When thinking about opening a dental practice, what are some of thoughts that run through your mind? Is this right for me? Am I qualified to run a dental practice? Do I have enough experience? Will I be a good boss? How can I afford to build my dream practice?
You are not alone, in fact, many dentists ponder those exact questions.
A big part of starting any business or even growing an existing dental practice is funding. Let’s face it, without funding, you may not be able to go as far as your potential, which is why we found it so important to have a brief chat with an expert in the banking field, specializing in dentists and dental offices.
Believe it or not, banks love to lend money to dentists! They see the potential and are ready to help you grow your dreams.
Today I sat down with Tim Wilson, a healthcare expert at Wells Fargo and he is full of great tips for you to take the next steps on your journey of earning your trophy.
What is it that you do?
I am a Healthcare Business Development Officer at Wells Fargo. I exclusively work with any Healthcare businesses to review their needs and offer the best suggestions for products or solutions and also professional or internal bank introductions to help with their needs.
Why is it important for dentists to work with you?
Since I exclusively work with our Healthcare group a majority of my business is helping Dentists. I will be their advocate to help get their needs accomplished with urgency. We offer a dedicated Practice Finance group that offers up to 100% financing from everything from startup loans to expansion and commercial building loans. We have many options to help Dentists depending upon their individual needs. I understand our guidelines, process and internal partnerships to handle the requests properly. We have a dedicated underwriting and Relationship Management team that only works with Dental customers to help bring value to the overall relationship. We work hard to build a relationship and earn customers overall business and not just do loans. Outside of the practice loan, we can help with equipment financing, tenant improvements, and cashflow needs with working capital, lines of credit, or business credit card options. Also, we have outstanding treasury management and merchant services solutions. Any bank introductions from a home mortgage to wealth management I am here to provide proper introductions to help with any business or personal needs.
When a dentist is thinking about making a change, when do you suggest they call you?
When assembling a team for a new project I believe reaching out to your bank or lender should be one of your first calls. It is important to get your finances in order or fix anything that may pop up that could delay the project. We will help you with discussing the project, offering professional introductions along with getting the customer qualified or answering any questions about the process and timelines.
Walk us through a typical process?
A typical process would be contacting the prospect and learning more about their needs. As an example, if a prospect is looking for financing I would go over our lending and business banking options for the practice. I would discuss all the resources we offer and the best ways to help them achieve getting an approved loan and helping to set them up for success. I would plan to set up additional calls with partners on my team to help them along the way. Helping them assemble a knowledgeable and trustworthy team to make the experience positive and set them up for long-term success.
Any extra advice you can offer?
The best advice is working with a knowledgeable healthcare exclusive team that has the industry knowledge and connections to not only handle the immediate needs but all future needs for the Dr. to have multiple solutions and looking past just getting a loan is an important part of choosing a partner for the practice.
You can email Tim to learn more about how you may be more qualified than you think to make the move you’ve been dreaming of. His email is: [email protected].
Be sure to let him know that your friends at Designwise Interiors referred you!
As always, We are imagining and creating incredible dental spaces geared to produce results!
Founder + Creative Director
If you are a startup, a struggling dentist, or even a successful one who wants to grow your practice into a more thriving one, contact Designwise – Dental office architecture design today for a complimentary initial consultation to see if our services are right for you. With everything ranging from business coaching, and strategy, to architectural drawings, 3D renderings, full interior design services, permits, construction, and now branding and digital marketing services, we are sure we can add tremendous value to your dental practice, turning passive visitors into quality new patients who are eager to come in and take care of their dental work. Call us today.