Understanding Your Healthcare Financing Options

Posted by Emma Robison on Dec 19, 2019 4:30:00 PM
Emma Robison
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Understanding Your Healthcare Financing Options

If you're looking for funding for your Healthcare business, having a thorough understanding of the various financing options on the market will help you find an appropriate solution. Let's take a closer look at some of funding methods you could use.

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Grants And Funding Programmes

Government, local authorities and charitable organisations such as the Health Foundation, will sometimes fund specific healthcare services or award grants to practices that participate in research projects. However, opportunities are limited and competition for them is usually tough, so this should be looked at alongside other traditional financing solutions.

Conventional Lending Instruments

Banks, building societies, and other mainstream lenders can provide you with credit cards, loans, and mortgages. However, you'll need to check the terms and conditions of each product carefully to ensure that it will work for you. You may need to have been in business for a specific amount of time, for example, or have an annual turnover above a certain level to apply. Different lending instruments also attract different rates of interest, and you may be able to get a better deal from an alternative provider.

Specialist Healthcare Funding Solutions

There's an array of specialist lenders out there, including independent finance providers and venture capitalists. These lenders offer products designed to meet the industry-specific needs of healthcare companies in the UK. These solutions include:

  • Asset finance solutions to enable businesses without significant capital to buy specialist and high-value equipment, such as dental chairs, physiotherapy tables or diagnostic scanners.
  • Invoice and Merchant Card finance solutions which help healthcare companies bridge gaps in their cash flow caused, for example, by delayed payments from the NHS or private medical insurance companies.
  • Specialist business loans, including medical equipment loans, practice loans, and tax loans.
  • Commercial mortgages tailored for GPs, dentists, and physiotherapists who want to buy premises, or care home owners making new acquisitions.

While it's important to choose a reputable lender and compare products to see which provides the best value for money, a specialist healthcare funding solution could be the ideal choice for your company.

What Should You Do Next?

As impartial finance brokers with over 70 years of experience working in Finance for the Healthcare sector we work with many healthcare finance providers and are happy to talk you through your options. Get in touch today to arrange a free initial consultation. You should also download a copy of our free Healthcare Sector: Finance & Funding Guide.

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Topics: Commercial Property Finance, Finance for The Healthcare Sector, Business Loans

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