FREQUENTLY ASKED QUESTIONS
- + - How long has BHG been in business?
Bankers Healthcare Group has been servicing the financial needs of healthcare professionals nationwide since 2001.
- + - How many employees does BHG have?
Bankers Healthcare Group is made up of over 300 experienced, dynamic, motivated, customer service oriented individuals. Our company includes the following departments: sales, marketing, human resources, underwriting, accounting, legal, portfolio management, customer service and funding.
- + - Who does BHG provide financing to?
BHG has provided over $3 billion in funding to healthcare professionals of many different specialties, including physicians, dentists, veterinarians, pharmacists, physical therapists, occupational therapists, physician assistants, nurse practitioners and more.
- + - How can BHG actively lend in todays economy?
Simply put, for every loan funded, we set aside a reserve for bad debt and defaults. Because of our proprietary underwriting system and guidelines, we have been able to weather the storm. We will not fund a loan unless it makes sense to both BHG and the customer.
- + - Is BHG a direct lender?
Yes, we use our own money to fund loan requests.
- + - I was recently turned down by my bank, how are you able to approve me for a loan?
Our core focus is to lend money to healthcare professionals. We do not rely on a computer model to make our credit decisions. BHG takes a hands-on approach to reviewing all funding requests from our customers. We offer a wide array of financial solutions that meet the needs of many different credit profiles. Our team will work with you to decide which solution is right for you.
- + - How are you different than my community bank or other lenders?
BHG is a direct lender that has the ability to fund your loan in as few as three days. In addition, we have developed a proprietary predictive risk model that takes into consideration your day-to-day challenges as a healthcare provider. Most traditional banks and lenders have a general, rigid risk assessment process that does not differentiate a healthcare provider from a restaurant owner.
- + - What are your rates and terms?
Rates range from 6.99% to 17.99% and we offer extended terms up to 10 years.1 Our team will work closely with you on a no -cost, no-obligation proposal. Much like a healthcare provider, it is difficult to give a diagnosis without first examining the customer’s needs and profile. All loan terms will be provided in full detail both verbally and in writing.
1Subject to credit approval upon completion of application. Loan sizes and interest rates vary and are determined by applicant’s credit profile. Call for complete program details.
- + - Is there an application fee?
No. The only fees associated with our loans are closing fees and interest expense over the life of the loan, much like any other type of loan. Costs can be paid at the time of closing or incorporated into your financing and be paid over the life of the loan. These costs are only charged to you if you are approved and take receipt of your funds. There are never any pre-closing costs.
- + - If I am issued an approval from BHG, how long will it be honored?
Any loan approval from Bankers Healthcare Group will be honored for 14 days.
- + - Are there any pre -payment penalties?
We have a very large menu of loan opportunities to offer. Depending on which program best fits your needs, there may or may not be a pre-payment penalty.
- + - Do BHG loans show up on my personal credit report?
BHG commercial loans will not appear on your personal credit report.
- + - Do I have to own my own physical practice?
No. We have a financing program for every healthcare professional, no matter position or specialty. Whether you are a 1099 or a Schedule C healthcare professional, BHG can help you.
- + - What can I use the funds for?
Whether you need to pay insurance premiums, consolidate commercial debt, cover payroll, buy new equipment, make upgrades and improvements or simply need the cash flow, funds can be used for many commercial purposes.
- + - Are there tax benefits with this loan?
We recommend that you consult your accountant, but in many cases, you can write off commercial interest for significant tax savings.
- + - Can I cancel my loan before I take receipt of the funds?
Yes. Prior to receiving your funds, you may cancel your loan at any time with no cost to you.
- + - How do I know this is not a scam?
We have consistently been ranked as one of the most fiscally fit companies in the financial sector. Dun & Bradstreet is the foremost leader in evaluating a company’s solvency. We have been honored by Inc. Magazine for growth and job creation ten times, including a no. 5 overall ranking in 2005.
- + - I notice that BHG has instances of very positive reviews as well as a few negative reviews and blog posts, are these accurate?
As the market leader in our sector, we understand the potential for exposure to both positive and negative reviews and false statements made via the Internet by competitors, brokers and random people. These allegations are monitored very closely and not taken lightly. Our Dun & Bradstreet financial stability rating is consistently among the top few companies in our industry. We also invite you to review more than 600 customer reviews on TrustLink.
- + - Do you need a business plan when applying for a business loan?
No, at Bankers Healthcare Group you do not need a business plan as a prerequisite to apply for a business loan. Bankers Healthcare Group understands the healthcare professional industry. According to the Physicians for a National Health Program, the average U.S. doctor spends 16.6 percent of their workweek on administrative paperwork unrelated to patients. Regardless of whether you are a dentist, physician, veterinarian, physical therapist, chiropractor or any other licensed healthcare professional, we understand the amount of paperwork you go through on a daily basis, so we strive to make your financing as hassle-free and with minimal paperwork.
- + - Is a working capital loan the same as a cash advance?
No, a working capital loan and a cash advance are not the same. A working capital loan is issued to finance operations of a business or company and typically has a defined repayment term. A cash advance is a short-term loan in cash form that can be used for any purpose. A cash advance allows you to make a cash withdrawal from your credit card account, at an ATM or bank location or through direct deposit. Cash advances are typically capped at a few hundred dollars and have higher interest rates than normal credit card purchases and require additional fees. A recent CreditCards.com survey of 100 top cards found that the median interest rate on cash advances is 24%, or roughly 6 points higher than the interest rate on purchases.
- + - How can medical practice financing be utilized to market your healthcare services?
- Direct mail: Targeted mailings to current or prospective patients that may include brochures, postcards, newsletters and letters.
- Paid social media: Paid advertising messages on social media platforms such as Facebook, Twitter and LinkedIn.
- Video production: Producing commercials or videos to advertise your medical practice services
- Display advertising: Using audio, video and images to communicate an advertising message on different websites.
Medical practice financing may provide the cash flow you need to market your services in an effort to attract new patients or inform current patients of new care offerings. There are several avenues you may consider to market your services: