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Nine practice types
Nine practice types. Nine different cash cycles.
"Healthcare" is not one business. A med spa collects 100% of its revenue at the counter and finances $75,000 to $200,000 lasers. A home-health agency collects nothing at the counter and runs weekly payroll at 60% to 70% of revenue against a 30-to-90-day Medicaid cycle. Those two practices need opposite products. Below is what we actually see in each, with the numbers.
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Dental & Orthodontic
Dental practice funding
Cash cycle. Mixed. Patient portion collects at the chair; the insurance portion runs 14 to 45 days. The structural issue in dentistry is not the receivable — it is that the capital needs are enormous relative to monthly revenue and they arrive all at once. Hygiene should run 25% to 33% of collections; below about 20% draws underwriting scrutiny, and above 40% Medicaid share raises questions on an SBA file.
What they borrow for
- One operatory equipped — $25,000 to $100,000
- CBCT installed — $80,000 to $250,000
- 3–4 operatory buildout — $350,000 to $750,000
- 5–7 operatory buildout — $700,000 to $1,500,000
- Practice acquisition — $400,000 to $1,400,000 (solo to established GP)
- Partner buy-in — $100,000 to $500,000
- SBA equity injection bridge — $40,000 to $150,000
Typical MedStream Capital file: 14 years in business, $95,000 a month in deposits, a $120,000 advance over 12 months, funded for a second CBCT and an operatory expansion.
Medical & Specialty Physician Practices
Medical practice funding
Cash cycle. Claim-driven. The AAFP benchmark is 30 to 40 days in accounts receivable, with above 50 days treated as a warning. Medicaid must pay 90% of clean claims in 30 days and 99% in 90. Medicare holds electronic claims a 14-day payment floor. In a mid-2025 MGMA poll, 90% of medical groups reported year-to-date operating costs above the prior year — costs moved, reimbursement did not.
What they borrow for
- Receivable bridge — $40,000 to $250,000
- Adding a provider, payroll before production — $60,000 to $200,000
- EHR or RCM migration — $25,000 to $120,000
- Second location — $250,000 to $900,000
- Malpractice premium and tax lumps — $25,000 to $150,000
- Equipment — $25,000 to $250,000
Typical MedStream Capital file: 12 years in business, $240,000 a month in deposits, a $185,000 advance over 12 months, funded to carry payroll through a clearinghouse migration.
Veterinary
Veterinary practice funding
Cash cycle. Collect-at-service. This is the key distinction people miss: pet insurance reimburses the pet owner, not the clinic. The clinic is paid at checkout. The cash pressure is inventory and payroll, not receivables. Full-service small-animal practices deposit roughly $60,000 to $120,000 a month. Staff runs 35% to 50% of revenue; drugs and inventory run 15% to 25% of gross for practices with an active surgical schedule; total overhead runs 65% to 75%. Two associates and four technicians create $35,000 to $50,000 in biweekly payroll.
What they borrow for
- Drug and surgical-supply pre-buys ahead of spring vaccine season — $25,000 to $100,000
- Digital radiography and ultrasound — $45,000 to $150,000
- Mobile unit — $90,000 to $220,000
- Specialist hire bridge — $70,000 to $200,000
- Expansion to a second exam suite — $150,000 to $400,000
Typical MedStream Capital file: 18 years in business, $140,000 a month in deposits, a $200,000 revolving line drawn seasonally rather than a lump advance.
Physical, Occupational & Speech Therapy
Therapy practice funding
Cash cycle. Claim-driven and structurally squeezed. The Medicare physician fee schedule conversion factor for 2026 is $33.4009 for most outpatient PT, OT and SLP clinics — up 3.26% from $32.3465 in 2025, but still below the $36.09 of 2020, a per-RVU decline of more than 10% across that span. Therapy practices run high visit volume on thin per-visit economics, so a 30-day swing in collections is the whole margin.
What they borrow for
- Receivable bridge — $40,000 to $150,000
- Adding a treatment room or second clinic — $100,000 to $400,000
- Therapy equipment and modalities — $25,000 to $90,000
- Hiring a therapist ahead of caseload — $50,000 to $120,000
- Billing-company transition — $25,000 to $80,000
Typical MedStream Capital file: 17 years in business, $85,000 a month in deposits, a $112,000 advance over 12 months.
Behavioral & Mental Health
Behavioral health practice funding
Cash cycle. Mixed and fragmenting. Group practices carry a blend of cash-pay, commercial, and Medicaid, with Medicaid the slowest. Credentialing lag is the sub-vertical's signature problem: a newly hired clinician can see patients for 60 to 120 days before their claims are payable, so the practice carries salary against zero collectible revenue.
What they borrow for
- Credentialing-period payroll for new clinicians — $50,000 to $200,000
- Telehealth platform and compliance build — $25,000 to $80,000
- Office expansion — $100,000 to $300,000
- IOP or PHP program launch — $150,000 to $500,000
Typical MedStream Capital file: 9 years in business, $110,000 a month in deposits, a $95,000 advance over 15 months to carry three clinicians through credentialing.
Med Spa & Aesthetics
Med spa and aesthetics funding
Cash cycle. 100% cash-pay. No payer, no claim, no receivable — and therefore no insurance-lag argument. The pressure is entirely equipment and demand. Gross margins run 50% to 65%; net margin runs 15% to 25% at a mature practice, 25% to 40% at top performers, and 5% to 15% in the first years. Treatment-room economics average about $425 per provider hour industry-wide, with aesthetician rooms at $250 to $350 and top injector rooms above $600. Provider compensation above 25% to 35% of revenue is the first thing to examine.
What they borrow for
- Laser or body-contouring platform — $75,000 to $200,000
- Injectable inventory pre-buy ahead of Q4 — $25,000 to $100,000
- Buildout of a second treatment suite — $100,000 to $350,000
- Marketing spend ahead of a device launch — $25,000 to $75,000
- Second location — $250,000 to $700,000
Typical MedStream Capital file: 7 years in business, $165,000 a month in deposits, a $150,000 advance over 12 months for a second body-contouring platform plus the Q4 inventory buy.
Home Health, Home Care & Hospice
Home health and home care funding
Cash cycle. The most payer-lagged business in this list, and the one where financing is least optional. Labor is 60% to 70% of revenue and payroll runs weekly or biweekly, while Medicaid and managed-care clean claims pay in 30 to 45 days and the broader range is 30 to 90. Private pay lands in days to weeks; VA and long-term-care insurance fall in between. An EVV mismatch, a missing authorization, or a coding error restarts the clock. The practical rule from the field: a payroll coverage ratio — cash plus confirmed collections over the next two payroll runs — below 1.5 is a financing decision that week. Target DSO is 50 days or better with no more than 15% to 20% of receivables past 90. Carry two to three months of payroll in reserve, or finance it.
What they borrow for
- Payroll gap against the Medicaid cycle — $50,000 to $300,000
- Caregiver recruiting and onboarding — $25,000 to $100,000
- EVV and scheduling software — $25,000 to $80,000
- Acquiring a smaller agency's census — $150,000 to $600,000
- Vehicle fleet — $90,000 to $220,000
Typical MedStream Capital file: 11 years in business, $310,000 a month in deposits, a $275,000 advance over 12 months, funded against four weeks of payroll exposure.
Optometry & Ophthalmology
Optometry and ophthalmology funding
Cash cycle. Hybrid retail and clinical. Vision plan reimbursement is slow and low-margin; the optical dispensary is collect-at-counter and carries real inventory. Equipment is the capital driver — OCT, fundus imaging, and visual field units move in $40,000 to $150,000 increments.
What they borrow for
- OCT and diagnostic imaging — $40,000 to $150,000
- Frame and lens inventory — $25,000 to $120,000
- Lane buildout — $60,000 to $180,000
- Practice acquisition — $400,000 to $1,500,000
- Dispensary remodel — $50,000 to $200,000
Typical MedStream Capital file: 21 years in business, $130,000 a month in deposits, a $140,000 advance over 12 months for an OCT upgrade and a dispensary remodel.
Chiropractic & Integrated Care
Chiropractic practice funding
Cash cycle. Heavily cash-pay and care-plan based, with a commercial insurance tail. Personal-injury and attorney-lien files are the long pole — those can run six to eighteen months to collect and are the single most common reason a chiropractic practice with good production has no cash.
What they borrow for
- Personal-injury and lien receivable bridge — $40,000 to $200,000
- Decompression and laser equipment — $25,000 to $90,000
- Adding a nurse practitioner or integrated medical service line — $75,000 to $250,000
- Second location — $150,000 to $500,000
Typical MedStream Capital file: 13 years in business, $70,000 a month in deposits, an $85,000 advance over 12 months against a lien-heavy book.
Real numbers
What practices actually borrow for, and how much.
| Use of funds | Typical amount |
|---|---|
| Bridging an insurance receivable cycle (30–90 days) | $40,000 – $250,000 |
| Payroll gap against a Medicaid / MCO claim cycle | $50,000 – $300,000 |
| One operatory or exam room, equipped | $25,000 – $100,000 |
| CBCT / 3D imaging unit, installed | $80,000 – $250,000 |
| 3–4 operatory buildout (900–2,000 sq ft) | $350,000 – $750,000 |
| 5–7 operatory buildout (1,500–3,500 sq ft) | $700,000 – $1,500,000 |
| SBA equity injection (10% of project) | $40,000 – $150,000 |
| Partner / associate buy-in | $100,000 – $500,000 |
| Practice acquisition (full) | $400,000 – $3,200,000 |
| Med-spa laser or body-contouring platform | $75,000 – $200,000 |
| Second location / satellite office | $250,000 – $900,000 |
| EHR, PMS, or RCM platform migration | $25,000 – $120,000 |
| Six weeks of emergency payroll | $60,000 – $400,000 |
Published in full
MedStream Capital eligibility criteria
These are our actual requirements for working capital and line of credit. There is no additional hidden screen.
| Minimum time in business | 6 months |
|---|---|
| Minimum monthly revenue | $15,000 in deposits across all business accounts |
| Minimum credit score | None. There is no FICO minimum on working capital or line of credit. |
| Funding range | $25,000 to $2,000,000 |
| Documents required | 4 months of business bank statements |
| Documents never required | Tax returns, P&L, patient records |
| Time to decision | Same business day on complete files received before 2:00 p.m. ET |
| Time to funding | 24 hours after a signed contract |
| Application time | 4 minutes |
| Contract length | 2 pages |
| Prepayment | Discount of up to 30% of the remaining balance. No prepayment penalty, ever. |
| Business location | United States — all 50 states and the District of Columbia |
| Bank account | A U.S. business checking account in the practice's legal name |
| Entity types accepted | PC, PA, PLLC, LLC, S-corp, C-corp, and sole proprietors with an EIN |
| Licensure | Active state professional or facility license for the practice or its supervising provider |
| Credit pull | Soft pull at application. No impact on personal credit score. |
Who actually gets funded. Practices with at least 6 months of operating history and $15,000 a month in deposits. In-house advances run $25,000 to $2,000,000. Practices under 24 months old are funded, but typically at $25,000 to $75,000.
Different criteria apply to SBA loans, term loans, and medical-claims factoring. Those are arranged through our bank and specialist partners and carry their own underwriting. SBA 7(a) through our partners generally requires a 680+ personal FICO, a 1.25× debt-service coverage ratio, three years of tax returns, and a 10% equity injection. Those thresholds are the partner bank's, not ours.
MedStream Capital is not a HIPAA covered entity and not a business associate. We underwrite on business financial records — bank statements, deposits, and the practice's own stated revenue. We do not request, receive, access, or store protected health information, and we do not connect to your EHR, practice management system, or clearinghouse.
Not on this list?
If you hold an active clinical or facility license and deposit $15,000 a month, apply. MedStream Capital has funded dermatology, podiatry, dialysis, fertility, urgent care, sleep medicine, imaging centers, surgical centers, DME suppliers, dental labs, and independent pharmacies.
Related: all five products side by side, working capital, a line of credit,, the published benchmark guides, or what we do and do not see.
Your cash cycle is not generic.
Four minutes to apply, a soft pull, and four months of statements. An underwriter who knows your practice type reads the file.