Lease versus Buy Your Medical Equipment

October 17, 2007

When it comes to financing medical spa equipment, which route should you take?

If you’re considering expanding your practice with a medical spa, you have a lot to think about. You need to hire the right staff, market the facility and choose the right equipment.

When it comes to equipment, patients want the latest and greatest technology to turn back the hands of time. This will require a heavy financial investment on your end.

Should you buy or lease? This question isn’t easily answered, unless you take a hard look at both options. This article discusses the factors you need to consider before deciding whether to lease or buy. These are the economic value of the equipment, the availability of capital, the flexibility of payment terms and the potential tax benefits. Read more

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Top 3 MedSpa Money Myths

October 1, 2007

The baby boomer generation—some 76 million strong—represents the largest single sustained growth of the population in U.S. history, according to AARP. Every 7.5 seconds, the organization reports, someone turns 50. And every day, more than 11,500 Americans hit the big Five O.

As physicians in age management medicine, you have a unique opportunity to help this generation age the way it wants to–with health and wellness. To do so, many of you may consider expanding your existing practice into a medical spa. But it’s not an easy venture. Pitfalls exist—one of which is financing–and you must be properly prepared.

The following top 3 myths are common misconceptions physicians have about financing med spas. Read more

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Resisting Impulse Buys - Physician Guide to Financial Planning

January 19, 2007

As physicians, you never have too much time on your hands. In fact, it’s just the opposite. Every day, you continually juggle work and family obligations. So when you have free time, the last thing you want to do is manage your money. But taking control of your finances today is the first step toward a secure tomorrow. And it begins with creating a budget.

Without a budget, it’s easy to lose sight of your goals and your money. A budget, however, can keep you on track and give you a clear picture of your finances. Read more

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Understand how SBA-guaranteed loans work so you can increase your chances of obtaining one

January 13, 2007

One of the best programs in the United States for helping start new businesses is the Small Business Administration (SBA) loan program. As with any government-run program, it can be easily misunderstood. Many people think an SBA loan is a low-interest, non-collateralized loan issued by a government agency. In reality, a lending institution makes the loan to you, with the SBA guaranteeing a portion of it. The SBA limits its guarantee to loans greater than $150,000 to 75 percent of the loan value, so the lender is still on the hook for 25 percent of the loan if it goes into default. The primary benefit of an SBA-backed loan is that the lending institution probably wouldn’t have provided the loan otherwise.

SBA-backed loans fill a void, helping new business owners start businesses. You can use SBA loan proceeds to pay for land, buildings, equipment, fixtures, supplies, construction costs, and provide working capital while you get your medical spa up and running. The term is usually 10 years, or longer if a building is included. Read more

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