies. Nothing could be further from the truth. Actually, this type of financing applies to healthcare businesses of every size, and it’s especially helpful for small or specialized medical practices. How can you use this financing to help your company grow? The options are virtually limitless.
Financing for Small Medical Practices
There are a huge variety of loans and leases that medical practices can benefit from. If you have a smaller clinic, you have access to some of the best financing options possible. For example, loans backed by the Small Business Administration offer ultra-low interest, fixed rates and comfortable terms. These SBA loans can help you purchase real estate for your dental office or medical practice, finally having a place to call your own. If you already own a practice, you can use financing for expansion, such as by buying out a competitor, hiring additional staff or remodeling your location to add extra treatment areas.
Small healthcare businesses frequently need financial assistance when it comes to buying high-tech diagnostic equipment and advanced treatment equipment. Medical industry financing can cover all of these needs. If you need smaller monthly payments, leasing is another option that also has the benefit of letting you upgrade frequently.
Financing for Patient Care
Many older adults prefer to stay at home while receiving medical care. The medical businesses that offer these services need a significant amount of highly trained, compassionate and qualified personnel. Medical industry financing can assist with these operating expenses as well.
Medical Industry Financing for Device Manufacturers and Specialized Providers
Medical device manufacturers, prosthetics designers and dental experts often need capital to carry out business operations. Financing is important because these areas require you to invest money ahead of time in order to see profits down the road. How can you get financing for these processes? Medical financing can help you obtain everything from working capital loans to business lines of credit. Having plenty of capital allows you to create great products and provide the best service possible for your clients and patients.
For example, 3D printing technology is rapidly accelerating the development process for medical device manufacturers. Objects that were virtually impossible to create before are much easier to make with cutting-edge technology. If you thought that obtaining your own 3D printer was out of reach as a small or specialized business, you’re in for a pleasant surprise. This type of equipment is now within reach thanks to modern financing options.