- Flexible finance designed for medical practitioners
- Stepped repayment options that work with your cashflow
- Loans are secured against the equipment you purchase
Abnormal heart rhythm is caused by a range of factors – from too much coffee or stress, to problems with the heart’s electrical system or artery blockages. To understand what’s causing an irregular heart rhythm, doctors must conduct detailed tests on sophisticated specialist diagnostic and treatment equipment.
Until recently, Canberra residents with heart rhythm problems had to travel interstate to access this cardiac care. That all changed when the Canberra Heart Rhythm Centre opened its doors - with the support of CommBank’s Asset Finance team.
Led by one of Canberra’s leading heart specialists, Dr Rajeev Pathak, the Canberra Heart Rhythm Centre seeks to provide a world-class service to ACT patients with heart-rhythm disorders.
“By offering this specialised service in Canberra, patients no longer have to go to Sydney for medical care,” Dr Pathak said. “Instead, ACT residents have the care they need, available at their doorstep.”
Hitting the ground running
To give its patients access to a full range of diagnostic and treatment options, the Canberra Heart Centre needed to open its doors fully equipped with sophisticated – and expensive – machines.
The centre required an electrocardiogram (ECG) machine, which measures the heart’s electrical activity, and a cardiovascular ultrasound to provide imaging of the heart. It also needed tilt-table equipment for patients experiencing light-headedness or fainting, and stress-test apparatuses to measure the heart’s response to working hard.
Already a Commonwealth Bank Private client, Dr Pathak spoke to Michael Maynard, Relationship Executive at CommBank’s Business Banking in ACT & Illawarra. Michael worked closely with Dr Pathak to understand his financing needs and determine the right loan to support his business model.
“Due to the nature of the medical practice, our needs were quite specific,” explained Dr Pathak. “We really wanted hassle-free financing that would be simple and tailored to meet our fit-out and equipment requirements.”
Together, Michael and Dr Pathak decided that the business would be best served with a flexible repayment structure. Michael recommended CommBank’s Healthcare Start Well loan, a new financing solution designed specifically for healthcare practitioners to help fund the high-cost equipment they need.
Repayments to match cash flow
A Healthcare Start Well loan can provide the funds to cover the costs of fitting out a new or expanded practice, or to pay for medical equipment and facilities.
Practitioners can use their new equipment as security, giving them greater access to the finance they need, without tying up valuable capital. They could then choose a lower repayment structure in the first one to two years of the loan, taking stress off their cashflow during this critical establishment period.
Dr Pathak says it made sense to structure the Start Well loan to make reduced repayments during the first year of operation, while the centre is finding its feet. The repayment amount then increases as agreed at the start of the second year of the loan. And by choosing to lease or finance equipment rather than purchasing it outright up-front, he can invest his capital into growing the practice.
Improving health outcomes in the ACT
Now in full swing, the Canberra Heart Rhythm Centre provides ACT patients with diagnostic and treatment services for heart rhythm disorders and a speciality pacemaker check-up centre. It even offers a home-monitoring service, where information from patients’ heart devices goes straight to the centre – allowing specialists to screen for any potential problems.
Dr Pathak says that the ease and flexibility of CommBank’s Start Well loan meant the centre was ready to make a real difference in his patient’s lives, right from the start.
“CommBank’s financing process was smooth, clear and transparent, and met all our expectations,” said Dr Pathak. “Most important of all, it allowed us to start with a well-equipped medical practice from day one.”
“Because we had a flexible loan, we didn’t need to wait to buy any essential equipment – or have our cash flow suffer when we needed it most,” he said. “This meant we didn’t have to compromise on the service and care that the ACT community needed.”
Find out more
If you’re a healthcare professional looking to start out or expand your business, CommBank’s team can help.
Contact your Specialist Healthcare Banker on 1800 ASSETS (1800 277 387) or book a call back at commbank.com.au/healthcare today.