Expert Financial Solutions for Utah’s Healthcare Professionals
As a doctor, dentist, veterinarian, or chiropractor in Utah, your focus is on providing exceptional care to your patients and community. Running a successful private practice, however, requires more than just medical expertise—it demands a sound financial strategy. At Utah Biz Funding, we specialize in providing that strategy.
We understand the unique financial landscape of the healthcare industry and offer tailored funding solutions that empower Utah’s medical professionals to launch, manage, and grow their practices with confidence.
Starting or acquiring a private practice is incredibly capital-intensive. This is due to a combination of high upfront costs and a uniquely challenging revenue cycle that sets the healthcare industry apart.
We work with a network of lenders who specialize in healthcare financing. This allows us to offer a range of loan products designed to address the specific needs of your medical or dental practice.
Ready to take the next step in your career? We provide specialized financing to help you buy an existing practice from a retiring professional or buy into a partnership. These loans are structured to cover the purchase price of the practice, including its patient list, equipment, and goodwill.
Offer state-of-the-art care with the latest technology. An equipment loan allows you to purchase essential medical or dental technology without draining your working capital. The equipment itself typically serves as collateral, leading to a streamlined approval process and competitive rates.
Don’t let insurance payment delays dictate your practice’s financial health. A working capital loan provides a quick infusion of cash to ensure consistent payroll and cover overhead while waiting for insurance payments to be processed. It’s the perfect tool to stabilize your cash flow and reduce financial stress.
A line of credit offers a flexible, revolving source of funds for ongoing or unexpected needs. Whether you need to cover an emergency repair on a critical piece of equipment or want to seize an opportunity to buy supplies in bulk, a line of credit provides a vital financial safety net.
1. I’m a new dentist looking to start my practice. Is that possible? Yes. While it requires significant planning, we can help. SBA loans are an excellent vehicle for new practice startups. Lenders will want to see your credentials, a detailed business plan, and sound financial projections.
2. My practice is profitable, but I’m always short on cash, waiting for insurance payments. What can I do? This is a widespread challenge. A working capital loan or a business line of credit is designed specifically for this situation. They provide the cash you need to run your practice smoothly, so you aren’t at the mercy of insurance company timelines.
3. Can I finance software, like a new Electronic Health Record (EHR) system? Absolutely. Investing in technology like an EHR or practice management software is a critical business expense that can be financed with a term loan or equipment financing.
4. How does financing a practice acquisition work? Lenders will evaluate the financial health and value of the practice you intend to buy (e.g., its revenue, patient numbers, and assets) as well as your financial standing and experience. The loan is then structured to cover the agreed-upon purchase price.
Let us handle the financial details so you can concentrate on what you do best: providing outstanding care.
Contact Utah Biz Funding today for a confidential consultation and discover how we can help your practice achieve its financial goals.