Harborpark Funding Group passes funding requests from Binghamton, New York physician practices to funding partners. This page covers Broome County physician office counts, new providers, imaging, practice purchases and office moves.
At a glance
- Offices of physicians, Broome County, NY
139 physician offices with paid staff, Broome County, NY (CBP 2023)
- Physician office payroll, Broome County, NY
About $302.7 million annual payroll, Broome County, NY offices of physicians (CBP 2023)
- Ambulatory health care, Broome County, NY
319 ambulatory health care employers with 5,769 paid employees, Broome County, NY (CBP 2023)
Physician Practice Loans for a Broome County, NY Group Adding Providers
Adding a provider means a larger payroll from the first day and insurance payments that start weeks or months later, once credentialing is complete. Physician practice loans for a Broome County, NY group adding providers often combine a term loan for the exam rooms and equipment with a line of credit for the payroll gap.
Offices of physicians numbered 139 employers in Broome County, NY in 2023, with 2,703 paid employees and about $302.7 million in annual payroll (CBP). Health care and social assistance as a whole paid more in wages than any other sector in the county.
Loans for Medical Practices Replacing Imaging Equipment
Ultrasound units, digital X-ray, bone density scanners and in-office lab analyzers have a long useful life and an active resale market, which makes them good collateral. Loans for medical practices replacing imaging equipment are usually equipment loans or leases, sometimes through the manufacturer's own finance program.
Illustration only, invented figures: an $85,000 ultrasound system financed over 60 months at an invented annual rate of 9% costs about $1,764 a month (our arithmetic). Ask whether service contracts and software licenses are part of the financed amount.
Medical Business Loans for a Southern Tier Practice Hiring a Nurse Practitioner
A nurse practitioner or physician assistant can add visits to a practice's schedule, but the salary starts before the new visits are billed and paid. Medical business loans for a Southern Tier practice hiring one are usually sized to several months of the new salary and benefits, and a line of credit fits when the gap is uncertain.
Lenders read the practice's collections history, its payer mix and its existing debt. Practices with steady collections over several years are in a stronger position.
Loan to Buy a Medical Practice in the Southern Tier
A loan to buy a medical practice in the Southern Tier covers the patient charts and goodwill, the equipment and sometimes the lease. Lenders read the seller's collections, the payer mix and how many patients are likely to stay after the transition, and they often want the selling physician to stay on for a period.
Expect to bring the purchase agreement, the seller's tax returns, the buyer's credentials and a transition plan.
Physician Business Loans for an Office Move and New Exam Rooms
An office move means a build-out of exam rooms, a waiting room and sometimes a lab, plus new furniture and equipment. Physician business loans for a move are usually term loans for the build-out, with equipment financed separately. A move also brings a few weeks of lower patient volume, which should be in the budget.
The Binghamton, NY zoning and permits guide covers the city reviews a new medical office may need.
Physicians, Dentists and Therapists Inside Broome County, NY Outpatient Care
Ambulatory health care services, which include physician, dentist and other practitioner offices, numbered 319 employers in Broome County, NY in 2023, with 5,769 paid employees and about $474.5 million in annual payroll (CBP). Offices of other health practitioners, such as chiropractors and therapists, numbered 74.
Dental offices have their own page, and the line of credit page covers claim-payment gaps.
Payer Mix, Collections and the Records a Practice Brings
Lenders reading a Broome County, NY practice's request look past the gross charges to what is actually collected. A collections report by month, an aging of outstanding claims by payer and the share of revenue from Medicare, Medicaid, commercial insurers and patients themselves tell a reviewer how steady the income is and how long claims take to pay.
Bring the practice's tax returns for two or three years, year-to-date financial statements, the lease, a list of current debt and equipment leases, and the providers' credentials. For a new provider, a signed employment agreement and a credentialing timeline show when the new visits are expected to begin paying.
A practice that bills through an outside billing company can ask it for these reports in a standard format. Having them ready shortens the back-and-forth with an underwriter and keeps the request focused on the project itself.
By Harborpark Funding Group · Updated