By: Keith W. Gruebele
The juggling act of constantly having to keep up with multiple loan payments to multiple different lenders can quickly become a burden, both financially and mentally. Credit card, student loan, and real estate payments are common debts dentists have to manage throughout their careers. Starting to feel overwhelmed? Debt consolidation may be for you.
Debt consolidation allows you to combine multiple loans together, paying them off in a single monthly payment, with one interest rate. This is done by taking out a loan to cover your current debts, and then paying off that singular loan. If you’re stuck with high-interest bills, a debt consolidation loan can often leave you with a lower interest rate.
Still not convinced that consolidation is right for you? Let me highlight some additional benefits you can expect.
Less Stressful Management
The healthcare industry is one of the highest stressed industries and the result is a financial burden that unnecessarily wreaks havoc on your life. Health, family, and even your business can suffer.
Between managing a staff, keeping up with your finances, and treating patients, running your office can be a headache. Making one flat-rate payment to one single lender can simplify the process immensely. To reduce stress further, work with a lender to set up automatic payments or choose payment dates to when your practice usually sees more income.
Clearer Financial Picture
Consolidating offers one payment date, a fixed payment, and a secure date to get out of debt and better forecast your practices financial future. Be better prepared for when either uncertainty or opportunity arises, and by ceasing to be held down by multiple payments. With one loan and fewer bills, you may be less likely to miss payments so you can start paving your way toward a better credit profile.
More Money to Work With
With one consolidated payment, you’re likely to have more money on hand so you can shift focus toward improving your practice. Consider using funds to purchase new equipment, train and hire staff, invest in marketing, or offer new services.
While debt consolidation is in no way a ‘get-out-of-jail-free card,’ it helps take some weight off your shoulders. Clean up your financial calendar with just one flat payment so you can continue to focus on the big picture. Consider debt consolidation and a solution for making your life, both inside and outside the practice, significantly less stressful and putting yourself on the path to a better financial future.
Keith W. Gruebele is Senior Vice President at Bankers Healthcare Group (BHG), where he oversees all loan originations.If you’d like more information about partnering with BHG, the premier provider of hassle-free financial solutions to healthcare professionals, to finance your new medical equipment with fixed rates and flexible terms, have one of our experts reach out to you directly. Not ready to take the next step? Visit our cash flow calculator to better understand whether your monthly cash flow is sufficient to meet your expansion and career goals.