Creating a positive patient experience and employing innovative financial solutions are an integral part of running a successful dental practice. It is imperative to implement financial strategies that continually improve patient care and build the practice. Doing these things requires access to capital. Considering this, dentists should entertain the idea of applying for additional capital if they don’t have the available funds required to maintain or grow their business.
Consider the following strategies on the path to approval for a practice financial loan:
- Examine your fiscal health– In order to secure additional financing for your practice, you must understand the practice’s fiscal health. Examine key practice performance indicators like production and case acceptance, collections, schedule optimization, among other things, will help determine different ways for a dentist to act quickly on business opportunities and project future income streams.
- Match financing to your needs– No single practice is the same as another. Practice loans are the same— there is no one size fits all. Financing for your practice should match your immediate and long-term needs. Consider large purchases for the practice, technology enhancements, adding a partner and the like when determining the loan amount for which you intend to apply. Additionally, seek an advisor for your financing needs as you will need to know the types of loan options available to you and what to expect during the approval and closing processes.
- Prepare for your loan application– When you go to speak with a banker, be sure to have all of the required documents on hand. This will reduce the time from application to approval substantially. Some of the things you will need include: personal and practice tax returns, profit-and-loss statements, and a personal financial statement covering your assets and liabilities.
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Note: This content is accurate as of the date published above and is subject to change. Please seek professional advice before acting on any matter contained in this article.
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