Show notes
"It's just expensive to do it these days." Connect With Our SponsorsGreyFinch - https://greyfinch.com/jillallen/A-Dec - https://www.a-dec.com/orthodonticsSmileSuite - https://getsmilesuite.com/ Summary In this episode of Hey Docs!, Jill Allen and Matt Kroeker discuss the current state of lending in the healthcare industry, particularly for young doctors looking to start or acquire orthodontic practices. They explore the importance of financial preparation, the evaluation process for existing practices, and the rising costs associated with starting a new practice. Matt emphasizes the need for young doctors to build a strong support team and to understand the allocation of loan funds. The discussion also highlights the importance of saving and being financially prudent to ensure success in practice ownership. Connect With Our Guest Matt Kroeker - https://sbbankers.bankofamerica.com/matthew-kroekerTakeaways Matt Kroeker has 15 years of experience at Bank of America focusing on healthcare lending.The lending landscape is currently stable with increased loan amounts for startups.Young doctors should focus on financial preparation during their education.Credit card debt can significantly impact future borrowing capabilities.Having savings set aside is crucial for new practice owners.Evaluating existing practices involves analyzing actual financials and cash flow.Startup loans often have a graduated payment structure to ease financial pressure.Building a strong support team is essential for success in practice ownership.Construction and technology costs have significantly increased for new practices.It's important to understand how loan funds will be allocated in a startup.Chapters 00:00 Introduction03:30 Current Lending Environment06:06 Financial Advice for Young Doctors10:31 Evaluating Practice Purchases13:58 Markers for a Healthy Practice17:00 Balancing Practice Purchase with Additional Workl20:39 The Importance of a Supportive Team23:41 Discussing Startup Costs and Loan Structures26:17 The Reality of Startup Loans and Financial Flexibility31:56 The Importance of Financial Planning and Safety Nets34:35 Final Thoughts on Acquisitions vs. Startups36:24 Contact Info Episode Credits: Hosted by Jill AllenProduced by Jordann KillionAudio Engineering by Garrett LuceroAre you ready to start a practice of your own? Do you need a fresh set of eyes or some advice in your existing practice?Reach out to me- www.practiceresults.com. If you like what we are doing here on Hey Docs! and want to hear more of this awesome content, give us a 5-star Rating on your preferred listening platform and subscribe to our show so you never miss an episode. New episodes drop every Thursday!
