Debt Consolidation Was My Opportunity to Build a Better Speech-Language Pathology Practice

Financial freedom means different things to different people. To some, it’s winning the lottery and then retiring to a private island. To others, it means saving up the money to put their kids through school. To me, financial freedom means making a modest investment in myself today to ensure a better tomorrow.

I work full time as a speech-language pathologist for a public school district in the Denver Metro area. I also run a part-time private practice.

I appreciate the extra income I earn as an independent professional. More importantly, my practice allows me an additional way of serving individuals and families. With the caseloads that are typically on the high side in the school setting, I serve a variety of students with the resources available to me, especially time. In the context of a private practice, I am able to serve families on a more personal level and support them in helping their children, which often helps them become better advocates to meet their needs. Working with clients through my private practice allows me to better know family dynamics, and thereby deepen my understanding of the issues at play. 

Clients I serve include, but are not limited to, those with articulation needs, stuttering, language delays, social communication needs, and cognitive-communicative disorders. I also conduct evaluations to determine what help individuals need. These are a significant part of my private practice. 

While I derive a great deal of satisfaction from the personal side of the business, it certainly doesn't come without its challenges. 

Debt Consolidation Is an Opportunity, Not a Crisis

I didn’t have the kind of significant debt that forces people into bankruptcy, but I did find myself worrying about my business expenses. The opportunity to consolidate it into a single monthly payment would free up money and create exciting new opportunities, especially at the professional level. 

In all honesty, debt consolidation was not even a consideration a couple of months ago, but all that changed when I got a mailer from Bankers Healthcare Group (BHG). I’d never heard of the company, but I was intrigued. Here was a financial services organization that catered to medical practitioners and other clinicians. This was a lending institution that understood my business.

Naturally, I wanted to learn more. I went to the company’s website and I liked what I saw. The next step was a call from BHG. A very polite advisor asked if I had any questions. I was very impressed, and I didn’t feel any pressure. If I wanted to take things further, I didn’t have to explain the realities of my practice. BHG understood the financial needs of healthcare-related professionals. 

For example, if I wanted to offer laryngoscopy—which is a way of imaging a person’s voice box—as part of my practice, that wouldn’t just require me to buy a very expensive machine. I would also have to undergo further training or hire somebody who is licensed to use the device. While I have no need for such equipment in my current practice, and I have no desire to move in this direction, it’s good to know I can finance it through BHG if I had a change of heart. There’s something to be said for dealing with a lender that accepts the complexities of my field. 

A Lender Who Treats Me Like a Peer

That initial phone consultation led to a loan agreement, and the money was in my hands in under 10 days. It was incredibly straightforward. I answered some questions, filled out some forms, and submitted required documents. There was no runaround.

It was interesting to know that since this is a business loan, it would have no effect on my personal credit score. There are some who do not own their own business and may not understand the extra stress of using your personal savings to finance your business. BHG helped me avoid such a scenario. They also offered a MasterCard for my business. I don’t need it right now, but again, it’s good to know that the option is there.

Finally, I have to comment on the way I was treated by BHG. I recently financed a car through a dealership. It was the first time in 15 years and it felt a bit intimidating answering questions about everything on my credit report. Talking to BHG was the opposite. I wasn’t dealing with a finance manager who went line by line, but with a fellow professional who was treating me like a peer.

The Freedom to Spend as Needed

One of the recurring expenses in my practice is standardized tests I use to assess the needs of the children with whom I work. I purchase these from specific publishers who update them within given time periods to reflect the latest data. The purpose of these tests is to establish a baseline of current functioning and plan for treatment. 

By consolidating my debt through BHG, I no longer have to worry about the expense of buying the latest testing kits. Thanks to the low monthly payments, I have available surplus cash should I need to make unexpected purchases to cover the needs of new clients. Having freed up finances also allows me to more readily attend professional development classes or workshops to keep current on trends and continuing education units.

A Bigger, Better Tomorrow

In the longer term, I’m looking to “retire” from the schools in about six years. I’m not ready to stop working as realistically I have many more productive work force years ahead of me. There are many options within the field and BHG offers the financial support and flexibility to further build my private practice following my tenure in the public schools. 

I no longer have to stress about staying up to date. I can also dream of a very different future. I don’t know where I’ll be 10 years from now, but I know I’ll be doing what I love most. Speech-language pathology is more than a job, it’s a way of serving people. Thanks to BHG, I’ll be at it for a very long time, at least until the day when I truly retire. That initial phone call was a small step to securing better service for my clients—and a brighter tomorrow for myself.