If you're researching funding for your medical practice, you may be wondering whether secured or unsecured funding is the better choice. Here’s teh short answer: If you do not have any collateral to secure a medical practice loan, then you'll need to apply for unsecured financing.

Unsecured medical practice loans do not require any type of collateral to secure the loan, such as property or equipment. Some traditional lenders offer unsecured funding, but most banks and SBA loan programs will require collateral in order to secure a medical practice loan. Alternative online lenders, on the other hand, primarily offer "unsecured" medical practice loans that do not require collateral.

In our latest post for Physician’s Practice, we take a closer look at 4 unsecured medical practice loan options, including:

Medical practices are one of many industries feeling the harsh effects of the "great resignation", including sudden staffing shortages, particularly in the field of nursing.

Though there are many things medical practices can do to not only hire new staff, but to retain them as well, overcoming staffing shortages often requires an investment of working capital. Merchant cash advances (MCAs) are an ideal source of medical practice funding for those looking to boost cash flow in order to hire and retain qualified staff.

In our latest post for Physician’s Practice, we take a closer look at how merchant cash advances can be used to attract new hires and retain existing staff, including:

Medical practices may need to upgrade their equipment for many reasons and at any time. Whether you are just starting your practice and are purchasing equipment for the first time, you’re an established practice looking to upgrade to the latest tech, or you are dealing with an unexpected breakdown and urgently need a replacement, you may need to secure third-party funding to help you finance the purchase of new equipment.

Small Business Administration (SBA) loans and loans from traditional lenders like banks are popular options for medical practices looking for equipment financing, but these loans have a long application process and extensive paperwork requirements. If your practice doesn't meet the requirements of the SBA or a bank or you need funding quickly, alternative lenders like Bluerock Options® may be a better option.

In our latest post for Physician’s Practice, we take a closer look at how alternative funding can help medical practices upgrade their equipment, including:

When you’re applying for a small business loan for your medical practice, the first thing you’ll ned to decide is which type of funding is right for you. There are two popular options: Small Business Administration (SBA) loans and alternative funding.

1. SBA loans are provided by SBA-approved lenders-including conventional banks or microlending institutions-and are guaranteed by the SBA up to a maximum amount (usually 80-90%). This means that if you default on your loan, the SBA will reimburse the lender for a portion of the total loan value.
2. "Alternative funding" refers to any lending that occurs outside of a traditional financial institution such as a bank or a credit union. It uses new technologies to support the underwriting process and provides a streamlined application with flexible approval requirements that are favorable to more medical practices.

Both types of funding offer advantages and disadvantages. In our latest post for Physician’s Practice, we compare SBA loans and alternative funding for medical practices to help you underestand the pros and cons and find the best funding for your practice. Keep reading to learn about:

Applying for a loan requires lots of documentation about you and your business. The documentation you’re required to supply will depend on the type of lender and the type of funding you're applying for-traditional lenders like the Small Business Administration (SBA) and banks have strict and thorough documentation requirements, while alternative lenders typically ask for less paperwork and have a more streamlined process.

We joined Physician’s Practice to outline what you'll need to apply for a small business loan from any type of lender. Keep reading to learn about small business loan documentation requirements for:

Whether you are a new doctor preparing to open your own practice or you're an established medical professional with many years under your belt and a robust patient roster, even the best businesses may need to borrow money at some point in order to keep things operating smoothly and continue growing.

If you don't need to borrow a huge sum, lines of credit are a flexible, less-strict borrowing option that may suit your needs better than a long- or short-term loan like and SBA loan.

We joined Physician’s Practice to share our expert advice for how medical practices can use lines of credit to grow their practice. Read the full article to learn:

Many types of long- and short-term physician loans are available to help finance your growth, including SBA medical practice loans, bank loans, and alternative funding. If you’re ready to grow your medical practice, alternative physician funding may be the fastest and easiest way to get the working capital you need.

Alternative medical practice funding like merchant cash advances, invoice factoring, and business line of credit can provide the working capital you need in as little as one business day, with a streamliend online application and flexible approval requirements. There are no restrictions on how alternative physician loans can be used, but they are typically bets used to finance growth strategies that will improve your practice’s revenue.

We joined Physician’s Practice to share our expert advice for 6 ways medical practices can use alternative funding to grow their practice, including:

Medical practice funding is typically best used to support ventures that will help grow your practice, which in turn increases the likelihood that you'll be able to repay your doctor’s funding on time.

However, sometimes medical practices are faced with challenges or unexpected events expenses that may require additional funding to help cover costs without impacting cash flow. When you’re seeking funding to overcome challenges, it may be more difficult to get the funding you need from traditional lenders like banks or the SBA.

With a simpler online application, flexible approval requirements, and fast turnaround, alternative medical practice funding can help you meet these challenges and continue to grow your practice.

We joined Physician’s Practice to share our expertise on 8 common challenges faced by medical practices that alternative funding can help you overcome, including:

Multiple types of small business funding exist for doctors and medical professionals, including Small Business Administration Loans, bank loans, and funding from alternative lenders.

SBA and bank loans typically have the lowest rates, largest loan amounts, and longest terms, but they also have the strictest approval requirements and can take weeks or months to receive a decision-all with no guarantee of approval. Alternative lenders offer smaller loan amounts typically at higher rates, but your application can be approved in as little as 24 hours.

Merchant cash advances are one of the most popular alternative funding options. We joined Physician’s Practice to share our expertise on this common form of alternative small business funding. Read the full article to learn more about:

Long term loans like bank loans or SBA 7(a) Guaranteed Loans don’t always make sense for medical practices.

In some cases, funding with terms shorter than 5 years is ideal for meeting the immediate needs of a medical practice, such as upgrading equipment, restocking inventory, covering delayed bill payments, or simply increasing cash flow.

We joined Physician’s Practice to share our expertise about 3 short term funding options for medical practice funding, as well as our advice for when each type of funding is ideal. Read the full article for our advice about how medical practices can benefit from: