August 8, 2022
by Admin

So you’re a plastic surgeon or dermatologist, and you’re ready to take the next big step in your career. You’ve got some experience under your belt and you’re pretty good at what you do, so the next logical step is starting your own practice. (I mean, who doesn’t want to be their own boss?) You’ve already thought about all the operational challenges and how you will tackle them, but how are you going to get the money to pull it off? You may think it’ll take a miracle, but, I’m here to be your Fairy Practice Finance Godmother and help you figure out how much support you need and where to get it. Close your eyes, tap your heels three times, and let’s go finance your medical practice.

What is a Medical Practice Loan?

Let’s start at the beginning. In this case, it’s truly all in the name. A medical practice loan provides the necessary funds to start, grow, or acquire your business. Your eligibility is based on factors related to both your practice and yourself as the loan seeker. But, don’t worry, they’ll trust you, you’re a doctor. Doctors don’t tend to go out of business— you’re a pretty safe bet for a bank.

Figure out how much you need from your Medical Practice Loan.

While it would be great if you could simply call up the bank, say, “I’m a doctor, I want my own practice, can you foot the bill?” your odds of getting anything other than a foot to the back are slim without clearer specifications of how much you need and why.

Medical practice loans provide you with a lump sum that can cover a wide variety of start-up expenses for your plastic surgery or dermatology practice, so the sky’s the limit as long as you can prove how each expense benefits your business. Things that typically fall within their range include: equipment costs (one of everything adds up quickly!), operational expenses (to start your practice and/or get through the slow seasons), acquiring an existing practice, administrative equipment, community outreach event funding, and more. 

Basically, avoid making huge impulse buys and using business funds for personal expenses, and everything else will likely be approved. Think WWAPWOTIRSND (What Would A Person Weary Of The IRS Not Do), don’t do that, and you should be just fine.  We have bracelets if you’re interested! (JK we don’t but we can definitely help guide you.)

How much money does it cost to get started? The actual figures vary based on your goals, your starting point, your location, the size of your facility, amount of breathing room, and a million other things, so take these figures with a million grains of salt, but, just spit-balling:

  • Office space revamp (running razor thin): $500-$700K
  • Office Buildout/breathing room – $800K-$1.2M
  • Full blown ASC – $1.2-$1.5M+

Choose your fighter.

Once you know how much you need, it’s just a matter of finding which type of medical practice loan will get you your money, however and whenever you need it. 

  • SBA 7(a) Loan: “Slow and Steady”
    • A strong choice, if you can wait for it. This type of loan often comes with low interest rates and long repayment terms, but because of their rigid application process, you can end up waiting around for a long time to actually gain access to these funds.
  • Traditional Bank Loan: “The Hometown Hero”
    • A fan favorite, when you find the right one. These loans are usually less expensive in the long run, but it can be just that: a long run. While you’ll have the benefit of a personalized experience based on which bank you choose, the application process can be long and is usually pretty competitive. 
  • Term Loan: “The Lightning Bruiser”
    • A faster option, if you can afford it. These loans have the benefits of being slightly less tough to get than traditional bank loans and also getting you access to your capital much faster. The downside? (Because there’s always a downside.) Depending on the length of your term, these can get pretty pricey.
  • Short-Term Loan: “The Fragile Speedster”
    • A quick fix with a quick turnaround. These loans have far less restrictive qualifications and get you your money much faster, but you usually pay for that convenience at high interest rates that you’ll have to pay off right away.
  • Business Line of Credit: “The Rolling Attack”
    • A solid choice if you can manage your spending. The approval process here is super quick and you’ll usually have access to capital within 48hrs. You pay only for used funds, but, similar to a credit card, the added fees and charges can add up quickly if you’re not self-regulating.

The major takeaway here: every medical practice loan comes with pros and cons. The goal is to find the right fit for you based on the specific needs of your plastic surgery or dermatology practice.

One of the key things to look for is a lender focused on supporting the medical space. To start your practice, you’ll need funds in both a timely and convenient manner, and to get that you’ll need a lender that works with and understands the needs of plastic surgeons and dermatologists in your exact position. Now, I may be your Fairy Practice Finance Godmother, but to really get started on finding the best option for you and getting your application started, I’m going to have to call in the big guns. 

Here are some strong options we’ve recommended to our clients…

Bank of America Practice Heartbeat: 

  • Requires monthly reporting of data for release of funds.
  • Program includes specialized practice management and insights.
  • Secure, web-based system

PNC Healthcare Division

  • Convertible Line of Credit (12 month advance period, then term loan)
  • Help manage practice and personal finances
  • Specialists in health IT investments
  • Contact:

Bankers Healthcare Group: 

  • Flexible working capital loans
  • Access to patient finance solutions
  • Individualized approach to healthcare

Evergreen Bank: 

  • Customized banking products
  • Highly convenient digital banking options
  • Contact:


  • Extremely fast access to capital
  • Specifically for MDs
  • Completely paperless

You’ve laid the groundwork and done your research on financing, so give us a call to get started. If you’re interested in working with any of the above options, let us know and we’ll put your people in touch with our people (their people). We can provide you with the financial expertise to choose the best options for you and get your plastic surgery or dermatology practice off the ground!

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