The finance you need as a doctor

You may operate a practice that saves lives and relieves suffering - but you are also operating a business. Whether you are working with NHS funding or are running a private practice as a consultant, getting the right financial solutions can be essential.

At Rangewell, we help practitioners throughout the medical profession find solutions to their funding needs.

Funding options for doctors

Whether you are already working in private practice or considering setting up your own surgery or specialised clinic we can help you find the right type of funding option to:

• Buy an existing practice
• Set up a new practice
• Acquire premises
• Acquire equipment and assets
• Provide working capital and finance growth
• Deal with tax

Funding to buy a medical practice

Buying into an existing practice as a partner, or buying it outright perhaps from a practitioner who is retiring may require a substantial investment.  It’s important to assess the performance of the business to understand its current value. The patient base, the premises and equipment, and the value of any NHS contract need to be understood and assessed before you negotiate. 

We can help you arrange a number of solutions to let you buy into an established practice. A Secured Loan is one answer, with the security provided by the practice itself. Another alternative may be a Partner Equity Loan. This can take the form of an interest-only loan with a term of up to 25 years, which can be the most cost-efficient way to buy into a practice.

If you are thinking of buying into a large practice, you may need to do so as a partner - or buy out a partner who may be retiring. Buy in and Buy Out finance recognises the challenges and provides funding tailored to help you make full use of the opportunity.  

Setting up a new doctor's practice

As a doctor, setting up your own practice will also have some substantial costs. There will be premises to pay for – most likely with a rental agreement in the first months and years at least.

There may also be substantial equipment costs, depending on your speciality.  You’ll also have staff and operating costs to provide for. A receptionist will be essential, and you are likely to need an assistant. Electricity and business rates will have to be paid for.

Remember, simply opening the door for business will not bring in patients. You will need funding while you become established and build a patient list.

You may need to borrow working capital to keep your practice running until it becomes profitable, which could mean having months of operating expenses to cover.

Funding for large facilities

If you are looking at the costs of setting up a large clinic or small private hospital, you may be looking at funding of several million pounds. At Rangewell we are able to help you find lenders who can provide the level of funding that you need.

Contact us to find out more about funding for major facilities.

Funding for medical equipment

Whether you are starting up, buying into an existing practice, or ready to move your current business on, a wide range of diagnostic and other equipment will be required.

Your equipment needs may include:

• Lighting
• X-ray equipment
• Ultrasound equipment
• Equipment sterilizers
• IT equipment – from handheld devices to a centralised booking and billing system

At Rangewell we have found that Asset Funding can provide the most cost-effective solutions for most kinds of equipment you will use.  

Hire Purchase

If you need equipment that you want to go on giving service for years, Hire Purchase can provide the solution. You can have up to five years to spread the costs of most types of equipment your surgery or clinic will need.

Leases

If you need the latest equipment without the cost of owning it, leasing will give you the freedom and flexibility you need. Leasing can mean that responsibility for maintenance remains with the leasing company, reducing demands on your time as well as reducing costs.

Vehicle finance for doctors

Asset finance solutions such as Contract Hire can be the most cost-effective way to provide a  vehicle, which could be essential to make house calls.

See how Asset Finance and Vehicle Finance could help you cut the cost of the vehicles you need.

New or used?

Good quality used equipment can be a sound investment, especially if you are setting up a new practice. However, many medical professionals miss out on the potential savings because they believe they need to find cash to pay for it.

At Rangewell we can help you spread the cost of used as well as new equipment with Asset Finance.

Funding to buy your premises

Premises in a good location, ideally with parking and public transport nearby, will be a significant cost for your practice. You may need to for the deposit on a long-term lease.

 Alternatively, you might want to buy with a Commercial Mortgage. Not only will buying your premises protect your practice from rent increases, it could provide you with a valuable asset.

Commercial Property Finance is arranged on an individual basis. A Commercial Mortgage could help you find solutions, whether you want to acquire your existing premises from your landlord, or look at a new location.

Funding to refurbish your premises

You need to present a  fresh, clinical and modern interior to bring in patients and build their confidence. Find out more about finance for refurbishment.

Running and growing your medical practice

Your existing practice will have ongoing costs that you need to deal with. You may want to refurbish your premises, for example, or buy smaller pieces of equipment. You might want to fund growth, taking on staff or setting up a treatment room for a junior practitioner. You might also need to deal with more cash flow issues, especially in the early stages of a new practice.

Solutions include:

Funding with a Practice Loan

This type of lending recognises your status as a doctor and does not require security. It can provide a relatively high level of funding at a preferential rate of interest, which you may use for any purpose connected with your practice. Extending or refurbishing your practice, taking on staff, training or acquiring a competitor, or bringing in facilities to allow you to offer new treatments,such as cosmetic work can all be made easier to afford.

Practice loans can be used for many purposes including:

• Refurbishment
• Capital injection
• Buy-ins
• Cashflow support

Find out more by contacting us.

Tax loans

Large quarterly VAT bills or annual tax demands can cause problems with your cash flow, particularly when that falls at the same time as other costs.

VAT and Tax Loans for doctors help you to spread the cost of your tax demands into affordable monthly payments, ensuring that your practice does not have to go through cashflow difficulties because of a minor tax liability.

See how a Tax Loan can mean better control of cash flow with fixed monthly payments.

Working Capital Finance for your medical practice

Working Capital Finance is designed to boost the working capital available to a business. It's often used to provide cash to pay staff during the early weeks and months of opening a practice or during a period of growth. It is designed to be repaid in the short- to medium-term.

Our finance experts can help solve your working capital needs.

Growth Finance

Large-scale finance can be vital if you have major plans for your practice, such as acquiring a competitor. Growth Finance is a special type of funding designed to fund your growth plans.

Even if your practice does not have an established profit record that lenders usually require, we can help you find solutions.

Get our help finding the most competitive lending for your needs.

Goodwill Loans for doctors

Goodwill Loans for doctors, also known as Cash Outs, use the value in your business as the security for a loan, and may provide a sum comparable to your annual turnover. This type of lending is suitable for any purpose inside or outside the business. Many medical professionals use it to fund investments or property purchases.

Unsecured and Secured Loans

Whatever your business finance need, we can work with you to find a financial solution. Find out more about Unsecured Loans and Secured Loans.

Why Doctors need Rangewell to find finance 

Your professional status can help you secure attractive rates for the funding you need, especially if you have NHS contracts, or a full patient book.

But not all lenders will offer the most competitive terms, and finding the most competitive deal across the entire market takes time and expertise. We know the lenders who can offer the most competitive rates for all types of finance, including Professional Loans, Unsecured and Secured Loans, Invoice Finance, Asset Finance, Merchant Cash Advance, Commercial Mortgages, Growth Finance and more.

As well as conventional loan products, we can help you find Alternative Funding, using new loan providers and innovative funding solutions.

Whether you have a straightforward, small-scale funding need, or require a complicated ‘Jigsaw’ funding plan made up of a combination of financial products, we can work with you to find the answers.

Call us now to get our experts working for you.