Opening up your own dental, medical or veterinary practice is no easy feat. Stepping into the role of a business owner comes with an overwhelming amount of responsibility and considerations including hiring the perfect team, putting together a modern and practical fit out, sourcing equipment and organising insurance just to name a few.
First and foremost, you will need to finance your practice. Financing your practice can be made simple from the beginning, with the right support and preparation.
We’ve put together a list of benefits to look out for when financing for your new practice so you can get started on the right foot.
Professionals Who Understand Your Industry
You are spoilt for choice when it comes to financing professionals, with hundreds of banks across Australia. Another piece of good news? If you’re a medical professional, the odds are in your favour for a loan as you’ll be considered low risk with high earning potential.
While there are plenty of options out there for financing, it is crucial you choose a bank which has experience with the healthcare sector and are right for you! Medfin Finance and BOQ Specialist are some of the financial institutions that have a background in medical, dental and veterinary financing.
Healthcare Financial Professionals: Medfin Finance
How you benefit from dealing with a healthcare industry specialist:
- Medfin can advise on your borrowing and repayment options to suit your financial needs.
- They provide specialist advice to manage your cash flow and repayments
- Medfin deals directly with supplier invoices by drawing progressively from your facility – saving you time and administrative burden
- Your repayments start on completion of improvements/purchases
- Medfin has contacts with industry professionals to assist with you beyond financing
Ongoing Specialist Advice
Medfin focuses exclusively on the financial needs of medical, dental, veterinary and healthcare professionals. With more than 20 years of market experience, they’re an Australian leader in healthcare finance.
High quality, personalised service is our first priority and your Medfin specialist remains on call with quality service and specialist industry knowledge. Plus, because they’re part of NAB Health you can rest assured that your finance has the backing of one of Australia’s largest financial institutions.
Refer to the Medfin Finance Website for more details and conditions.
Healthcare Financial Professionals: BOQ Specialist
Like Medfin, BOQ Specialist has a team that specialises in medical, dental & veterinary practices. Their extensive experience of lending to doctors, dentists and vets means that they understand you and your business better than a general lender.
Find out more about BOQ Specialist medical, dental & veterinary practice purchase finance.
Or read their article about the financial cost of starting a medical practice.
Having the funds to start your new practice is one thing; having the knowledge to
benefit and grow your business is another. Choosing a bank with experience in practice start-up financing means they are more likely to offer you informed, ongoing support as your business develops and changes in the future.