Came across a good article for medical professionals wanting to get financing for their practice. I found eight tips to help physicians get the right financing for their practices!
After earning her medical degree at the Texas Tech University Health Sciences Center School of Medicine, Dr. Alexis A. Wiesenthal started saving money during her residency at the Mayo Clinic in Arizona.
She returned to San Antonio and has spent the last four years working as an internal medicine doctor at her father’s practice in the Physician’s Plaza building in the San Antonio medical center. This week, she opened her own practice on Floyd Curl Drive, three blocks from her dad’s office, using only a line of credit from Wells Fargo. “I’ve pretty much just been saving up for this,” she says. “It’s definitely possible to do it on your own.”
When it comes to doctors, Wiesenthal is the exception rather than the rule. Business finance still is not a staple in many medical school curriculums these days. Most doctors come out better equipped to handle cardiac arrest than a trip to the bank for a loan.
But many will have to borrow money at some point in their careers — whether it’s a short-term loan for new equipment, a long-term mortgage for real estate, or a line of credit to keep operations going during low cash-flow periods.
Whatever the reason, experts agree there are general guidelines that can smooth the lending process.
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