Elmwater Capital, based in Midland, Michigan, helps Midland County physician practices compare equipment financing, term loans and lines of credit for equipment, claim timing and practice purchases. Funding partners review each request and set any terms; this page uses Census counts for the county's physician practices.
At a glance
- Physician practices with employees, Midland County, MI
77 (CBP 2023)
- Paid employees at those practices
786 (CBP 2023)
- Annual payroll at those practices
$138.5 million (CBP 2023)
Physician Practice Loans and the Midland, MI Office Payroll
Midland County, MI had 77 offices of physicians with 786 paid employees and $138.5 million in annual payroll in 2023 (CBP, NAICS 6211). By our arithmetic, payroll averaged about $176,174 per employee, a figure that includes physicians on the payroll. 48.1% of those offices had fewer than five employees.
ZIP 48640 held 55 of the county's 77 physician offices (ZBP 2023). Nonemployer Statistics, a separate program, counted 60 physician practices without paid employees in the county in 2024.
Midland, MI Medical Practice Loans
Medical practice loans cover the same purposes as any business loan, with a few practice-specific twists:
- Claim timing. Payroll is due every two weeks; insurance payments arrive on the payers' schedules. A line of credit can bridge it.
- Equipment. Exam tables, ultrasound, EKG and lab analyzers on equipment financing or a lease.
- Build-out. A new exam room or a second office on a term loan.
- Practice purchase. Buying a retiring physician's practice, or a partner's share, on a term loan.
The medical equipment article goes deeper on equipment.
Midland, MI Owners Ask: Can You Buy a Medical Practice?
Yes. Buying a medical practice means buying its patient relationships, records custody arrangements, equipment, lease and staff, and sometimes its name. A partner funding the purchase reads the seller's tax returns and collections, the purchase agreement and the buyer's own credit and income.
Loan to Buy Medical Practice: What Midland, MI Owners Should Know
- Get two to three years of the practice's tax returns and monthly collections.
- Recast the profit: add back the seller's own salary and one-time costs, then subtract what you will pay yourself.
- Agree on a price and what it includes: equipment, receivables, goodwill.
- Confirm the landlord will assign the lease to you.
- Call (989) 265-5798 with the purchase agreement.
Illustration only, invented figures: a practice recasts to $210,000 of yearly profit before the buyer's pay. If the buyer draws $150,000, $60,000 a year ($210,000 - $150,000) is left to cover a loan payment and a cushion.
Medical Practice Acquisition Loan Around Midland, MI
An acquisition loan for a practice is a term loan sized to the purchase. Partners may ask for a down payment from the buyer, a seller note for part of the price, or both. Equipment can be financed separately, which can lower the term-loan amount.
Illustration only, invented figures: a $400,000 purchase split into $40,000 of buyer cash, $60,000 of seller note and a $300,000 term loan ($40,000 + $60,000 + $300,000 = $400,000).
Medical Practice Line of Credit Loan for Owners Around Midland, MI
A practice line of credit is drawn when payroll and supplies come due before claims are paid, and repaid when they are. A partner reads the practice's collection history to see the pattern. The line of credit page covers draws and renewals.
Related pages: dental practice financing, chiropractic and therapy practice loans, and county counts on the Midland, MI data page.
Exam Rooms, Imaging and Leases at a Midland, MI Clinic
Clinical equipment falls into two groups. Long-lived items, such as exam tables, procedure chairs and casework, suit a loan or a $1 buyout lease. Technology that may be replaced, such as ultrasound units, analyzers and practice software hardware, can suit a fair market value lease, which lowers the payment and leaves the upgrade choice open.
Illustration only, invented figures: a $72,000 ultrasound unit on a 60-month fair market value lease at $1,250 a month costs $75,000 in payments ($1,250 x 60), with the option to buy it at market value or return it at the end. The lease buyout calculator runs the loan side of the comparison.
Collections, Payer Mix and Other Records for a Midland County, MI Practice
- Monthly collections for the past one to two years, by payer if the billing system allows.
- Accounts receivable aging, showing how long claims take to pay.
- Returns and bank statements for the business.
- The owner physicians' personal credit and income.
- The office lease and any equipment leases already in place.
A practice whose collections are steady and whose claims settle on a predictable schedule gives a partner a clear record to read. Large swings or a receivables balance that keeps rising call for an explanation.
By Elmwater Capital · Updated
