Career Development

Digital lending option can help smooth your practice cash crunch

AMA members now have access to practice financing that works the same way physicians are expected to—quickly and efficiently.

The Practice Financing Program powered by Mirador, a small business digital lender, allows AMA members to complete an online loan application with lenders from the Mirador Network, which includes banks, credit unions, and nonprofit and low-cost lenders across the nation.

Portland, Oregon-based Mirador’s rapidly growing digital lending platform achieved a cumulative submitted loan volume of $2 billion in October 2018—a 100 percent increase in only nine months.

The program is part of the AMA Member Benefits PLUS, a curated collection of special offers tailored for physicians. At a time of increasing demands on physician productivity, this collection of benefits saves doctors valuable time and includes a variety of AMA-negotiated discounts.

Mirador’s platform is at the heart of the Practice Financing Program, starting with an online portal exclusively for AMA members. There, physicians can fill out an initial loan application in about 10 minutes—as opposed to the 30 hours it takes for a typical small business loan—and send it along to lenders vetted by Mirador.

On the lender side, Mirador’s software analyzes and processes loan applications. The rapid application and approval process results in loans often funded in as little as 24 to 48 hours.

The Mirador approach puts “the borrower’s experience front and center so they can access the capital they need to thrive, and navigate the process, in the most efficient, affordable way possible,” said Trevor Dryer, the company’s CEO and co-founder. “This means physicians can continue to grow and serve patients in their communities with the confidence that growth capital is available when they need it.”

Smarter, faster capital fix

Physicians can use the money for a wide range of practice improvements, such as purchasing new equipment or increasing office space.

Roughly half—47.1 percent—of physicians are practice owners, according to 2016 data from the AMA’s Physician Practice Benchmark Surveys.

Meanwhile, the “2016 Report on U.S. Physicians Financial Preparedness,” from AMA Insurance Agency Inc., found that roughly 30 percent of physicians in their 40s or 50s reported carrying some kind of practice debt.

“By using the Practice Financing Program, our members can secure funds in a smarter, faster way, and this underscores our commitment to promoting meaningful innovation across the healthcare sector,” said Todd Unger, chief experience officer and senior vice president of physician engagement at the AMA.

“The AMA works tirelessly to bring new tools and resources to support physicians throughout their career, so they can use their time to focus on their patients,” Unger said.

AMA financing solutions are not limited to practice loans. Other offerings for AMA members include medical student loans and medical student loan refinancing, as well as home loans.

Other AMA Member Benefits PLUS offers include substantial discounts on practice essentials such as package shipping, payment processing, technology, medical supplies and equipment. Other discounts programs include auto purchase or lease, car rentals and deluxe international travel.

AMA members may also save on insurance through AMA Insurance Agency Inc. This subsidiary of the AMA offers a wide range of coverage choices including life, health, disability income, and Medicare supplement, as well as home, auto and other insurance.