Every dental practice wants to offer the highest standard of care to their patients, but sometimes it can be very expensive to invest in new equipment, new technology, and the supplies needed to perform new procedures. There are a variety of ways that practices just like yours access critical funding for expansion. What are some of the ways you can afford the upgrades that you’d like to make to your dental practice?
If you were like most dentists, you accessed a loan to start your business in the first place. As you want to add upgrades to your practice, you can also use a combination of traditional bank loans or loans from alternative lenders. Most dental practices have adequate financial situations to qualify for traditional bank loans, as well as alternative options. When receiving a traditional loan, you will receive the full balance upfront and then start the repayment process.
Credit Cards or Lines of Credit
Additionally, your dental practice could invest in upgrades using credit cards or a line of credit. These can have high interest rates that make financing prohibitively expensive, but a line of credit can be a versatile way to borrow money without receiving the entire balance at once and needing to start the repayment process immediately. Lines of credit allow you to borrow against the total loan amount as you need it.
In most cases, the upgrades that you want to make to your dental practice will involve new technology or equipment. Machinery is not cheap, and taking out an equipment loan is a good way to get funding that you can use to buy new equipment. Because equipment loans have obvious collateral in the form of the equipment being purchased, it is much easier to get a low interest rate and pay off your equipment over time.
Obviously, some practices making massive investments in their infrastructure will need to obtain some type of financing no matter what. However, if you have not taken the time to have your business examined by a third party to find inefficiencies or ways it can save money, it’s a good idea to do so. You might be surprised by how much money you are wasting every year.
APEX Reimbursement Specialists Is Here to Help Your Practice Grow
Whether you’re preparing for the recredentialing process or looking to explore automating your dental practice, APEX Reimbursement Specialists is here to help. Contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.