As a medical doctor, you provide a vital service to the community. Your medical practice is also a business, and every business needs financial support.
How we can help you
- Buy an existing practice
- Set up a new practice
- Acquire premises
- Acquire equipment and assets
- Provide working capital and finance growth
- Deal with tax
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If you would like to speak to someone directly today,
please give Jonathan a call.
Available Monday - Friday 9am to 6pm
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Dealing with Doctors Surgeries and associated finance is a process that requires guidance because you are looking at finance options available for various scenarios applicable to you and your colleagues so it is a big decision to make.
As a result of your enquiry we will telephone you to assess what you are looking to achieve.
Upon your agreement we will discuss your case with the best suited company concerned, give you initial feedback regarding the figures concerned and with your agreement submit the enquiry to the company concerned.
The company that we have recommended to you will then deal via us and directly with you start to finish and initially telephone you to confirm what we have discussed and then go through their process and timeframe with you. We will oversee all and ensure a smooth process start to finish. There are no hidden fees or charges, it is all very clear and transparent.
Once your business need is completed and set up then unless you require any of our other services we carry out 6 monthly reviews to keep in touch but you know where we are.
Be advised that we do not cold call, we do not mail shot, we do not pester people, we do not force people to make decisions they do not want to. Everyone who we see is as a result on an enquiry led by them, meaning that the potential client has made the decision to look at and in most cases transfer their Final Salary Scheme or Personal Pension, or SIPP into a new arrangement be this a new Personal Pension or Annuity or Flexi Access Drawdown arrangement. Whilst we are not order takers, the point of this declaration is that we do not force or push people into making such decisions. We still go through a lengthy advice process to check viability, attitude to risk, product and fund selection and point out all of the pitfalls and benefits either way. In some cases we do not agree and this is pointed out to clients. We do not transact insistent client business.
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 First Place Financial Ltd, we help practitioners throughout the medical profession find solutions to their funding needs.
Why Doctors need First Place Financial Ltd 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.
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 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.
Some reasons you should use us
- Access to our initial advice and finding a suited lender for your requirements
- Only the best brokers and product providers used to handle your application
- No hidden extra costs, all fees and charges fully disclosed at the outset
- Flexibility of product and tailored to your needs
- Extensive Industry Experience
- We are totally Independent, Directly Authorised Advisers.
- We are friendly and talk plain English and no waffle.
- No pressure selling from us.
Funding options for doctors
Whether you are already working in private practice or considering setting up your own surgery or specialized clinic we can help you find the right type of funding option to:
Funding to buy an existing 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 is 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 recognizes 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 specialty. You will 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. 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:
- X-ray equipmentM
- Ultrasound equipmentM
- Equipment sterilizersM
- IT equipment – from handheld devices to a centralized booking and billing systemM
We have found that Asset Funding can provide the most cost-effective solutions for most kinds of equipment you will use.
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.
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.
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.
- Funding with a Practice Loan
- This type of lending recognizes 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:
- Capital injection
- Cash flow support
Find out more by contacting us.
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.
Tax Loans help you to spread the cost of your tax demands into affordable monthly payments, ensuring that your practice does not have to go through a cash flow 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.
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.
Let us help finding the most competitive lending for your needs.
Goodwill Loans for Doctors
Goodwill Loans, 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.
Real examples of what we can do
- Find the most competitive loan to let a small practice acquire a lease on an existing surgery
- Arrange funding for laser equipment for a dermatologist
- Source funding to help a doctor acquire a vehicle to provide home visits covering a wide area
- Find the most competitive finance to allow an ENT consultant to acquire premise for his consulting room
- Help a consultant arrange funding to allow her to acquire partnership in an existing practice, and provide a capital injection
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.