Coppermead Business Funding, a small-business funding service in Springfield, Ohio, explains medical practice loans for Clark County physician offices: equipment financing, working capital between insurer payments, buying or expanding a practice, and what partners read. It uses Census counts for physician offices and related health care employers.
At a glance
- Physician offices with employees, Clark County, OH
63 (CBP 2023)
- Employees
644 (CBP 2023)
- Annual payroll
$67.4 million (CBP 2023)
Physician Offices on the Clark County, OH 2023 Employer Rolls
Clark County had 63 offices of physicians with paid employees in 2023, employing 644 people with $67.4 million in annual payroll; 42.9% had fewer than five employees (Census Bureau, County Business Patterns 2023). That works out to about $104,660 in payroll per employee (our arithmetic), above the county's all-sector figure of about $46,894.
| Business type | Employers (CBP 2023) | Employees | Under 5 employees | Employers in ZIP 45502 (ZBP 2023) | Without payroll (NES 2024) |
|---|---|---|---|---|---|
| Offices of physicians | 63 | 644 | 42.9% | 10 | 47 |
| Offices of dentists | 37 | 288 | 29.7% | 3 | 11 |
| Chiropractors, therapists, optometrists and others | 45 | 278 | 57.8% | 5 | 127 |
| Home health care | 10 | 243 | 40.0% | not published | 137 |
Outpatient care centers added 29 employers (Census Bureau, County Business Patterns 2023). The health care and social assistance sector as a whole had 281 employers and 6,425 employees.
Springfield, OH Loans for Medical Practices
Loans for medical practices are read on collections. Partners look at how much the practice bills, how much it collects, how long insurers take to pay, and the mix of payers. A practice with steady collections and clean billing records gives a partner a reliable picture even when the timing of payments is uneven.
- Twelve months of business bank statements
- Collections and accounts receivable aging by payer
- The latest business tax return
- A current profit and loss statement
- Provider licenses and the practice's entity filing
Springfield, OH Medical Business Loans
Medical business loans cover equipment, working capital, build-outs and acquisitions. Equipment financing suits imaging, diagnostic and exam room equipment; working capital covers payroll between insurer payments; a term loan covers a new suite or buying a practice. Each is a business loan to the practice, not a consumer loan to patients.
The equipment financing page compares a loan with a lease.
Physician Business Loans: What Springfield, OH Owners Should Know
Physician business loans are made to the practice entity, but partners read the physicians too: their licenses, their history with the practice and, for a younger practice, their personal credit. A physician joining or buying into a practice may need a separate loan for the buy-in, read on the practice's records and the physician's income from it.
Medical Practice Business Loans for Springfield, OH Area Owners
Medical practice business loans for owners around Springfield fall into four purposes: equipment, payroll and supplies, space, and ownership changes. Name the purpose in the request; the working capital page covers payroll, the term loan page covers buying a practice.
Medical Practice Funding for Springfield, OH Area Owners
Medical practice funding can also come from the vendor side, where an equipment maker offers its own financing, and some practices lease rather than buy. Compare those offers with a partner's on total dollar cost, ownership at the end, and what happens if the equipment is replaced early.
Diagnostic Equipment Payments for a Clark County, OH Practice
Illustration only, invented figures: a practice finances $120,000 of diagnostic equipment at an invented 9% annual rate over 72 months. The payment is about $2,163 a month, about $25,957 a year (our arithmetic). The practice's collections need to cover that comfortably beside payroll and rent.
The article on how Clark County medical practices finance equipment and expansion covers more cases.
Buying an Existing Medical Practice in Springfield, OH
A buyer reads the practice's collections history, payer contracts, patient records arrangements and lease. Partners ask for the seller's returns and financial statements, the purchase agreement and the buyer's credentials. Whether payer contracts transfer to the new owner is a question for counsel.
Working Capital Between Insurer Payments
Payroll runs every pay period; insurer payments arrive on their own schedule. A working capital loan or a line of credit covers the gap. Partners read the receivables aging to see how much is owed and how long it has been outstanding.
Adding a Second Suite or Provider in Clark County, OH
Expansion requests combine purposes: a lease and build-out for the new suite, equipment for its exam rooms, and payroll for a new provider before that provider's collections arrive. Partners read the existing location's collections as the base and ask how long the new provider's billing will take to ramp. Bring the lease, bids, equipment quotes and the provider agreement, and keep the purposes separate in the request so each can be matched to its own option.
Payer Timing and Existing Debt: Checks Before a Physician Practice Request
- What exactly will the money pay for, and by when?
- How long do your main payers take to pay, based on the aging report?
- What loans, leases and advances does the practice already carry?
- Will the new payment fit beside payroll and rent in a slow collections month?
With those answered, call (937) 442-5419 or send the request form.
Dentists, Chiropractors and Home Health in Clark County, OH
Dental offices have their own page, and chiropractors and therapists theirs. The industries page covers home health and outpatient care, and the Springfield, OH figures page has the county numbers.
By Coppermead Business Funding ยท Updated