Optometrist Business Banking Solutions
In the market to obtain a finance as optometrist?
How to get the best business banking solutions as a optometrist
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 optometrists can help you meet the unique banking and financing demands of your healthcare 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 optometry clinic, our healthcare banking specialists can deliver the financial solutions that you require.
Optometrists are much more than simply another business in the community. Optometrists 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 Optometrist 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 an optometrist, you need real solutions to help you not only manage your money, but also to help support the financial side of your clinic. By working closely with optometrist, 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 optom 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 business 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 clinic, 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 Optometrist practice is more than just a building.
Would you like to devote more space to display fashion eye wear at your practice, or purchase new digital technology for vision exams, medical diagnoses—even appointment and payment procedures? As a Doctor of Optometry, you may find yourself competing in an increasingly dynamic online and retail market, chasing diminishing reimbursements from vision programs and getting push back from patients facing higher co-pays. Yet, in our highly visual modern environment, it’s more important than ever that your patients keep up with regular eye exams, properly fitting devices, prescription medications and appropriate vision aids.
Banking for optometrists 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 shop or renovating your clinic, or you may need to do the majority of your banking online, from the office or after hours.
Did you know that special lending rules apply to optometrist 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 optom rooms are an important contributor to your business success. You may have set up or purchased a shop, or be considering doing so, however have you considered purchasing the shop property as well? Some applicants can even borrow 100% of the practice purchase price, without requiring additional security.
Purchase your own clinic 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 Optometrists
Cash flow is the oxygen of 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 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 practices, whether operating independently or as part of a network.
Effectively managing your revenue cycle is the key to operating a successful optometrist 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 Optometrists
Converting sales into cash quickly means those funds can be put to work for your optometry 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 Optometrists
Sending timely, accurate high value payments to suppliers and creditors is a vital part of a medical business. 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 Optometrists
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 Equipment and Capital Expenditure Loans for Optometrists
Medical equipment is usually the largest non-property expense associated with setting up your own optometry 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 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 medical equipment and motor vehicles for your optometry practice – without tying up large amounts of capital. We can even provide pre-approvals for 100% of finance.
Almost any type of medical equipment can be financed.
Car Finance for Optometrists
It can be challenging working as an optometrist. 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 optometry 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 optometry 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 an optometrist to an optometrist 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 an optometrist help you get your practice started and allow your financial services to grow with your practice or clinic.
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 an optometrist practice:
1. Is the optometrist practice easy for your patients to find and access?
2. Is there parking nearby or do you need to provide car spaces for patients and staff?
3. Have the rooms been previously leased as a practice? If so, why did the last tenant leave?
4. If you have local competition what can you offer that's different or better?
5. Is there potential for growth in the local area? Would you have room to expand?
6. How will you advertise your optometrist practice? Do you have contacts for referrals?
7. What are your staffing needs? Do you need to hire someone with practice management expertise?
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?
Considering An Optometry Practice Debt Consolidation Loan?
At Just Business, we understand the continual need for increased cash flow and working capital and what that can mean to the ultimate success or your practice. With current interest rates at all time lows, your practice may be a prime candidate for an optometry practice debt consolidation loan.
We've been helping numerous optometrists & ophthalmologists refinance and consolidate their practice & real estate debt at lower interest rates leading to increased monthly cash flow. We have also seen many of our clients take advantage of the lower interest rates and accelerate their debt reduction resulting in a debt free practice.
At Just Business, we have multiple optometry practice debt consolidation loan options.
An Optometry Practice Debt Consolidation Loan may just be what you've been looking for. Our years of experience in practice valuation and assessment offers our clients the most aggressive optometry practice debt consolidation loans in the marketplace.
Considering Buying Into a Optometry Practice or Buying Out A Partner?
We understand that many times, a partner buy-in/buy-out is the most advantageous scenario for an optometrist. Maybe an aging practitioner would like to cash-out some equity in the practice and bring on a new or current associate to share and continue to grow the practice. Or, a current partnership has ran its course and one of the optometry practice partners is looking to move on. We will assist in coordinating the most suitable financing scenario to meet the ultimate goals of both parties.
Keep in mind that a partner buy-in will usually require a mortgage on the whole practice (not just the percentage being financed). This is a detail that should be brought up early in negotiations, as many current practice owners are not aware of this requirement. A personal guarantee of the selling partner will not be required.
Budgeting for an optometrist
It’s easy to put off creating a budget. When you’re running a busy 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 optometry 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 optometry 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 optometry 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 practice is running more smoothly, so you could actually have more time to spend with your patients.
Home Loans for Optometrists
Did you know that home loans for optometrists allow you to borrow up to 90% 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 optometrists which can be used to buy a new property or refinance your existing loan to buy more properties.
In recognition of optometrists dedication and the stability of their profession, many banks have developed a specialised approach when considering lending to optometrists. Banks usually prefer optometrists 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!
Optometrists who demonstrate that they meet the following eligibility criteria qualify for these type of loans:
-You’ll need to be registered with AHPRA;
-You’ll need to be an Australian Citizen or Permanent Resident;
-Your property purchase must be either owner occupied or for investment purposes
These special benefits may be available for applications in either the optometrist'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 an eligible optometrist.
You can look at these specialised homes loans for:
-Restructuring and refinancing your existing mortgage to lower repayments per month
-Financing a mortgage for a new home or investment property at the best possible competitive interest rate for your situation
-Consolidating multiple mortgages into single loans to lower repayments
Why choose Just Business for your finance solutions?
Technology continues to disrupt the optometry market and we understand how quickly these ongoing changes affect your profession. Let us help you adapt to the evolving healthcare economy with a business loan for practice renovations, a new marketing plan, commercial debt consolidation, specialty certifications and more.
We offer one dedicated director for you and your family's individual needs and those of your optometry practice for the life of your business. Our directors don't move because they own the business.
We have access to a variety of lenders, making finding the right package easier for you. Just Business has a variety in lending and refinancing options available to you. We understanding the needs of medical professionals.
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 advisor or a choice of channels.
We can include the needs and security of your dependants and the members of your family in our offering.