BHG, Bankers Healthcare Group, specializes in providing fast, flexible loans to professionals in the medical field.
They offer multiple financing solutions for a variety of situations as quickly as possible.
Should you consider BHG to help finance your practice? Keep reading to find out.
Table of Contents
BHG Financial: Key Points
Financing options:
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APR:
10%-20% |
BHG LOAN (Our Verdict)
BHG offers both personal and business loans. However, you might find that they have higher rates compared to some other providers. Aside from that, if you need huge financing, they’re the best fit |
Financing requirements:
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Loan Amounts/ Term:
Up to $5 million for SBA. ~25 years |
About Bankers Healthcare Group
Bankers Healthcare Group was founded in 2001 as a small group of three people wanting to help provide for the unique financing needs of healthcare professionals around the world.
With a financial headquarters in Syracuse and a sales office in New York City, BHG has grown significantly.
By 2019, they were ranked on Inc. 5000 for the 13th time and won #2 Best Workplace in NY Financial Services and Insurance by Fortune Magazine.
The owners of Bankers Healthcare Group were named Ernst and Young Entrepreneurs of the Year in 2012.
They partnered with Pinnacle Bank and, in less than 20 years of business, have funded more than $5 billion in loans to healthcare professionals.
Leaders/Association Partnerships
Bankers Healthcare Group’s leaders include Al Crawford, the CEO and founder, and Eric Castro, the founder.
They have a team of thirteen more executives who head up the different branches and departments to ensure the company runs smoothly.
As a reputable company, BHG holds association partnerships in:
- The National Medical Association
- The American Academy of Private Physicians
- The National Dental Association
- The Hispanic Dental Association
- Operation Smile
BHG Financing Solutions
BHG offers these three financing products:
1. Loans
Bankers Healthcare Group offers four loan types, including:
Business Loans
Business loans for medical professionals are usually approved in 24 hours — provided you meet the requirements.
They cut through many complicated and lengthy steps traditional banks go through, speeding up the approval process significantly.
After approval, you can receive funds in as little as three days.
Again, BHG’s fast, easy process is their biggest draw.
Applying for a business loan won’t affect your personal credit and no personal collateral is required to be approved for the loan.
BHG offers flexible repayment terms of up to ten years, giving you plenty of options to build a loan that suits your needs.
Business loans are offered in the amounts of $20,000–$500,000.
These loans can be used for any business need, from new equipment to debt consolidation or simply to increase cash flow.
Personal Loan
BHG personal loans offer funding in as little as five days with flexible repayment terms.
There is no collateral required to be approved for unsecured personal loans from BHG and you will pay no lockout or prepayment penalties.
You may use personal loans for needs such as home improvement, a vacation, or a major purchase.
SBA Loans
Small Business Administration (SBA) loans get dispersed in the amount of up to $5,000,000. They offer these loans for up to 25 years.
There are no balloon payments, and the loan will not affect your personal credit.
These loans are mainly used to purchase a new property or renovate, purchase new equipment, or an expansion of your current business.
Start-Up Loans
They specifically offer these loans to medical professionals who are just beginning their own businesses and need some start-up money.
The loans range from $20,000 to $200,000.
BHG offers a 24-hour approval time for these loans as well and you can receive funds in as little as three days.
They offer them terms of up to 10 years.
These also won’t affect your personal credit and no personal collateral is required to be approved for this type of loan from Bankers Healthcare Group.
2. BHG Credit Cards
BHG Power Platinum
This card is for those who usually carry a balance on their credit card and are more interested in finding one with a lower interest rate.
The Power Platinum card offers a 0% introductory APR for the first six months.
Thereafter, this card offers a lower APR than the other two cards BHG offers at interest rates between 10.99%-17.99% depending on credit.
There is no annual fee for this card.
BHG Power Rewards
This card was designed for professionals in the healthcare industry who would like to use a credit card for small daily purchases to earn some cashback rewards.
The Power Rewards card gives its owner double cashback on a specific category of purchases and cashback on all other purchases.
You can even earn cashback bonuses by spending over a certain limit.
The APR for this card is 0% for the first 6 or 12 months on balance transfers.
BHG contradicts itself in two different places on its website, so the actual time of the 0% introductory period is unsure.
After that, the rate for this card is anywhere from 15.99% to 20.99%.
There is no annual fee to use this card.
BHG Power World
For those who really appreciate cash-back rewards, the Power World card delivers.
You can earn triple cashback on a certain category, double cashback on travel charges, and cashback on all other purchases.
They also offer cashback bonuses for spending over a certain limit.
This card offers a six-month period of 0% APR for balance transfers and 15.99%-20.99% APR thereafter.
There is an annual fee of $195 for this card but it is waived the first year of use.
3. Patient Lending
If billing and collections have been an issue for your medical business, this financial solution provided by BHG could aid your financial services department.
Offering BHG’s patient lending program to your patients could possibly benefit your practice.
It could improve the billing efficiency of your practice by streamlining the collections process.
It could also help maintain a steady flow of income and decrease the hassle of the collections process.
Using BHG’s patient lending program can increase patient retention.
It offers credit to all patients, enabling them to afford your services.
This lending program accepts all credit scores and offers low monthly payments for your patients while you receive full upfront payments for your services within 48 hours from the Bankers Healthcare Group.
Consistent revenue can help healthcare practitioners keep providing the highest quality of care even in times of economic crisis, allowing your medical business to survive through the hardest of times.
Patient lending by BHG might help your business to achieve this.
BHG Pros and Cons
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What Do You Need to Be Approved by BHG?
To be approved for a loan through the Bankers Healthcare Group, you will need to hold a medical license in good standing.
This is because their whole business plan is catered to the funding for professionals in the healthcare industry.
You will need to provide some income verification through corporate and personal financial statements.
Other Lenders Like BHG
You might be wondering how the Bankers Healthcare Group holds up to the competition.
Of course, they don’t have a monopoly on financial solutions for medical professionals or even online fast lending.
Here are some of the best BHG alternatives in the industry
Lendeavor (Provide)
Lendeavor (now Provide) is another online lender that boasts of offering easy and fast loans designed for the healthcare industry.
However, they are not a direct lender. This makes their process only one of the steps in acquiring a loan for your business.
They are a service that helps connect you with other lenders who would be a good match for your needs.
They also help connect you with a CPA, attorney, or consultant so you have all the experts you need to start your business.
Hippo Lending
Hippo Lending is another online direct lender for healthcare professionals.
They are similar to BHG but instead of the three days to receive funds, Hippo Lending takes 10 days or more to receive funds.
Brick and Mortar Banks
There are a few traditional banks that offer loans to business professionals, including those in the healthcare industry.
Some examples of banks that commonly lend to business professionals include Bank of America, Wells Fargo, and Live Oak Bank.
Their process is much longer and commonly follows a cookie-cutter loan process for any industry, not specialized for the healthcare industry.
It may be possible to get a loan at a lower APR through these banks depending on your unique circumstances but the process involves much more red tape and hassle.
Final Thoughts
Owning a medical practice is stressful enough without having to worry about where the money is going to come from or if the money is going to come at all.
Bankers Healthcare Group is a viable solution to all your financing problems.
They created their streamlined loan process for maximum efficiency but they do more than rely on a computer to determine eligibility.
A real person handles each application, taking into consideration their unique needs and strengths.
They offer the stability of a nationwide bank without the hassle of the traditional loan process.
Let’s face it: physicians deal with enough paperwork as it is.
Getting a loan through Bankers Healthcare Group is fast and painless.
However, your financial future is not to be handled lightly. It’s always best to have a professional team backing you up on your financial decisions.
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