Private Banking for Doctors
What is your most valuable resource? In a world of continuous partial attention, time is one of the most prized nonrenewable resources. This is especially true for doctors whose primary goal is the health and wellbeing of us all.
But there is the business side to the doctor’s professional life. Your financial institution is an important member of your executive team. Your banking team should stand ready to deploy financial guidance and powerful resources with one call or click.
Whether you have recently finished your medical training or you have been in the healthcare industry for decades, doctors, dentists and veterinarians often have a need for financial services specifically tailored to satisfy unique needs.
For example, doctors typically enter the workforce years later than professionals in other industries, which means you may lag behind when it comes to saving for retirement. Or perhaps you are ready to grow, hire or invest in infrastructure.
Whatever your situation may be, financing solutions personalized for your individual practice will allow you to achieve your goals.
The hours most doctors keep are very long and can make it difficult to establish a working relationship with a financial institution. This real-life hurdle means it’s vital for you to find a financial institution willing to work around your demanding schedule — a financial services partner designed for the healthcare industry.
When It’s Time to Borrow
Many circumstances require you to borrow money for personal or business purposes. Marriage, the birth of a child, the purchase or renovation of a home or an illness or injury are major life events that may require you to take advantage of personal credit.
On the professional front, having access to financing can be beneficial in many ways. If you’re a recent medical school graduate and haven’t yet established a credit history, a line of credit will begin to form your credit history, which may help you secure additional funding in the future.
Obtaining credit can also help you purchase equipment or pursue other business ideas now instead of having to wait until you save sufficient funds. A loan enables you to take on big capital projects that add to your bottom line, such as an office expansion, purchase of a commercial property or renovations — all without having to exhaust your personal savings.
A line of credit is a useful financial tool to help cover ordinary business expenses during the slow periods your practice may experience from time to time.
No matter the life event, business idea or goal you have, speaking with a banker experienced in financing for doctors will help you realize your dreams.
Loans and Lines of Credit
Your practice and your dreams are not like every other doctor’s, so why would your bank offer you a “cookie cutter” solution?
At Doctor Centric Bank, a division of Centric Bank, local leaders with an understanding of small and entrepreneurial business make all of our loan decisions. We review the global picture of your business, its goals, historical record, the power of your network and the strength of our relationship. We understand the health care industry and private medical practices. We’re willing to invest in your future success — which enriches the health of our entire community.
We help doctors, dentists and veterinarians achieve professional and personal goals by offering lending options tailored specifically to meet your needs. Whether you want to expand your practice, buy a home or purchase equipment, or you need money to cover your operating expenses, we have a financing solution for you. Our loans and lines of credit provide doctors with up to 100 percent financing for the following:
- Practice Buy-Ins and Buy-Outs
- Commercial property mortgages
- Practice mortgages
- Private loan structures
- Leasehold improvement
- Equipment & Technology
- Medical Malpractice Insurance
- Residential Home Purchase
Our line of credit solutions may help you better manage your cash flow without worrying about whether or not you have the cash on hand to cover your recurring business expenses. You may want a line of credit to cover large equipment or technology purchases without tying up your cash, to pursue renovation plans or to consolidate existing high-interest debt.
Connect with an experienced Doctor Centric banker to discuss a solution for your financing needs.
Executive Lines of Credit for Doctors
Our banking team has more than 300 combined years of experience with securing the resources doctors in all specialties need to grow their businesses and pursue their personal dreams.
From the purchase of investment property or travel, to new business ventures, an Executive Line of Credit offers access to the cash that can make your dreams a reality now.
An Executive Line of Credit may be in your name or your business’s and may be secured or unsecured. Our secured credit lines for doctors may use your primary residence, marketable securities or another capital asset as collateral. Our unsecured credit lines for doctors offer up to 15 percent of your adjusted net worth7 as cash that you can use to grow your business by hiring additional staff, developing a marketing campaign or adding more usable space to your current office location.
The U.S. Small Business Administration was founded in 1953, but its mission was derived from predecessor government agencies that were created in response to the economic pressures caused by the Great Depression and World War II.
Since its inception, the SBA has provided assistance to millions of entrepreneurs and business owners in the form of loans, loan guarantees, contracts and counseling. While the SBA has grown over the years, the agency’s mission remains the same, to “help Americans start, build and grow businesses.”
An SBA loan often offers advantages that aren’t typically available with a conventional bank loan. An SBA loan may provide longer term financing, for instance. SBA loans also have a fixed maturity and they don’t have a prepayment if your loan is under 15 years. SBA loans are flexible and they can be used to finance a number of different things, including the purchase of inventory, equipment or real estate. They can also be used to refinance debt or pay for a construction project.
Centric Bank advanced more SBA 7a funds to central Pennsylvania small businesses than any other banking institution in Eastern Pennsylvania.
Our SBA lending experts work with entrepreneurs and small business owners to help them secure SBA loans.11 Whether you’re an ophthalmologist who’s thinking of starting your own practice, a pediatrician interested in buying a new location or a veterinarian who wants to buy essential diagnostic equipment, Doctor Centric Bank can help you get the loan you need to get started.
Business owners have a number of options when it comes to SBA loans, including the following:
- SBA 7(a) Loans: SBA 7(a) loans are generally appropriate for a doctor who wants to refinance existing debt, buy capital assets or open a new office.
- Express Loans: An SBA Express loan is similar to an SBA 7(a) loan in that it can be used for the same things. This type of loan can be a revolving line of credit to restock your inventory of medical supplies as necessary.
- SBA 504 Loans: An SBA 504 loan is generally used for high-dollar projects such as purchasing land or existing buildings. These loans may be used to make improvements to your current office, resurface your parking lot, purchase new long-term capital assets such as medical equipment or build a new structure, among other projects.
Contact one of our commercial lenders at 717.657.7727 with any questions about constructing a financing solution for your individual situation.
“After 14 years as an associate dentist, I was looking to buy land and start my own practice. My construction company partner referred me to Doctor Centric Bank. Their anytime-anywhere availability, their concierge services, and their knowledge and uncommon interest in my project made growth easy and uncomplicated. They recommended an SBA loan and provided me with 100 percent financing. By working with local lenders, I was able to build relationships with people in the bank and with other businesses in the community.”
Sarah Lorei, DDS
Owner, Millennium Way Dental Studio
Sometimes, it makes more financial sense to lease essential equipment instead of buy it. The biggest advantage leasing provides is that your equipment purchase will pay for itself over time. Leasing also prevents you from having to absorb a large upfront expense that might not fit into your budget. In addition, leasing can ensure your equipment doesn’t become obsolete, as you’ll be able to trade it in at the end of the lease period.
With our leasing solutions, you can enjoy up to 100 percent financing for your equipment. You’ll also benefit from fast credit decisions that are made by people who are your neighbors. With our lease arrangements, you won’t have to worry about keeping up with your sales and use taxes because they’ll be paid monthly. Our leasing options include flexible financing with a fixed rate for up to 60 months so you’ll always know what your payment is going to be.
For doctors, we offer customized payment schedules, longer lease terms and financing for other purposes such as training and equipment installation.
Medical Malpractice Financing
The six states that generated almost 50 percent of all of the malpractice payments against doctors in 2014 are New York, Pennsylvania, New Jersey, Illinois, Massachusetts and Maryland.
The cost of malpractice insurance may be a significant expense for your practice to take on. Medical malpractice financing can help alleviate the financial burden that these insurance premiums can cause. To learn more about financing for medical professional liability insurance, connect with a Doctor Centric banker today.
If you run your own practice, you may need to manage customer payments, insurance payments, upgrade your services and equipment, and more. Between seeing patients, managing staff, ordering supplies and maintaining equipment, it can be difficult for doctors to focus on the financial side of their practices. It can also be challenging to identify areas where you may save money by eliminating fees.
Doctor Centric Bank makes it easy for physicians to manage their practice’s finances and eliminate unnecessary charges.
Our cash management services for doctors, for example, mean no per-item fees and no nuisance fees, saving you and your practice money. Our mobile banking and online banking allow you to access your banking information and process transactions, no matter where you are and no matter what the time. From a computer or your mobile device, you can bank when it is convenient for you — with complete security.
Doctor Centric Bank enables you to keep your business running smoothly by offering services such as the following:
- Cash Sweep – sweep excess funds into a higher-yield investment account
- Digital Deposit – deposit checks from the convenience of your office desk top
- Merchant Card Services – accept credit card payments from your patients at very competitive pricing
- Positive Pay – prevent fraudulent checks automatically
- Online ACH Origination – initiate debits and credits electronically
- ACH Debit Blocker – protect against unauthorized ACH transactions
- Same Day Banking – the day you come in to the bank is the day your money is deposited
Doctor Centric Bank understands that doctors face an unusual set of circumstances when it comes to retirement planning. On average, a physician finishes his or her residency program with $130,000 in student loans. Having completed college and medical school, and then spending 3-5 years in residency, and perhaps another 1-3 years receiving additional fellowship training, many doctors enter the workforce in their early thirties.
This means that doctors often join the workforce a decade later than individuals who have chosen different career paths. Late entry into the labor force also means doctors typically start saving for their retirement and earning interest on their savings later than others.
Doctor Centric Bank has banking packages for doctors that make it simple for you to start making up for this “lost” work time. Our suite of services and products includes more than the convenient business banking solutions. Our banking programs for doctors also include secure, FDIC insured, interest-bearing personal savings accounts, certificates of deposit and money market accounts you can use to start saving.
The manner in which your business and personal loans are structured can have a big impact on your ability to save for your retirement. Working with a local bank that understands the big picture — the business of being a doctor and the personal side of being financially secure — means you’re part of a team that is working toward your goals as hard as you are.
Our personalized banking services, on-call private banking, knowledgeable staff and online banking tools are available at your convenience to reach your savings goals. Contact Doctor Centric Bank at 717.657.7727 to have a conversation about your unique situation.
Centric Bank: A Community Partner
In south central Pennsylvania alone, nearly 200,000 businesses1 generate an annual GDP of $13.5 billion1, and our network of healthcare financial partnerships is partially responsible for keeping the area’s local economy strong. Founded in 2012, our Doctor Centric Bank division strives to keep the professional healthcare community in sound financial health, the same way our area’s doctors labor to keep their patients happy and healthy every day.
“We are financial first responders to more than 40 health professional clients. In 2014, we originated $4.6 million in loans to this niche of community servants and have been able to offer a full suite of financial services – equipment leasing, new construction, infrastructure financing, and cash management services.”2
Patti Husic, President & CEO
In 2017, Centric Bank was declared one of the Top 50 Fastest Growing Companies for the fifth time and the top Small Business Administration lender of 7a loans in Eastern Pennsylvania. Our commitment to helping doctors, dentists and veterinarians realize their business dreams is a large part of our overall success, with our locally owned bank recording more than $17 million in loans3 in 2015.
We are committed to our local community because we know that every time we finance a doctor’s expansion or construction, local laborers, contractors and designers are hired to perform the work, creating jobs and improving our economy.
We Revolve Around You because we are as committed to your personal and business success as you are to the well-being of your patients — seeing you achieve your dreams is our end goal as your community banker and neighbor.
Private Banking Amenities for Doctors
With our concierge services, on-call banking and firm belief that “your hours are our hours,” Doctor Centric Bank is always on standby to help with your business and personal banking needs. We provide personal, private, office and family financial care because that’s exactly what we do — care.
We care about you, your family and your practice and understand how intimately they are connected. We also care about the community we share with you and work to make our community thrive by helping local businesses grow and succeed.
Whether you want to establish or expand your medical practice, buy a piece of capital equipment or refinance your home or student loans, Doctor Centric Bank has the expertise to help. We will help you streamline the banking processes at your office, save for retirement and fund the malpractice insurance coverage you need. Contact us today to learn more about how our locally owned bank can help you and your practice.
As your private banker, Doctor Centric Bank takes care of your finances so you can focus on what really matters — the people who depend on your care. We respect the value of your time and deliver the power of financial resources directly to you, wherever you are - at the office, at the hospital, at home or at one of our financial centers.
- On-site and at-your-convenience loan meetings and transactions
- Personalized banking services for the practice and doctors
- Expedient loan decisions and on-call private banking
- Full suite of cash management services with no nuisance fees and no per-item fees
- Mobile and Online Banking
For more information about Doctor Centric Bank, please connect with a banker here, or call us at 717.657.7727 or toll free at 888.274.2033.