How to finance your practice fitout

21 Mar 2017 9:15 AM

Updating your practice with a contemporary fitout is essential to growing your business. A new modern design will not only build trust with your patients and reinforce your branding, but can also streamline your workflow and increase your productivity – and profits.

While we can all agree that you have to spend money to make money, finding the funds to finance your practice renovation or fitout can be a challenge in a tight economy.

The good news is that there are several lenders that are dedicated to providing finance for the healthcare industry. Most are sensitive to the specific needs and challenges that healthcare providers face, and can often offer finance solutions that other non-specialised lenders may not be able to deliver.

Here are our answers to some of the most commonly asked questions about healthcare finance:

 

Can I borrow to make improvements to my practice?

Yes. Many healthcare lenders will provide finance to pay for the renovation of your existing practice or for the fitout of your new practice.

 

How do finance repayments work?

Many healthcare finance companies know that it may be difficult to start making repayments while your doors are closed during a fitout or refurbishment. That’s why many do not start charging repayment until after the work is complete and you’re back in business.

 

How are the funds released?

Most healthcare lenders offer a draw down facility that means they’ll pay your contractor and supplier bills as they arise throughout the fitout or refurbishment process. That not only saves you administration time, but also means you’ll pay less interest as funds are released only as you need them instead of as a lump sum upfront.

 

What documents do I need to provide?

Specialised healthcare lenders tend to be very sensitive to your time constraints, and most will help you through the application process. However, you’ll likely need to produce profit and loss statements and balance sheets. These are basic financial documents that your accountant should be able to provide with ease.

 

Cassin Healthcare Design and Construct specialises in custom medical fit outs and veterinary fit outs with more than 28 years of experience in the healthcare fit out industry. Call our friendly team on 1300 122 774 to find out what we can do for you.