Medical Practice Financing & Business Loans

Grow your medical practice with quick, low-rate funding.

Loans terms designed specifically for doctors and health care professionals.

Finance your practice up to $5M

Funded within 24 to 48 hours

6-month to 24-month loan terms

Flexible payment schedules

Both unsecured and secured loan options

Best Business Loans for Doctors & Health Care Professionals

Scaling up a medical practice takes long hours and commitment. As a doctor, health care professional, and business owner, navigating to find a medical practice loan can be a time drain. There are different types of financing options available that you should fully grasp to make a well-informed decision.

The great news is that medical professionals make perfect candidates for lenders. The high earning potential of health care professionals makes it easy to secure a loan at competitive APRs.

That's where Wize comes in -- we take the guesswork out of funding your private practice. Instead of hunting down lenders to find the best interest rates and compare loan terms, Wize provides a central marketplace to make it easy and quick. Our trusted advisors help you weigh the pros and cons of each financing offer so that you can focus your time on running your own practice.

Benefits of Medical Practice Loans

Most medical practices rely on payments from insurance companies for revenue. This can result in a delay in receiving payment for services provided. We're committed to helping doctors pursue the American dream. Health care businesses, large and small, can benefit from the simplicity of our lending marketplace. A line of credit or working capital loan can provide the funding to keep moving forward.

Start a New Practice

Beginning a new medical practice requires working capital and initial investment to set up an office, buy equipment, and hire staff. A small business loan can provide a lump sum or other funding options to get medical practitioners started on the right foot.

Grow Your Practice

Health care financing can provide the capital needed to replace aging technology, meet leasing requirements, buy commercial real estate, and retain the people needed to grow your existing practice.

Acquire Another Practice

Get up to 100% of the funds needed to acquire a practice. Financing from a lender lowers your personal risk and ensures a smooth transition after the acquisition.

Lowest APR Financing

Our marketplace of 75+ lenders and banks competes to provide you with the lowest interest rates in the industry. Whether you have good or bad credit, your trusted Wize adviser works with lenders to secure the best business financing rate.

Consolidate Existing Debt

If you have outstanding debt, a loan with Wize can consolidate them to a lower interest rate and smaller monthly payments. Consolidation can significantly improve your cash flow and set up your practice for growth.

Instant Approvals

We take pride in having the fastest business loan approval rates in the finance industry. While traditional bank loan programs can take weeks, Wize can get your health care practice loan application approved and funded in one to two days

The 4 Best Loan Options for Doctors & Medical Practices

Let's look at the best financing options for health care professionals. When you apply for a loan with Wize, your dedicated financial adviser will guide you through the process. Our goal is to provide funding that fits the specific needs of your practice.

1. Term Loans for Doctors

When you think of business loans, you likely think of a term loan. A long or short-term loan is structured like traditional financing from a bank. You borrow a specific amount of capital at a specified APR and repayment terms. The duration of the loan term can be flexible based on your cash flow needs.

Why Choose a Term Loan for a Medical Practice:

✓ Fast access to capital

✓ Approval and funding takes 24 to 48 hours

✓ There's no collateral or personal guarantee needed for an unsecured term loan

✓ Both good and bad credit scores can get approved by a lender

↳ Apply For Term Loan

2. Business Line of Credit for Doctors

If you've ever had a home equity line of credit or used a credit card, you already know the overall structure of a business line of credit. Lenders approve you for a maximum credit line, and you can withdraw funds as needed. You only pay interest on funds you use from the available credit line.

Why Choose a Line of Credit for a Medical Practice:

✓ Withdraw funds on demand as financial needs arise

✓ Interest is only charged on amounts withdrawn, not the total credit limit

✓ Can improve your personal credit score

✓ There's no prepayment penalty to pay off the balance sooner

↳ Apply For a Business Line of Credit

3. Medical Equipment Loans for Doctors

Medical equipment is the foundation of a successful practice. Aging technology can hamper your ability to provide quality care. Whether you're buying new equipment or paying to repair existing ones, equipment financing can cover up to 100% of the costs. The structure of an equipment loan is similar to a car loan -- the equipment serves as collateral for the financing.

Why Choose an Equipment Loan for a Medical Practice:

✓ Quick funding with minimal documentation

✓ A good credit score isn't a requirement, as the equipment is used as collateral by the lender

✓ Competitive interest rate

↳ Apply For Equipment Loan

4. SBA 7(a) Loan for Doctors

In cases where your working capital needs are further out into the future, an SBA 7(a) loan can provide some of the best interest rates and terms. SBA loans are secured partly by the U.S. Small Business Administration (SBA). Your actual loan is through an SBA-approved lender. The federal agency provides a guarantee of up to 85% of your loan.

Why Choose an SBA 7(a) Loan for a Medical Practice:

✓ Long payment terms -- loan term length can be five to 25 years

✓ Good interest rates

✓ SBA guarantees up to 85% of the total loan amount to the lender

↳ Apply For an SBA Loan

Types of medical companies we fund

Wize provides easy approval loans to any price located in the United States. Here's just a few of them:

✓ Doctors & physicians

✓ Dentists

✓ Veterinarians

✓ Nursing homes

✓ Hospice

✓ Home healthcare

✓ Medical professionals

✓ Private practice

✓ Physical therapy

✓ Chiropractors

FAQs about Loans for Medical Practices

Speedy access to working capital can give your practice the edge. Here are answers to top questions from doctors on medical practice funding.

Is collateral required for medical practice loans?

Whether collateral is needed depends on whether the loan is secured or unsecured. Many options available don't require any security or personal guarantee. Some funding types, like equipment financing, allow you to use the equipment as collateral. You don't have to put up other professional or personal assets.

What are the qualification requirements?

Medical practice loans are typically for health care professionals who want to open their own businesses. At Wize, we commonly service physicians, dentists, and optometrists, for example, who are ready to take the next steps and become private practice owners.

Am I eligible for a medical practice loan?

Lenders look at specific borrower criteria depending on which form of funding you pursue and the goals of your business. The main qualifiers are credit score, time in business, and monthly company revenue.