Expert Tips from Marti Law Group and Panacea Financial on Building, Borrowing, and Growing with Confidence

Starting or expanding a dental or medical practice is a major milestone. It is one of the most significant investments a provider will make in their career. In a recent conversation between Justin Marti, founder and attorney at Marti Law Group, and Brandon Finazzo of Panacea Financial, they shared practical, experience-based insights on the financial considerations providers face when launching or scaling their business.

Check out the entire Office Hours conversation below.

Key Takeaways for Building Your Practice

1. Not All Lenders Are Created Equal

Traditional banks often don’t understand the unique economics of healthcare practices. This is especially true for start-ups. Working with a lender who specializes in the healthcare space can make a world of difference. This is particularly important in fields like dentistry, medical aesthetics, or veterinary medicine.

Brandon explained that many conventional lenders get skittish when they see a brand-new entity with no cash flow. “What a lot of traditional lenders want is two to three years of history,” he said. “That doesn’t work when you're starting a practice from scratch.”

Panacea Financial offers lending solutions specifically tailored to providers. They provide 100% financing options and flexible terms that align with the ramp-up period of a new or expanded practice.

2. Build the Right Team Early

Assembling a team of professionals before diving into a project is crucial. This team should include your lender, attorney, CPA, contractor, and real estate advisor. Ideally, all should have industry-specific experience.

“Let’s all get together and make sure we’re on the same page,” Justin said. “There’s a strategy here.”

Brandon shared a cautionary tale about a veterinary practice that hired a general contractor with no healthcare experience. Midway through the build-out, the contractor disappeared, leaving the client with a costly mess. “That happens. That’s real,” he said. “You really want to make sure you’re working with someone who’s done many, many projects like yours.”

3. Understand Your Real Estate Leverage

When negotiating a lease, healthcare providers may have more leverage than they think. Dental and medical practices add long-term value to real estate. Therefore, landlords are often willing to offer perks like free rent or a tenant improvement allowance.

“You can actually lobby for some money,” Justin said. Real estate advisors who specialize in healthcare can be incredibly helpful in negotiating favorable terms.

4. Financing Isn’t Just About the Loan

The right lender does more than write a check. They help you plan ahead. Panacea reviews business plans, construction bids, and even contractor qualifications before approving a loan. While this extra diligence might feel like a hurdle, it’s designed to protect the borrower.

“We’re not trying to slow you down,” Brandon explained. “We’re trying to make sure you get the outcome you want.”

5. Relationships Matter

What made this conversation so valuable was the shared perspective both Justin and Brandon brought from working on deals. Whether it’s through referrals, shared clients, or collaborative problem-solving, these relationships help ensure providers get a seamless and strategic start.

Strategies for Sustainable Growth

6. Focus on Patient Experience

A successful practice is built on patient satisfaction. Providing a positive experience can lead to repeat visits and referrals. Consider implementing feedback systems to understand patient needs better. This can help you tailor your services to meet their expectations.

7. Invest in Marketing

Marketing is essential for attracting new patients. Utilize social media, local advertising, and community events to promote your practice. A well-rounded marketing strategy can significantly boost your visibility and patient base.

8. Keep Up with Technology

Investing in the latest technology can improve efficiency and patient care. From electronic health records to advanced diagnostic tools, staying updated can set your practice apart from competitors.

9. Monitor Financial Health

Regularly review your financial statements. Understanding your cash flow, expenses, and revenue will help you make informed decisions. This practice can prevent financial pitfalls and ensure long-term sustainability.

10. Plan for the Future

Always have a long-term vision for your practice. Set goals for growth and expansion. This forward-thinking approach will guide your decisions and keep your practice on the path to success.

Looking to Start or Expand Your Practice?

At Marti Law Group, we understand the legal and financial nuances of launching and growing a healthcare business. Whether you’re looking to buy, build, or expand, we’ll help you build the right foundation—starting with the right team. Contact us today.