{"id":1304,"date":"2016-06-23T16:51:37","date_gmt":"2016-06-23T16:51:37","guid":{"rendered":"http:\/\/reviewob.dev\/2016\/06\/23\/expand-your-practice-profitability-with-aoaexcel-bank-of-america\/"},"modified":"2024-01-09T04:43:29","modified_gmt":"2024-01-09T09:43:29","slug":"expand-your-practice-profitability-with-aoaexcel-bank-of-america","status":"publish","type":"post","link":"https:\/\/reviewob.com\/expand-your-practice-profitability-with-aoaexcel-bank-of-america\/","title":{"rendered":"Expand Your Practice & Profitability with AOAExcel & Bank of America"},"content":{"rendered":"

SPONSORED CONTENT\"\"<\/strong><\/p>\n

By Nick Rulli,
Sales Division Manager, Bank of America Practice Solutions<\/h3>\n

AOAExcel, with Bank of America, is just the team you need to expand your practice and increase profitability. We have comprehensive financing options for optometrists that can help fuel your practice’s growth.<\/p>\n

Bank of America’s goal is that we seek to help with all of the costs of your project; for example, remodeling and internal construction, including flooring, paint, cabinetry, equipment installation, display cases and other furnishings. This also includes relocation, new office start-ups, and even the working capital necessary for beginning a new business, like opening a second location.<\/p>\n

A Simple Process<\/h5>\n

Doctors of optometry who are members of the American Optometric Association (AOA) have an easy process for working with Bank of America to assist with funding for expansion. Here are the five key, and simple, steps for practice owners who seek loans to help their business.<\/p>\n

Client Connections<\/strong>: Our regional sales manager connects with the doctor locally. They confirm need, collect necessary financials and assess overall scope, and then submit the request to underwriting.<\/p>\n

Sales Connections<\/strong>: Our regional manager has a teammate connect with the doctor and collect all of the necessary information. The teammate will follow-up on an ongoing basis with the client on timelines, needs and preferences.<\/p>\n

Underwriting<\/strong>: Once in underwriting, there is typically a brief interview with the doctor by the credit analyst, to verify need and follow-up on credit-related questions. Then, a decision is made.<\/p>\n

Process Review<\/strong>: When\/If approved, Bank of America will work with the doctor to explain their approval for the loan, and to discuss the funding process.<\/p>\n

Project Manager<\/strong>: A group within the bank helps doctors manage the project, disburse funds, confirm budget and move the process forward on time, including confirming that all bills due are paid.<\/p>\n

Following Fair Lending practices, once approved, Bank of America will qualify our AOA member doctors for the bank\u2019s financing package. Occasionally, we are able to discount fees on the loan to help the doctor save more.<\/p>\n

\n
\n
Bank Loans for Expansion: Help with Avoiding Pitfalls
<\/h5>\n

AVOID<\/strong> high-fee loans. This includes, but is not limited to, SBA options for practice financing.<\/p>\n

AVOID<\/strong> variable rates.<\/p>\n

AVOID<\/strong> mixing personal collateral into a business loan.<\/p>\n

AVOID<\/strong> limited terms (creating higher payments and strain on cash flow).<\/p>\n

AVOID<\/strong> being under-capitalized.<\/p>\n

AVOID<\/strong> over-spending.<\/p>\n

AVOID<\/strong> too large of a space. This will create a larger loan, higher payment and strain on cash flow.<\/p>\n

AVOID<\/strong> not enough working capital.<\/p>\n<\/div>\n<\/div>\n

Getting You on Your Way<\/h5>\n

Going from a complete package to approval typically takes 1-2 weeks. Projects need a lot of planning, beyond financing, but approving the financing can be done in the beginning of the project with good estimates. Acquiring a realistic budget is also something the Bank can help with, by asking detailed questions about overall need and scope.<\/p>\n

Over the past few years, the bank has seen regulations that have increased paperwork, disclosures and verifications for borrowers. The regulations have helped facilitate further transparency and protection for the customer, but have added steps to the process.<\/p>\n

Fortunately, at Bank of America, we are well-positioned to help our clients through this process, to make it as easy and efficient as possible.<\/p>\n

A Team You Can Trust<\/h5>\n

There is a collective value in teaming up with Bank of America. What we can offer AOA members is an extension of our regular comprehensive package, including funding for all the needs of the practice.<\/p>\n

The value we provide also comes with our unique offering of fixed rates, longer terms, lower fees, local representation, a healthcare-specific group that understands the needs and structures of healthcare business ownership, connections with other local professionals, the ability of limiting to business collateral and a general understanding of the needs of this unique group of borrowers: You.<\/p>\n

To learn more about AOAExcel and Bank of America, or to submit an inquiry for more information, visit ExcelOD.com\/practice-financing<\/a><\/strong>.<\/p>\n

*Competitive rate that considers your overall business relationship with Bank of America.<\/p>\n","protected":false},"excerpt":{"rendered":"

SPONSORED CONTENT<\/strong><\/p>\n

By Nick Ruli, Sales Division Manager, Bank of America Practice Solutions<\/p>\n

AOAExcel, with business partner Bank of America, is just the partner you need to expand your practice and increase profitability.<\/p>\n

 <\/p>\n","protected":false},"author":3,"featured_media":1305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[77,1],"tags":[265,453,454],"yoast_head":"\nExpand Your Practice & Profitability with AOAExcel & Bank of America - Review of Optometric Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reviewob.com\/expand-your-practice-profitability-with-aoaexcel-bank-of-america\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Expand Your Practice & Profitability with AOAExcel & Bank of America - Review of Optometric Business\" \/>\n<meta property=\"og:description\" content=\"SPONSORED CONTENTBy Nick Ruli, Sales Division Manager, Bank of America Practice SolutionsAOAExcel, with business partner Bank 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