CHERRY HILL, N.J. — Healthcare continues to be a burgeoning and ever-changing business in the U.S., creating demand for products and services from equipment investments to practice acquisitions. To support the growing needs of small and mid-size practices, TD Bank is significantly broadening its services for private medical, dental, and veterinary practices with its new Healthcare Practice Solutions Group.
This specialty lending division will underwrite loans of up to $12 million for practices with revenues up to $20 million throughout TD Bank’s Maine-to-Florida footprint. The team’s specialties include equipment loans, practice mergers/acquisitions, partnership buy-ins and buy-outs, real-estate loans, and refinancing.
While TD Bank previously offered loans and financial products to healthcare providers within its small-business bank, this new financing group will deliver specialized solutions and larger loans to support dentists, optometrists/ophthalmologists, veterinarians, orthodontists, oral surgeons, and small physician practices.
“Medical professionals have unique financial needs and circumstances, and it benefits practitioners to work with a bank that understands the healthcare business model,” said Dan Croft, head of Healthcare Practice Solutions at TD Bank. “Our team of experts can offer counsel to professionals from physicians just starting out, juggling medical school loans while setting up an office, to retiring dentists looking to sell or close their practice.”
TD Bank’s Healthcare Practice Solutions Group adds to the bank’s existing healthcare-finance capabilities under its Institutional Healthcare Group, which provides capital and specialized expertise to large healthcare entities, including acute care (hospitals, academic medical centers, and health systems), long-term care (skilled nursing facilities and home care), and larger physician practices.