Attention Health Care Professionals – Medical Building Financing

There are reports that because of the Patient Protection and Affordable Care Act, around 32 million more Americans will receive health insurance, and this will certainly increase the demand for new or larger medical establishments. Besides that, the demand for medical services has only grown in the recent past, and is expected to continue to grow in the time to come. Medical, dental and health care industries have always been a stable industry and if you, as a doctor, an investor, or an institution, are thinking about finding medical building financing or medical office financing, you could very well be on the right track.

The ‘Medical’ Benefit:

The medical field has largely been viewed as a relative safe sector by the lending sector (both commercial and private). And even though the recent slump has put the brakes on indiscriminate lending, you can still find willing lenders when it comes to looking for medical building loan, medical office loan, dentist office loan, etc. After all, around 60 million Sq. Ft of space was added for medical services in between 2000 to 2007.

Medical Facility Specific Checklist:

Before you decide on any one building/office, understand that these facilities generally come with distinct structural, economic, and access criteria, and this is something you must address. This makes it important that your lender feels comfortable with your choice. Factors that you need to look into in this regard include:

· Going through the dimensions; as medical office buildings generally require shallow cubicles, and opting for a building with large cubicles would result in a waste of space.

· Studying the property’s HVAC system. This is because medical facilities generally have small rooms, and since different temperature settings are required in different areas, the HVAC system could buckle under unusual demands.

· Having sufficient parking space (an average of 5-6 spaces for every thousand square feet).

· Going through the costs that you would have to bear in terms of wages, equipment, insurance, taxes, etc.

The Loan:

Once you’ve established how much you need the medical building financing or dental office loan for, you go through the loan options. The loan amount would dictate whether you look for a small balance or a large balance medical/dentist loan. In either case, you would have to put down around 10% or more of the amount as down payment, and in either case you have the option to choose between fixed rate and variable rates when it comes to the interest.

Getting Approved:

When you apply for the loan, be prepared for your credit and your tax returns and financials to be scrutinized. Expect being asked about what you have in terms of bonds, stocks, savings, etc. The property that you have chosen would also be analyzed and this analysis would include looking into the local market conditions, the income and expense of the building, the location, the age & appearance of the facility, etc. These conditions remain the same for both dental and medical loan financing.

Dental Discount Plans vs Dental Insurance – What’s The Difference and Which is Better?

This particular topic has been very confusing for many consumers. Most people relate any type of medical coverage “solution” to insurance, however, in this particular case there are questions that need to be answered before you go and spend your hard earned money.

First, let’s take a look at traditional Dental Insurance: There are a few different things that need to be looked at, but we’ll begin with Premiums. Premiums for most dental insurance plans will run in the range of $30.00-$50.00 per month for an individual and as high as $100.00 per month for families.

Pre-existing conditions are not covered by dental insurance.For example, this means that if you need a root canal, and you want to get it taken care of, but don’t want to pay for it, getting dental insurance won’t help you. You’d receive a discount on the procedure if you’ve had your policy in place for more than one year (in most cases).

There are also deductibles, limitations on what procedures are covered and annual maximums of coverage.This means that no matter how much it costs to have your particular dental problem taken care of, your policy will only cover a certain amount in a one year period. With most dental insurance there are also waiting periods before you can be approved to have certain major procedures performed.

Written claims paperwork must also be performed in order for your dentist to be paid. Also, if you have a procedure performed, that you assumed was covered, but you later discover that your insurance didn’t cover it, you would be responsible for the payment to your dentist.

Certain cosmetic procedures, such as teeth whitening (cosmetic dentistry) and Orthodontics, are rarely covered.

Now let’s take a look at Dental Discount Plans: Dental discount plans are plans that allow you to see a dentist for a procedure and receive a substantial discount for paying cash at the time of your visit.

Most of these plans are very inexpensive to join and will work well for individuals, families and groups.

Some of the benefits of dental discount plans vs dental insurance are:

Most plans are activated within 1-2 business days, so if you need to see a dentist, you can usually do so fairly quickly.

Pre-existing conditions are covered, in most cases. This means that if you need a root canal done then you can go to one of the dental providers in your network and you’ll receive a substantial discount just for showing your member card and paying in full at that time.

For example, you can get your root canal taken care of and save a few hundred dollars (in most cases) and your dentist gets paid in full with no long wait and tedious paperwork to fill out. It’s a “win, win” for both the patient and the dentist.

The one drawback with dental discount plans is that you can only see a dentist that is a part of the plan’s network of providers. In many cases you’ll find that your dentist has already joined. If not, you can always show them what you’re considering and ask him to look into joining too. It makes sense for him or her to do so.

There are no annual limits with discount plans. As long as you pay the discount to your dentist, you can go every single day if you want. I doubt that you’ll need that, but I’m just making a point. No paperwork hassles either. Just show your card each time you visit and you’re in.

Cosmetic procedures and orthodontics are available with select plans. Check into this with your provider before joining.

Lastly, there are no health or age restrictions, so practically anyone can join.

If you haven’t purchased any coverage yet for yourself or your family, then why not take a look at dental discount plans? They might be just what you’re looking for.