Do you own an independent pharmacy, dental, veterinary, optometry, medical, or other healthcare practice? Financing for pharmacists, dentists, veterinarians, or other types of physicians or medical professionals, can be a challenge. But fortunately there are many different ways to accomplish your endeavors. While most people’s minds jump right to a pharmacy or healthcare practice acquisition loan, many times you can get better rates and terms, by thinking outside the box! The experts in smarter healthcare practice financing at US Medical Funding want to share a creative way how to expand your practice by acquiring real estate! Keep reading to see how owning real estate can expand your practice!
Make Room by Having Additional Space
One of the most obvious benefits of acquiring a commercial property for a pharmacy or healthcare practice is all the extra room! Not only will your staff and patients feel more comfortable in an airy space that allows for adequate social distancing you’ll find your pharmacy or practice has extra rooms for hosting additional services, adding new robotic equipment, additional waiting space, and the opportunity to increase your patient load. For example, an extra exam room or conference room to provide Covid testing, different types of vaccinations, diabetes screening, or weight loss seminars, will differentiate yourself from the competition, and can be very valuable to an independent pharmacy or medical practice. More space will provide your pharmacy and practice more options. This means more patients, and increased revenues!
Better Terms Providing Increased Cash Flow
Commercial real estate loans typically have better rates, conditions, and longer terms. This is especially beneficial when starting up brand new. When including real estate in your start-up project, it will provide a longer term, lower interest rate, and a lower monthly payment which will provide lower overhead and increased cash flow immediately. This is a major benefit and cash flow is key for any pharmacy or healthcare practice!
Plan for Future Sales & Retirement
A final element to consider when expanding your pharmacy or practice through real estate is the future sale of your business. When you eventually decide to turn over the keys and ownership, will you sell just your pharmacy or practice and rent the property providing a nice nest egg for your retirement or will you sell the property with it? In any case, a real estate investment is usually a very smart choice. When you expand the physical footprint of your pharmacy or healthcare practice, you increase its value, potentially earning you more on the future sale!
Ready to grow your pharmacy or medical practice today? Consider the needs for your business, then find a smarter financing solution from the financing experts at US Medical Funding!