Healthcare spending accounted for 18% of GDP in 2017. With a projected growth rate of 5.5% per year, smart banks are leveraging the advantages of this booming industry.
One way to do this is by offering medical lending services. Financial institutions can expand their services portfolios and improve revenues. At the same time, you open the door for even more lending opportunities.
Interested in slicing off a piece of the healthcare spending pie? It’s time you start thinking of strategies to incorporate medical lending at your bank.
Let me show you how with these tips to set your bank up for success when adopting new health care loan services.
Hire or Have a Healthcare Expert
Lending to a new niche can be tricky without someone who already understands the complexities of the industry.
Before your bank considers medical lending, you should hire or have a staff member with healthcare industry expertise.
Know Your Customers
Depending on whether you offer health care loans to the provider or to patients, you should adjust your strategy.
This is especially relevant when creating underwriting strategies. The government requires patient loans to be low-interest and non-discriminatory about creditworthiness.
The Benefits of Adding Health Care Loans to Your Services Portfolio
Building positive relationships with healthcare administrators helps you become a go-to source for all their lending needs.
Physicians and administrators who know and trust your bank are more likely to come to you for:
- medical practice financing
- physician mortgage loans
- loans to increase working capital
If you want to start a relationship with the healthcare industry, Epic River’s patient lending program is an excellent option.
We created our health care loan software to connect banks with patients in need. Healthcare providers leverage your loan expertise while you form new relationships in the industry. If you’re interested in becoming a partner bank with Epic River, contact us today or learn more about our patient lending program.