Brookharbor Lenders in Charleston, West Virginia passes funding requests from Kanawha County physician practices to funding partners. This page covers adding a provider, equipment, what partners require, buy-ins, purchases and county physician counts.
At a glance
- Offices of physicians
Offices of physicians, Kanawha County, WV: 138 employer establishments (CBP 2023)
- Physician office payroll
Offices of physicians, Kanawha County, WV: about $148 million annual payroll (CBP 2023)
- Office ZIP practices
Offices of physicians, ZIP 25301: 20 employer establishments (ZBP 2023)
Physician Practice Loans for a Kanawha County, WV Group Adding a Provider
A group that adds a physician or an advanced practice provider pays for an exam room, equipment, credentialing time and a salary before the new provider's visits are billed and paid. Credentialing with insurers takes time, and until it is complete the new provider may see few insured patients.
Physician practice loans for growth often combine a term loan for the room and equipment with working capital for the months before the new provider's claims are paid. A partner will want the practice's financial statements, its payer mix and a realistic ramp-up plan.
Loans for Medical Practices Replacing Imaging and Lab Equipment
Imaging and lab equipment, such as ultrasound units, digital X-ray, bone densitometers, point-of-care analyzers and centrifuges, is expensive and has a defined service life. When a unit is replaced, the new one usually secures its own loan or lease.
Bring the vendor quote, the service contract terms and, if the old unit is being traded in, its value. A partner may ask how many procedures the unit supports each month, since that is how it earns back its cost.
Imaging units also come with service contracts, software licenses and, for some modalities, shielding or room work. Ask whether the quote includes them. A lease that bundles service can look cheaper per month than a loan plus a separate service contract, so compare the two on the same total: every payment for the unit plus every payment for its upkeep over the same years.
Medical Practice Equipment Financing Requirements: Quotes, Returns and Licenses
- A written vendor quote with model, installation and training.
- Practice tax returns for two or three years, with this year's profit and loss to date.
- Practice bank statements covering the months a partner asks about.
- The owner physician's license information and, if asked, board certification.
- The practice lease, if the equipment requires building work.
- Every equipment loan and lease the practice is already paying.
Requirements vary by partner and by amount. Some ask only for the quote and bank statements on smaller requests; others ask for all of the above.
Physician Practice Buy-In Loan for a New Partner in Charleston, WV
A physician buying into an existing practice pays the selling partners for a share of its assets and, often, its goodwill. The price, how it is paid and what the buy-in includes are set in the buy-in agreement.
A buy-in loan is usually a term loan repaid from the new partner's share of practice income. A partner will read the agreement, the practice's financial history and the buyer's own finances. Seller-financed portions, where the practice is paid over time, reduce the amount borrowed.
Can You Buy a Medical Practice in Kanawha County, WV With Partner Financing?
Yes, a physician can buy an existing practice with partner financing, as long as the purchase is supported by the practice's records. A partner looks at collections over the past few years, the patient base and whether it is likely to stay, the lease, the equipment and whether the seller will help with the transition.
Ask the seller early for three years of financial statements and a summary of payer contracts. A purchase that rests on unaudited estimates is harder to finance than one backed by tax returns.
Kanawha County, WV Physician Offices by Size, Payroll and ZIP: 138 Employers
County Business Patterns counted 138 offices of physicians with employees in Kanawha County, WV in 2023, with 1,500 employees and an annual payroll of about $148 million; 54 of them, or 39.1%, had fewer than five employees. Offices of physicians other than mental health specialists numbered 132 of the 138.
Twenty of the 138 had a ZIP 25301 address (ZIP Code Business Patterns). Nonemployer Statistics, a separate program, counted 137 physician offices with no paid employees in 2024.
An Invented Ultrasound and Exam-Room Package for a Family Practice
Illustration only, invented figures: a family practice in Charleston, WV adds an ultrasound unit and equips two exam rooms for $85,000 in total. The practice finances it over five years at an invented annual rate of 8.5%.
In this invented case the monthly payment is about $1,743.91, the 60 payments total about $104,634, and the financing costs about $19,634 (our arithmetic). The practice would compare that payment with the expected monthly collections from the added rooms.
By Brookharbor Lenders · Updated