MAJOR BANKS LIKE Bank of America and Wells Fargo offer physician startup loans. Doctors who qualify don’t need to put any money down, must borrow a minimum of $250,000, and have a credit score of 700 or higher. Zions Bancorp, which owns seven banks across 15 states, uses its healthcare practice lending division, Practice Pathways, to facilitate professional practice loans to acquire a practice, expand an existing practice, refinance practice loans, purchase commercial real estate for a practice, or take out equipment loans. Mercantile, a fintech company, offers branded business credit cards powered by HatchBank and MasterCard and works with DrChrono, the OAA, and the AOA. Using an industry-specific business credit card allows you to earn money back on purchases and access discounts.
Zions Bank’s Practice Pathways
Healthcare practice financing when acquiring or expanding a practice or refinancing practice loans.
(888) 588-6265 | practicepathways.com
Mercantile
Creates customized credit card programs based on industry-specific needs. Partners include the AOA, OAA, the Academy of Doctors of Audiology, and the Medical Group Management Association.
(347) 394-0018 | getmercantile.com
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Wells Fargo Practice Finance
Financing and support for dentists, optometrists, physicians, and veterinarians.
(888) 652-4942 | practicefinance.wellsfargo.com
DrChrono
The DrChrono Card is a medical business card that offers an $800 sign-up bonus, unlimited 2% back, no annual fee, and vendor rebates.
(844) 569-8628 | drchrono.com
Opticians Association of America
The OAA Business Credit Card is specifically designed for opticians and business owners. It has no annual fee, provides discounts, and earns 1.5% back.
(901) 388-2423 | oaa.org
American Optometric Association
The AOA Business Card is the only credit card offered exclusively to AOA members for their practice or non-optometry business. It earns 2% back, provides industry-specific vendor discounts, and requires no annual fee.
(800) 365-2219 | aoa.org/AOAExcel
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Bank of America Practice Solutions
Practice startup loans for health care professionals including physicians, dentists, optometrists, and veterinarians.
(800) 497-6076 | bankofamerica.com
Smart Ways to Use Financing and Industry Cards
Dibby BartlettImmediate Past President, Opticians Association of America (OAA)
OAA’s Business Credit Card allows discounts on CLs, frames, and lab services, and pays 1.5% back on purchases, a $750 signup bonus, and dues annually. There are many monthly expenses opticians can use this card for, like frame and equipment purchases/leases, and lab bills. This can really add up, so it’s nice that owners can benefit in this way. Opticians have so much pride in their profession that we’ve found there is a real satisfaction in having a credit card with their name and profession on it! Several state professional associations use this card. One of the many benefits of this program is the education on business credit cards we received from Mercantile. Once you understand how the card works, it offers great potential savings.
Kristi Rhodes, OD Eyecare North, Cave Creek, AZ
I was looking for financing to buy an existing optometry practice that was in business for nine years. I had previously looked at buying another practice and had spoken to Bank of America and Wells Fargo, but their solutions weren’t optometry specific. The broker suggested Zions Bank’s Practice Pathways program. Their team is fantastic and the process smooth. The seller accepted my offer in August and we closed Oct. 31. I liked that Zions requested all documents from both sides so everyone knew what to expect. I had to provide three years of tax returns, resume, personal financial statement, and purchase agreement. I believe they pulled my credit score. The seller provided three years of tax returns, P&L statement, and practice profile. If the quality of a practice is healthy, then buying one should not be hard.