Private healthcare is big business in the UK, with many GPs and dental practitioners opting to supplement their NHS appointments with private clients, providing them with additional income. While the majority of people still rely on the NHS for GP appointments, dental care and other medical treatment, a significant number opt to pay for private care, which typically offers shorter waiting times, longer consultations and access to treatment that may not be available on the NHS.
Running a private medical practice means balancing exceptional client care with a solid understanding of business. As well as offering a personal service to each and every patient, private healthcare professionals need to ensure their premises are a place where people feel comfortable coming for an appointment, having surgery, or spending a number of nights. In short, patients have to feel like they’re getting value for money, otherwise they’ll look elsewhere for their healthcare.
Funding a medical practice
Like any business, there are several costs to consider when running a medical practice. With medical technology advancing at a rapid pace, practitioners have to regularly update their equipment to ensure patients have access to the very latest treatments. This can entail additional training costs if the equipment is particularly technical. Medical practice owners also have to foot the ongoing cost of utilities, wages and stock purchase, not to mention rent or mortgage payments.
As you grow your company, it might become necessary to purchase new premises or expand your current practice. There may also be a need for essential renovation work to ensure your practice is always looking its very best for patients. This could involve anything from updating the décor to adding a physio room for patient rehabilitation.
Rather than funding such expenditure with a single payment, which can put a strain on cash flow, you may wish to borrow the necessary capital, spreading the cost over a term of up to five years. A few years ago, this would have probably meant approaching your bank for a loan. However, there is now a whole host of lenders catering to small businesses, many of whom can get funds into your account in as little as 24 hours.
Get the Fleximize treatment
Fleximize offers fast, flexible loans of up to £500,000, which are ideal for dental clinics and healthcare providers. Our funding can be used for practically any purpose related to growing your medical practice. Some of the most popular reasons for borrowing include:
We understand that every business is different, which is why we don’t apply the strict lending criteria of banks. Every company that passes our basic criteria will be assessed by one of our expert underwriters, who will look for a way to say “yes” wherever possible. Here are the key features of our business funding:
- Business loans of £5,000 – £500,000
- Unsecured and secured borrowing options
- Flexible repayment terms of 3 – 48 months
- Speedy application with minimal paperwork
- Approval and deposit in as little as 24 hours
- No hidden fees or early-repayment penalties
- Interest charged on a reducing balance, not the total loan amount
- Repayment holidays and top-ups available with all loans
- Exclusive discounts on industry-leading business services
Apply for a medical practice loan
If you’re itching to start that application, you can apply now by clicking the button below. However, we appreciate you may have a few questions to ask first, so feel free to pay a visit to our FAQs page or drop us a line on 020 7100 0110. We look forward to hearing from you.