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Do you need help financing the purchase of a medical, dental, or veterinary practice? At Cogent Bank, we partner with local medical practices of all sizes, helping them to manage their short-term and long-term financial needs.
For this blog, we sat down with Amy Benison, SVP, Commercial Relationship Manager on our Healthcare Banking team. Keep reading to learn more about the healthcare banking experience at Cogent Bank.
Most of the practices we work with are doctors, dentists, and veterinarians. Our clients tend to be independently-owned and smaller group practices (must be at least 75% physician-owned).
For example, dental practices change hands frequently. We work with dental brokers and consultants who list practices for sale–they will refer their clients to us for financing.
Once you choose Cogent for your healthcare banking needs, we’ll work directly with you to finance the purchase or expansion of an existing practice. We can also provide financing for an individual doctor to buy into a larger practice.
When you work with Cogent, you can trust that we have “boots on the ground” in Florida. I meet with all of my clients in person before finalizing a transaction. The healthcare banking team at Cogent provides personalized, concierge banking service.
Beyond meeting your banking and financing needs, we also help our clients find the local resources they need—such as real estate, a CPA, or an attorney that specializes in healthcare. We can also connect you to real estate companies who specialize in leasing and a billing specialist to help you get paid.
Our clients often need some working capital and equipment financing that may or may not be rolled into the practice loan. We make it easy because we are already immersed in the field, so our clients don’t have to educate us. For example, we know what equipment is needed for each type of practice, how much it costs, and which company sells it.
Are there any trends in the healthcare sector that might affect the banking needs of your clients?
We’re seeing a lot of corporate buyers approach independent practices, especially in the veterinary and dental spaces. Our goal is to help independent buyers and sellers stay competitive against a corporate buyer.
For example, we can finance 100% of a practice acquisition. We can also give enterprise value to the existing practice based on the success of the existing practice and doctor.
At the end of the day, Cogent is about working with a person and getting concierge service. We aren’t a transaction bank–we are a resource for our customers. Whether you’re in Florida or elsewhere in the country, we bring the bank and the technology to you. We can work with healthcare practices all over the U.S. Need to purchase the building as well? We have the expertise to package real estate with a practice transaction.
Amy and the rest of the Healthcare Banking team are dedicated to providing the personalized attention you need and deserve. We are bankers who know your business. We don’t have an 800 number–you can call or text us directly. Contact us to learn more about how we can meet your healthcare banking needs!