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3 min read

Medical Practice Financing: What are the Best Loans for Doctors?


Are you searching online for medical practice financing?

There's a big problem.

Really big...

You may have noticed...

Most every website pitching loans for doctors tells you why they are the absolute best choice for you.  

That's ridiculous, right?

The best choice for you totally depends on your situation.

Kind of like those TV ads...

(Cue in old person playing golf or with grandkids)

"...Go tell your doctor that you need super-panacea RX.

You're way better off getting medical advice from a TV commercial than from someone with 25+ years of schooling and your medical records in front of them..."

The truth is, there is no one company or product that will always be the best fit.

Let's look at different ways to finance your medical practice... and where best to look.

Should You Shop at Your Bank for Medical Business Loans?


Sometimes, your bank will be the best choice.

For example, for larger practices that need financing of $500,000 or more, often one of the larger providers of SBA and other doctor loans might be the best option.

(Wells Fargo and Bank of America are the largest providers of this type of practice finance).

The larger banks will often (but not always) have lower rates than other products available in the marketplace.

Of course, there are two drawbacks to working with a bank:

  1. Banks are slow. Like, HMO-style slow.
  2. Most applications for loans at banks will be declined (after a long wait).

Still, in many cases a bank will be your smartest option.

Where Else Can You Qualify for Practice Financing?


There are dozens of medical financing companies that would love to have your business.

The best choice depends on your situation.

For example, for smaller practices, newer businesses, or if your credit rating isn't pristine, in some cases we may be a good choice for your practice financing needs.

We work with a number of providers of loans for physicians and other medical professionals, but we won't necessarily always be the best fit.

Our "sweet spot" for medical financing is really in the $25,000 to $500,000 range.

In that range we can often help you find options that are fast, often very reasonable in terms of rates, and accept a wide range of situations.

Let's go over when we might be able to help you finance your practice...

Loans for Starting or Acquiring a Medical Practice


We work with some great partners that provide medical practice start up financing for all types of disciplines. They can also be used for practice acquisition or buy in loans as well.

Virtually any type of medical professional can qualify.

A few disciplines, though, such as acupuncturists and chiropractors, will find credit requirements are slightly more stringent than for more traditional practices.

Here is the basic rundown:


What Other Types of Physician or Other Medical Business Financing isThere?

For established practices, in many cases the programs we just went over could be a good fit.

There are also loans often available to medical practices with personal credit scores as low as 600. The rates on those programs aren't as competitive, but they aren't egregious...

(They top out at 24%).

As credit score dips below 600, the programs available to you become more expensive, commensurate with the level of risk a lender is taking.

The biggest problem with shopping for these products is that many providers will try to hide or obscure the real rates from you.

Could you imagine prescribing medication and pretending there were no side effects?

What about only suggesting prescriptions that made you the most money, with no regards for your patients' health?

That would be horrible.

Unfortunately, a lot of folks suggest products to business owners (including loans for doctors) that will line their pockets instead of what is best for the business owner.

What Are the Problems With These Loans?


There are plenty of loans available to practices where the business and/or owners have poor credit.

These loans are not our first choice, but they do sometimes have their place.

We go over the interest rates of many of these products in detail in this article, but here's the basic rundown:

  • Many short term loans are available (some longer term loans too)
  • These products have high rates and payments

Now, high rates and high payments aren't always bad. Some of our customers find that these are the only options that are available.

However, trying to hose someone who would reasonably qualify for much, much cheaper options is totally evil.

Your best bet is to work with a medical practice finance company that will treat you with the same level of respect that you'd treat your patients.


There is no "best company" for medical practice financing since every situation is different.

In some cases we would be a good fit to help you practice, but that's not true 100% of the time.

Our commitment to our customers is to be 100% transparent and let you know when we are not the best fit for your needs.

Do you want a quote for a medical practice loan? If so, you may call us at (800) 786-5696 or click in the picture below.

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