What are medical practice loans?

What are medical practice loans?

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What is a medical practice loan?

As the name suggests, a medical practice loan is tailored to the needs of health industry professionals who require business funding. They may need the loan to start a medical practice or to cover operating costs at any stage in the practice’s development.

Medical practices face many expenses, whether they are setting up, well-established, or planning to expand. And, like any dedicated service industry business, a medical practice needs investment to maintain high standards and meet customer expectations.

This is where an iwoca Flexi-Loan can make a big difference to the success and smooth running of a medical practice, whether starting out or scaling. Medical practices can use an iwoca Flexi-Loan to meet their precise needs, with funding available up to £500,000.

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What can medical practice business loans be used for?

Medical practice business loans can be used for a wide variety of including:

  • Working capital. This is the money you’ll need to cover all the day-to-day running costs mentioned above, as well as other incidental costs. Healthy working capital and good cash flow are essential for business success.
  • Marketing. Once you’ve launched your medical practice, you’ll need a budget for marketing and advertising to raise your business profile and attract customers.
  • Medical equipment. Every medical practice will need to invest in specialist equipment.
  • Staff salaries. Depending on the size of your medical practice, you may need to employ support staff.
  • Premises. You may need to buy or rent consulting rooms.
  • Insurance. Every medical practice should have cover for professional liability.  
  • Utilities. Water, electricity and other utilities will add to your running costs.
  • Refinancing. You may already have loans for starting, expanding or acquiring a medical practice. Refinancing business debt could save you money and put your medical practice on a stronger footing.
  • Start-up funding. Having sufficient funds to launch a business is one of the biggest challenges for any enterprise that wants to get off the ground. A loan to start a medical practice is one of the main use cases for healthcare professionals.

Who are medical practice loans suitable for?

A medical practice is a blanket term that describes many different types of medical enterprises and practitioners. It includes professionals in alternative medicine and specialist healthcare sectors, all of whom might need a loan to start a medical practice. Here are some of the professions that can benefit from medical practice loans:

  • Doctors and surgeons
  • Dentists
  • Acupuncture specialists
  • Nutritionists
  • Massage therapists
  • Psychiatrists and psychotherapists
  • Eye specialists
  • Dermatologists
  • Chiropractors
  • Homeopathists

How to get a medical practice loan

There are several options to obtain medical practice business loans, and if you’re thinking of starting a new business, you should have a detailed business plan. Many businesses might consider a traditional loan from a high street bank as the first option. However, because banks’ selection criteria are often strict, medical practice loans can be difficult to obtain, especially if you’re a start-up without the right credit score and insufficient collateral to secure the loan. And even if you’re successful, it might take a long time to be accepted for the loan and to receive the money in your account.

Alternative business funding options include crowdfunding and peer-to-peer lending. You could also apply for an iwoca business loan. With iwoca, you can borrow between £1,000 and £500,000 for up to two years, whether to help you launch a business, expand your operations, or simply to keep your cash flow healthy. There is no paperwork to complete, no early repayment fees, and money can be in your account in just a few minutes.

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Article updated on:
October 17, 2022

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What are medical practice loans?

Lack of funding is a challenge for any business venture and is one of the main reasons why healthcare professionals are often reluctant to launch their own practices. However, medical practice loans can help healthcare professionals establish, operate, upgrade or grow their businesses.

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