For the past 10 years, MBNA Practice Solutions, a subsidiary of MBNA America, has been financing health care practices across the nation. We sat down with David Burch, a vice president of MBNA Practice Solutions, and asked what sort of services a health care finance specialist can offer plastic surgeons when they are making key financial decisions, such as buying high-tech equipment, designing and executing a practice expansion or relocation, looking to improve cash flow through practice loan consolidations, acquiring a practice from another plastic surgeon, or starting a practice from scratch.
What should plastic surgeons consider when choosing a finance option for their practices?
Working with a company that understands medical-specific business needs will allow physicians to gain access to a product that is developed around their medical practice specifications. Take, for example, a physician who contacts his local bank for a practice loan. That loan specialist may not have the expertise in the market to write a customized loan for that physician’s needs. As a result, physicians may find themselves with a loan that does not adequately meet the needs of their practice. MBNA Practice Solutions specializes in health care financing, so we understand the unique needs of physicians.
If physicians have a current practice loan, can they still benefit from your services?
Of course! We have debt consolidation and practice equity loans that could improve the practice’s cash flow by paying off high-rate business debt and lengthening the loan term. It can help physicians leverage their equity to grow their practice and/or consolidate their bills into one monthly payment.
Why should a physician call MBNA?
Our Practice Solutions group offers a diverse line of products tailored specifically to the needs of physicians. From practice-improvement loans, to equipment loans, to refinancing your entire business debt, all are designed with physicians in mind. In addition, the physician will benefit from MBNA’s commitment to customer service. Over every doorway in MBNA is the phrase, “Think of yourself as a customer.” When you combine the highest service with unique product lines and flexible terms that meet individual practice needs, the choice becomes obvious. The success of the physician is our key objective.
What would you say makes MBNA a one-stop solution for all the financial needs of plastic surgeons?
Whenever a physician asks me that question, I always say, “Over 500,000 physicians currently carry an MBNA credit card. MBNA can finance everything from a small-equipment purchase to a $5 million airplane purchase.” This may seem like an overstatement, but it is reality. MBNA offers a full range of products, from business and personal credit cards, to aircraft financing, to CDs and money market accounts, to Practice Solutions business loans. As our new branding campaign states, “If you’re into it, we’re into it.” n
