Specializing In Dental Practice Loans & Financing Options For Dentists
Apply for dental practice financing with competitive interest rates.
How Do Dental Practice Business Loans Work?
Each of the products listed above can suit a different type of expense or cash flow issue. For example, let’s say you need to cover payroll and other monthly bills while awaiting reimbursements from insurance providers. Possible solutions for this common dilemma include a Business Line of Credit and Accounts Receivable Factoring.
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A Business Line of Credit works best when the reimbursements are expected to come in shortly. Your interest rate depends on how quickly you can pay off the full balance. But maybe you’re not sure how long it will take for the provider to pay. Perhaps you need cash now, and the reimbursement might not come in until the following month. Accounts Receivable Factoring was designed for this exact situation.
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You would sell the unpaid receivables for a discount price (at least 85%). Instead of waiting weeks or months for compensation, you’d get cash in just a few business days. It is now the responsibility of the factoring company to collect the payment from the insurance provider. When the payment is received, you get paid the remainder from the first sale, minus fees.
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If you have subpar credit or rocky cash flow, you might consider a Merchant Cash Advance instead. This highly accessible option allows you to borrow against the strength of your debit and credit card sales. For many dentists, this is the preferred payment method for their patients. You could access enough cash to cover operational expenses during a slow period without making substantial payments until business picks back up.
Who Qualifies For Dentists & Dental Surgeons?
Approved businesses generally met the following criteria: