Practice Financing & Loan Protection Solutions
Among the many benefits to owning your own practice,
earning a larger share of the profits is arguably at the top. However, as with almost everything in life, greater rewards mean increased risk.
With most new doctors beginning their careers graduating in the red and often with between $300,000 and $500,000 in student loan debt, the idea of starting or acquiring a practice seems impossible. Yet, most lenders understand that new physicians and dentists will earn higher incomes and their practices will likely generate revenues on a more consistent basis when compared to other businesses. Therefore, many lenders view new and existing practitioners as a lower risk.
Common financing needs for new and existing practice owners
- Practice startup / acquisition
- Costs increase / Cash flows decrease
- Equipment purchases
- Real estate purchase or refinance
- Partner buy ins / buy outs
- Expanding practice locations
- Student Loan and Malpractice assistance
Whether you’re considering owning a practice in the future or interested in obtaining financing now, it is important to work with a lender who will provide a great experience during and after the loan is processed. To learn more on financing or to connect with a Doctor Protectors professional, click here.
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Protection solutions for your practice and financing
- Collateral Assignment term life insurance – most lenders will require this
- Reducing Term disability insurance – inexpensive way to pay your loan if disabled
- Practice Overhead Expense – keeps your practice going upon a disabling event
- Key Person insurance – protects your practice from loss of a key employee
Many lenders require life and disability insurance to protect themselves in the event something happens to you. Even if you’ve already secured funding for your practice, it is important to ensure that your practice and your family are properly protected from the unthinkable.
For more information on practice owner solutions, complete the form above.
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How Doctor Protectors Can Help?
We assist medical & dental professionals with planning and protection solutions that will help them throughout all stages of their career. We provide a concierge approach with the basic information they crave, along with introductions to trusted, qualified resources. Whether you’re in need of financing for your practice, protection for your loans, or both, we can help.
