With nearly 200,000 dentists in the U.S., some individual practices are starting to go by the wayside, and at the same time group dental practices are increasing. There are several advantages to becoming a member of group practices, such as shared office expenses and marketing. Yet, many dentists prefer to stick with their individual practices.
Whether you want to continue running a sole practice or prefer to join a company comprised of other dentists, how are you faring through the competitive trends that are changing the face of the dental industry?
Profitability is more top-of-mind than in the past. As such, the industry is on track to substantially upgrade dental care and its business services. Have you taken steps to update your business?
- Have you increased your marketing spending?
- Is your practice fully automated?
- Have you modernized your data collection and administrative systems?
- Do you offer a specialty few others can provide?
- Have you updated your customers’ experiences?
- Are you offering any new payment options?
In order to level up, it is important to take an honest assessment. What would you really like to pursue and what changes can you make that you can you afford or finance?
Of course, dental practice owners would like to focus on each customer. Yet the customer experience is more expansive, and expectations are changing. It is imperative to meet and maintain the new industry standards, which could involve reviewing your dentistry finance options.
This is particularly important if extra funds aren’t available or if debts continue to loom. There are several viable means by which you can acquire a dental finance loan. Of course, if you have a good credit history and a reasonable debt-to-asset ratio, then getting a loan is easy. For those who don’t have a great credit score, take heart – Greenbox Capital offers feasible finance solutions.
If you have not yet thought about how you plan to upgrade your service, consider some of the most popular avenues for expansion and growth.
What is your vision or growth strategy?
You may keep trying to make a small office work, but the truth is that the business can’t grow without additional space. When you provide patients with a larger, more comfortable waiting room the business will be able to expand.
If you and other dentists are forming a group, a wise option might be to invest in real estate for your new office. Business loans can be used for mortgages or leases, whichever takes your practice to the next level.
Equipment Finance & Technology
Using state-of-the-art equipment is important to the growth of any dental practice. If you are still using equipment from the last decade, it is time to upgrade. It will be beneficial in two ways: Your current patients will feel as though they are being treated by a leading-edge dentist and new patients will be more inclined to join your roster.
As for technology, 3D printers are becoming a state-of-the-art tool for producing crowns. Some dentists are scanning the image of the patient’s teeth, modeling it, and sending directly to the 3D printer. It is innovation that efficiently saves time and money.
Plus, patient records and other data can be uploaded to a cloud, which will provide automation that can take your practice into the future. No more hard copy filing, or extra computer data storage will be appropriate. We are moving very quickly toward a paperless nation.
The debt of dental school coupled with the cost of office rental, dental equipment, office equipment and staff has left many dental practices working within a slim profit margin. Keeping up with monthly payments leaves little dental financial surplus for growing your business. Having help with cash flow will give your practice finance options and a chance to get ahead financially.
Acquisitions & Franchises
Acquisitions are one of the easiest ways to expand a dental practice when an appropriate amount of funding is available. Most business sellers are not interested in carrying a loan balance over a period of three-to-five years, which means the purchase price must be provided upfront.
It would be exciting to develop a franchise or a corporate-owned and operated dental office chain that could expand across the region… the state… or even the country. Embarking on a project of this size would require a large dental practice loan. This is possibly the most expensive move a dental practice can take.
Greenbox Capital’s Dental Financing Options
Small Business Loans
Getting a small business loan from a traditional bank is generally more difficult and time-consuming than anticipated. Unfortunately, since they have stringent underwriting guidelines around 80% of small business loan applications get rejected. Therefore, there are more viable options to consider.
The requirements for getting a dental practice loan through Greenbox Capital are much less complicated than with traditional lenders. For starters, we provide a one-page, online application that can be filled out on a cell phone! You can expect a quick response. In fact, within a few days, you could have approval and funding.
Merchant Cash Advance
If your dental practice accepts credit cards you could be in a really good position for a merchant cash advance, also known as “credit card receivable funding”. The way it works is simple. With a merchant cash advance, you receive the full advance amount and make payments through a percentage of future credit card sales. It’s such a painless way to pay back a loan – technology at its finest.
Generally, business owners averaging a minimum of $7,500 revenue over the past three months can qualify for a merchant cash advance equal to 70–100% of monthly sales. The payment options are always flexible with Greenbox Capital.
Business Line of Credit
Another great finance option is a business line of credit. One of the great benefits of a line of credit is that you are able to withdraw less than the full cash advance approved amount. This is perfect for planning and implementing an expansion. It allows you to use the funds when they are needed and avoid making payments on funds you have not yet used.
We make small business funding easy because we understand the importance of working with lenders who support your success. We work hard to give them every advantage so they can develop a financially healthy and stable business.
Greenbox Capital Funding Options for Dental Practices
All you will need to get started with most of our business loans:
- Be in business for a minimum of 5 months
- Have an average revenue of $7,500 for each of the last three months
- Require a loan amount of $5,000 to $250,000
Dental practice loans are important to any office looking to grow. We offer:
- Small Business Loans (Not Federal SBA Loans)
- Merchant Cash Advances
- Business Line of Credit
- Collateral Loan (This is only available if the collateral is non-residence real estate or developed land worth $100,000 or more.)
Simply fill out the online application and you will hear from us within 24 hours! Our technology is so sophisticated, you can fill it out on your cell phone!
Or if you would like to speak with one of our loan specialists, we are always available and ready to take your call. Call today: 1-855-442-3423
All About Tires
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