As medical professionals with entrepreneurial spirit, physiotherapists, biokineticists, and chiropractors who go on to open private practices are often seeking business loan options to help grow their businesses.  

Considering the many growth opportunities that become available in these fields, medical professionals and business owners need to familiarise themselves with their business loan options. Alternative finance is an emerging sector that represents favourable funding opportunities for established practices that need speed and flexibility to accommodate their needs without slowing their growth. 

Why business loan options are important for private healthcare entrepreneurs 

Complementary medicine professionals like physiotherapists, biokineticists, and chiropractors have important roles in optimising the health of their patients. After spending many years studying and working to expand and enrich their expertise, it’s not uncommon for healthcare professionals to branch out and start private practices. 

However, like any growing enterprise, private practices run into their own cash flow interruptions and growth opportunities that require immediate action. In these instances, fast and flexible access to business financing makes all the difference in building lifelong trust-based relationships with your patients. 

Some common reasons why having a range of business loan options is a top priority for private medical professionals include: 

Renovations to the premises 

If you’re expanding your practice, you’ll need space for additional practice rooms and large pieces of equipment, from extra chiropractic tables to Swiss balls. While you’re at it, you may wish to consider updating your waiting area to reflect a contemporary and professional image to patients. 

Purchasing new equipment 

Upgrading, repairing, and purchasing new equipment comes at a considerable cost. Even entry-level medical tech tends to come at a premium cost. That being said, you can’t put a price on the health and comfort of your patients, or the competitive edge you can attain. Alternative financing makes it possible for you to deliver the best possible care with the most up-to-date medical equipment on the market, all without putting undue pressure on your cash flow. 

Training staff

Whether you’re training new recruits or upskilling yourself with the latest best practices in your field, paying for professional courses comes at an expense to the business. Having a financial safety net like a revolving credit facility at your disposal means that you can invest in the quality and longevity of your practice without hurting cash flow. 

Marketing expenses

You could have the finest premises and professionals manning your practice, but that means very little if word of your services is not reaching prospective patients. Securing business financing to fund quality marketing campaigns frees you up to reinvest profits into other areas of the business while ensuring that new leads are coming in to support the sustainable growth of your practice. 

Business loan options for private healthcare: from term loans to a business line of credit 

So, you’ve gotten as far as establishing that your practice needs business finance to take advantage of growth opportunities. The next step is assessing your financing options. The type of credit facility that you choose depends on how flexible you need your terms to be. 

Small business loan 

A small business loan gives you access to a lump sum for a fixed term. This is a relatively stable funding option, especially as the right financier will provide a transparent overview of your rates and repayments before you sign anything. This type of financing is best suited for short-term projects with fixed costs.

Business line of credit 

A business line of credit is one of the most flexible funding options available to growing businesses. Once you’ve been initially approved for a facility, you need only make a withdrawal request up to the predetermined limit and the funds will be available shortly. A business line of credit is best suited for medium to long-term projects with revolving costs that may be challenging to determine upfront. 

Access fast, flexible business loan options online with Bridgement 

Bridgement is fast and flexible, which should be music to the ears of most chiropractors, physiotherapists, and biokineticists. By taking just 2 minutes to fill out our paperless application online, you could gain access to up to R5 million in business financing in approximately 24 hours. That’s not even our personal best! 

Not only is it free to apply to Bridgement, but we also have a nifty loan repayment calculator to supply prospective applicants with a transparent estimate of the cost of finance. 

You shouldn’t have to overextend your finances to grow your business. Not to flex, but Bridgement offers finance solutions so that your business can enjoy a full range of motion without compromising on cash flow. Plus, there’s no obligation so why not just have the facility in place for if and when you need it.

Take a look at our minimum requirements for more info.