Business Banking Solutions for Dentists and Dental Practitioners
In the market to obtain a finance as a dentist?
How to get the best business banking solutions as a dental practitioners
Health is a growing industry that Just Business is dedicated to supporting – with highly skilled specialists, tailored products and flexible lending facilities for growth and the increasing demand for research and innovation. Our industry specialists could also help you maximise benefits of Government subsidies and meet strict industry compliance.
Whether you are just starting out, or well established in your field, our specialized solutions for dentists can help you meet the unique banking and financing demands of your dental practice.
We know you’re busy and often work unusual hours, so a Just Business specialist can meet you at a time and place that suits you.
Whether you are an established owner of multiple locations or soon to acquire your first clinic, our healthcare banking specialists can deliver the financial solutions that you require.
Dental professionals are much more than simply another business in the community. Dentists work demanding hours and often have complicated business needs. If you run your own practice, you may need to manage customer payments, insurance payments, regular upgrading of your services and equipment, and more.
We have a dedicated healthcare banking team that focuses on all types of healthcare facilities, whether they are operating independently or are part of a network. In the end, you’re able to focus on your patients and your practice and worry less about your banking.
We understand you don’t just need banking and financial services. As a dentist, you need real solutions to help you not only manage your money, but also to help support the financial side of your practice. By working closely with healthcare practitioners, listening to our healthcare clients and picking a team of banking professionals with experience in the healthcare industry, we have created a concierge service and specialized financial services specifically for this sector. Because we understand the Healthcare industry, we’re able to provide support at every stage of your business lifecycle. You can count on us to be proactive, responsive and innovative – helping support you to achieve your financial, business and personal goals. We take care of the banking so you can take care of your practice and your patients.
We are like your private banker for life, we take care of your finances so you can focus on what really matters – the people who depend on your care. We respect the value of time and deliver the power of financial resources directly to you, wherever you are – at the office, at the hospital, at home, or at our office.
We can help you develop your practice into whatever you want it to be.
Real Estate Financing - Because your dental practice is more than just a building
Banking for dental professionals simply can't look like banking for any other profession. The needs of people who work in clinics, hospitals and other healthcare settings are unique. You may need larger lines of credit to pay for expanding your practice or renovating your clinic, or you may need to do the majority of your banking online, from the hospital or after hours.
Did you know that special lending rules apply to dentists who are buying, building or fitting out their own medical practice?
Our specialized financing solutions can help you acquire new property or expand existing premises. This is ideal if you need to purchase land, buildings, start new construction or make major renovations.
Your practice rooms are an important contributor to your business success. You may have set up or purchased a practice, or be considering doing so, however have you considered purchasing the practice property as well? Some applicants can even borrow 100% of the practice purchase price, without requiring additional security. This can apply whether you are looking to purchase an existing dental practice, set up your own dental practice, or purchase premises to run a practice.
In general, the maximum loan term to purchase freehold dental practice premises or a dental practice with freehold property as security is 25 years. If purchasing or setting up a dental practice subject to a lease agreement, the maximum loan term will be up to 15 years or as specified in the lease agreement.
Unsecured loans for Dental Practices
If you do not have residential or commercial property to offer as security for the loan, you can consider applying for an unsecured business loan. If you're applying to start a new business, you will generally need to demonstrate industry experience or have detailed cashflow projections that demonstrate an ability to service this debt. For existing businesses, you will just need to demonstrate that the existing business' cashflow can service the debt. You may find that the rates are higher than for a secured business loan but the loan amounts are lower, which could suit smaller business needs.
Purchase your own practice premises and create the patient friendly rooms you’ve always wanted, whilst also investing in your financial future. You may find the payments on the loan could be lower than the rent you would pay to lease the property.
Transactional Solutions for Dental Professionals
Cash flow is the oxygen of a dental business. The more effectively you manage it, the more successful and profitable your practice will be.
We understand the changing dynamics of your industry and we apply that knowledge to the services that can help your dental practice run more efficiently, control costs and provide a better patient and customer experience. Our health care treasury and payment specialists have the expertise to focus on all types of dental practices, whether operating independently or as part of a network.
Effectively managing your revenue cycle is the key to operating a successful practice. By getting receivables and payments (including point of sale) to work more quickly, we can help your cash work harder for you.
Receivables Processing for Dental Practices
Converting sales into cash quickly means those funds can be put to work for your dental practice sooner, strengthening your business. Medical service and product payments can be debited electronically from your patients. Linking all patient payment channels like EFTPOS, BPAY, direct debit and a secure online solution like HICAPS, that interface quickly with health funds, will improve your patient’s experience, save you time and help reduce staff administration,
Alternative payment options, such as scheduled payments, make it easy for your patients to plan for recurring services while getting necessary funds to you faster. While it’s important to cater for your patients’ various situations, it is also important to understand the cost to the practice of providing these options. For example, the cost of a 5 percent discount for payment within 14 days will slice $50,000 annually from the bottom line of a business with a $1 million turnover. But countering this is the cost of managing overdue invoices.
Payables Processing for Dental Practices
Sending timely, accurate high value payments to suppliers and creditors is a vital part of a dental practice. On the expense side, businesses should review terms with suppliers and create a cash flow forecast, factoring in regular monthly payments, any seasonality and growth projections. If you can afford to pay a large sum early or upfront, you should – absolutely – negotiate a discount.
We can find you electronic capabilities which can quickly and securely transfer funds to your payee accounts domestically and internationally. Electronic employee processing options give employees access to their payroll funds immediately while reducing the risk of cheque fraud and additional cheque expenses.
Card Processing for Dental Practices
Improving your cash flow can easily be achieved by offering card payment options. We can help set up point-of-sale solutions to give your patients convenient debit and credit payment options. Just Business can source corporate card services that allow you ease of purchasing and an additional 30-day payment period to keep your money active longer.
Upgrading Dental Equipment and Capital Expenditure Loans
Dental equipment is usually the largest non-property expense associated with setting up your own practice.
Investing in good quality equipment can significantly increase the returns for your business.
Equipment that operates at peak performance is important to your practice’s success, while old equipment can be costly to service and downtime can affect your cash flow. When you need access to cash to buy and install dental practice equipment, furniture, fixtures, computer hardware or software and leaseholds for your business, our range of capital financing options can help make those purchases possible.
Whether it’s leasing or purchasing, we could help finance the latest dental equipment and motor vehicles for your practice – without tying up large amounts of capital. We can even provide pre-approvals for 100% of finance.
Almost any type of dental equipment can be financed. This includes:
-Diagnostic imaging equipment.
-Medical monitoring devices.
-Medical laboratory equipment.
-Office, surgery or clinic fit-outs.
Car Finance for Dental Professionals
It can be challenging working in the healthcare industry. You’re often short on time, working strange hours and caring about others more than yourself. So when it comes to sorting out your finances, you need a financial specialist who’s as hard working as you. Just Business offers a range of motor vehicle finance options for personal or business use. With a car loan organised by Just Business, the car is the security so you can access 100% finance without needing a deposit or additional security.
Looking to set up or make improvements to your dental practice?
You've spent years studying and honing your skills – now it's time to start your own dental practice. Here's everything you need to know about dental practice loans.
During your many years of dentistry studies and your subsequent dental practice experience, you may have dreamed of one day running your own dental practice. The good news is that lenders see dentistry as a strong industry, one that is on the cutting edge of new technologies and modern practices. As such, many lenders are prepared to offer favourable finance terms to qualified dentists who are ready to branch out into their own practice.
When you"re considering whether to purchase your premises you should bear in mind that some finance solutions are more tax effective than others.
Likewise, as cash flow can be tight during the early stages of a new practice, you need to be sure you have access to funds and capital to cover basics such as wages, stationery and insurance. You should also be prepared for your responsibilities as an employer in areas such as taxation, employment and compliance as you make the transition from being a dentist to a dentist who"s also a small business owner.
Help from a team of trusted advisers such as an accountant, legal adviser and finance specialist can be invaluable.
Our banking solutions for dentist help you get your practice started and allow your financial services to grow with your practice.
Ready to start setting up or making improvements to your practice? Just Business can help. We can find you the most appropriate progressive draw facility. While you’re refurbishing or in the set up stage, your facility will pay your supplier invoices directly by drawing progressively from your facility, saving you time and administrative burden.
Once the improvements are completed, repayments will commence. This means there is no need for you to use your own money upfront.
Plus, with drawing progressively from your facility, rather than the entire amount at once, you pay less interest. When you are ready to open your practice doors, this facility is converted to a term based for of funding.
Ten things to consider before you set up a dental practice
1. Is the practice easy for your patients to find and access?
2. Identify your ideal patient base. Will you specialise in dealing with children, young singles or the elderly? What makes your practice and service unique and different to your ideal customer base? Knowing who you’ll target from the start will make sure you’re set up properly from day one.
3. Is there parking nearby or do you need to provide car spaces for patients and staff? A practice built on a busy road may be highly visible to passing traffic, but does it offer your patients and staff access to non-metered parking? And if parking is limited, are you close to public transport?
4. If you have local competition what can you offer that's different or better? From a marketing point of view, what are the signage opportunities like? Does the premises receive natural foot traffic? How far away is your closest competitor?
5. Is there potential for growth in the local area? Would you have room to expand? If the premises are leased, to what extent are renovations permissible?
6. How will you advertise your practice? Do you have contacts for referrals?
7. What are your staffing needs? Do you need to hire someone with practice management expertise? If purchasing an existing dental practice, find out whether the existing staff are willing to continue working for the practice. Will the former owner recommend you to their existing client base? You may like to consider a non-compete clause in the business purchase contract.
8. Will you operate as a company, trust or sole trader?
9. How much consumable stock do you need on hand?
10. Do you have a business plan? What are your goals for the practice and how will you keep track of your progress?
Budgeting for Dental Practitioners
It’s easy to put off creating a budget. When you’re running a busy dental practice, budgeting can seem like a time-consuming, low-priority chore.
But, just like any other business owner, you have to know how much revenue you need to generate to cover outgoings such as rent, wages and tax. And a budget can also play a positive role in helping you to run your dental practice more smoothly and productively.
When you’re keeping track of your finances it’s much easier to identify and take advantage of opportunities. You’re also more likely to spot any areas of concern in time to address them before they become major problems. Without a budget you have no benchmarks for measuring your progress – it’s impossible to know for sure whether your practice is becoming more profitable or going backwards.
A budget is a dynamic thing, not something you can just set and forget. Economic uncertainty, changes to legislation and healthcare reform can all have an impact on the finances of a practice, as can more local issues such as a new competitor or adding a member of staff. These kinds of things all need to be factored into the budget as they arise.
Failing to budget for tax can be a danger zone for people with their own practice. It’s certainly the cause of financial difficulty that we see most frequently. When you’re running your own business you have to build tax and other statutory payments such as superannuation and GST into your budget. If you can’t pay the full amount when it falls due you could face serious penalties, and trying to catch up can create a great deal of stress.
Business structure, insurances and asset protection strategies are fundamental to any budget and a qualified accountant can ensure you have the right ones in place. An accountant can help you to develop the budget itself, and to establish an appropriate in-house accounting system.
Once this is in place, a good practice manager can then manage the day-to-day bookkeeping with regular oversight from your accountant. In a one-person practice, the right receptionist will be able to take on the role. All you’ll need to do is review it on a regular basis, which shouldn’t take a great deal of time. You should also find that that the dental practice is running more smoothly, so you could actually have more time to spend with your patients.
What to use your dental capital loan for
1. Hiring additional staff can include new office staff and supporting staff such as a CPA or a consultant. Sometimes when your focus is on your patients it’s easy to lose sight of the day to day success of your practice. It may be time to hire additional staff to offer advice on business improvements or to handle some of the day to day operations.
2. Facility improvements & upgrades to optimize your facility layout and appeal will enhance your patient experience and increase the overall profitability of your practice.
3. New technology will improve compatibility across all platforms and with outside dental labs. It will also enable accurate record keeping and improve customer retention through automated scheduling tools. Updated technology can improve patient experience, staff morale, practice efficiency and productivity.
4. Marketing your services to build brand awareness in your local community is extremely important to drive increased revenue for your practice. Both local advertising and digital marketing can be great channels to promote specials and services to attract new patients.
5. Adding new services can involve bringing on new staff with additional skills as well as expanding or modifying your existing practice. In most areas competition for general dentists is high so specialized services are a great way to differentiate yourself from your competitors.
Home Loans for Dental Practitioners
Did you know that home loans for dentists allow you to borrow up to 100% of the property value and avoid the cost of Lenders Mortgage Insurance (LMI)? Significant interest rate discounts and fee waivers are also available. Some lenders will lend you up to $4.5 million for your home and investment properties while larger loans are available on a case by case basis. Build your property portfolio fast with home loans for dentists which can be used to buy a new property or refinance your existing loan to buy more properties.
In recognition of dentists dedication and the stability of their profession, many banks have developed a specialised approach when considering lending to dental professionals. Banks usually prefer dental professionals because they tend to earn higher incomes and approach the bank later in life for a business or investment loan. They’re the type of low risk borrower that banks will bend over backwards for!
These special benefits may be available for applications in either the dentist's own name, or in the name of related companies or trusts provided direct ownership and/or directorship by the applicant is evident. Eligibility is not dependent upon all borrowers being employed as a dentist.
Why choose Just Business for your finance solutions?
We offer one dedicated director for you and your family's individual needs and those of your practice for the life of your business. Our directors don't move because they own the business.
We will work with you and your staff, as well as your accountant or attorney if you desire. Just Business will help you access all of the Bank’s services that can specifically benefit you. We will come to your office or to your home to expedite paperwork.
For you and your family
You can enjoy tailored financing for your home and vehicles.
You can access exclusive investment opportunities through our investment specialists.
You can enjoy banking at hours that suit you through your banker or a choice of worldclass channels.
We can include the needs and security of your dependants and the members of your family in our offering.