Now That My Plan Is Ready, What’s Next?

Once you believe your plan is done (or simultaneous to its preparation), you ought to show it to some colleagues who have written business plans before or who have had experience with them before as professionals. Your own lawyer and accountant can be quite helpful, as can other businesspersons that you trust and respect. As indicated earlier, your healthcare savvy lawyer, especially as you embark on promoting a new model, is critical to your plan, as is his/her opinion of the new model approach you are taking. The point being that before you take it to a lender, make sure you have good feedback and that it is ready for the critical review of a lender who might make you think that his/her job is to not lend you money. (There can be a often be a big difference between the financial sales officer and the credit review officer, especially during the due diligence process.)

Where do I go for financing?
Now that the business plan has been put under a microscope and is really ready to go to a lender, here are a number of routes you can go to find a lender for your project.

  • You can approach your local or regional bank (but do they have healthcare project lending experience?).
  • You can approach the manufacturers and distributors that are selling you equipment and have them arrange to finance their own equipment (and some will seek to finance your entire project). Multiple financing sources can be a big hassle to manage and control.
  • You can approach any one of a number of third party finance companies and national banks that have demonstrated healthcare expertise and project finance appetites.
  • You can also work with a finance consultant who has established working relationships with many of the regional and national sources (they generally receive a referral fee from the ultimate lender, although other fee arrangement models exist).

Again, you lawyer or your accountant can help you decide. If you are working with a management company (professionally driven by radiologists or not), they will advise you as well. They often have very strong relationships with more than one lender and can leverage their overall activities to your advantage, especially given the depth of their involvement with your particular project.

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