Take Your Time

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Ray Cox, Managing Director of Medifinance explains why it pays to take a careful look at funding options when undertaking a major project

Ray Cox, MD Medifinance

In business, as in life in general, we are constantly making decisions, both big and small.We never consciously decide to make wrong decisions, but it is only after those decisions have taken effect that they can be judged good or bad.We simply must expect the unexpected and recognise that many variables impact on our lives.Having said that, I believe that it does make sense, where realistically possible, to minimise risk by drawing on experience.

Over the many years that I have worked with the Health Professions, sourcing funding has been relatively straightforward. Banks and lenders have taken the view that they represented a good risk and, as a result, most applications for finance went through 'with a nod'.In the current economic climate this has changed…..not dramatically, but significantly…… andfor major projects particularly, plans need to be seen to have been thoroughly researched, considered and realistic before money is forthcoming.

But I see this as a good thing.It focuses the mind, makes our thinking more diligent and mitigates against our rushing into making hasty decisions.

The point I really want to make is that when 'money is easy' we can fall into the trap of disregarding sensible financial management and the longer-term implications of our decisions.I'll give you an example …..

Recently a client of mine decided to set up his practice and fund both renovation and refurbishment and equipment with a single loan from his bank.He was being offered a good rate and, at face value, it seemed a good deal.However, what he had not taken into account is the shorter life cycle of equipment which would need relatively frequent updating and replacement.I pointed out that a single, consolidated loan would ultimately cost him far more than funding renovations and equipment separately. And we are talking thousands of pounds saved here.

Getting the balance right

No business can grow without taking a degree of risk but taking the time to plan carefully and review the options will be time well spent. So, my advice is always to strike a balance between ambition and caution. I have been fortunate enough to work with clients whose businesses have evolved and developed with considerable success but by the same token I have seen mistakes made that, with a little discretion, could have been avoided. I would never claim to have 'seen it all before', but Medifinance does have an unrivalled depth of experience of the healthcare markets and its funding. This is experience that we are happy to share with clients and potential clients without any commitment on their part. Another quick example demonstrates the value of marrying ambition with experience, taking a moment to step back, and as a result avoiding losses that could have run into hundreds of thousands ...

A long standing and very successful client wanted to expand and extend the existing practice. Concerned about the upheaval and impact on patients the decision was made to set up another practice with a 10-year lease to compensate for a short-term reduction in the existing facilities. I was concerned on three levels. Firstly, the effect on patients, many of whom might resent being selected to attend what was clearly going to be a less well-appointed practice, secondly, of course, the cost of setting up, and thirdly the long-term viability of running two practices.

We discussed these concerns openly and together assessed the pros and cons and the risks involved. In the end, working with the architect and builders, we went back to Plan A, amended the extension project with minimal impact on patients and without taking on the additional costs of setting up another practice. 

In conclusion

 Particularly if you are considering a major project for your practice, you would be wise to get an early overview of the likely financial, funding and tax implications before you start planning and briefing architects and builders. If you fail to do this a great deal of time can be wasted and unnecessary expense incurred as the project evolves. And as I have pointed out, sourcing the most advantageous funding goes a lot further than simply interest rates.

If you feel we may be able to help you with sourcing funding for your practice requirements do please give me a call. There is absolutely no commitment on your part. My mobile is 07785 757782 and my email is This email address is being protected from spambots. You need JavaScript enabled to view it.

Medifinance Limited approach to handling complaints

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Medifinance Limited approach to handling complaints

A complaint is an opportunity. An opportunity to improve our business, an opportunity to identify where we are going wrong and, most importantly, an opportunity to put things right for our customers where appropriate.

As a business we strive to provide a first class service, but sometimes we don’t get it right and fail to match our own high standards. This is natural for any company – nobody can get it right all of the time. However, what sets us apart from other business is how we react when we get it wrong.

This is why complaints are at the heart of our business. It is why we take them seriously and endeavour to deal with complaints effectively and efficiently.

A complaint is one of the most important communications we receive – it provides us with an insight into how we operate and how we are perceived by the outside world. It tells us where we are going wrong and identifies flaws in our systems and services; how we can improve and, ultimately, how we can offer a better service to our customers. This is why complaints must be encouraged and treated with the respect, care and attention they deserve.

This policy details how we deal with complaints. Please take the time to read it carefully and speak to either your manager or me if you have any questions.

Ray Cox Managing Director

12th April 2021

We are committed to treating all of our clients fairly and delivering quality service. If there’s ever a time when you don’t feel we’ve lived up to this then we want to hear from you.

STEP ONE: MAKING A COMPLAINT

If you wish to register a complaint, please write to or telephone us on

In writing - Medifinance Limited, Hamilton House, Coat, Martock, Somerset, TA12 6AR
By telephone on: 07785 757782
By e-mail on: This email address is being protected from spambots. You need JavaScript enabled to view it.

A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0808 301 2391.

If you have a complaint about your personal data held on our systems, you may be entitled to refer this to the Information Commissioners Office -https://ico.org.uk/global/contact-us/

STEP TWO: ACKNOWLEDGING YOUR COMPLAINT

We will always try to resolve your concerns within two business days. However, if we are unable to do this or we need to conduct more detail investigations, we will send you an acknowledgement of your complaint within five business days of receiving it. We will provide you with a copy of our complaints procedure.

We will always set out our understanding of your complaint, regardless of whether it was received in writing or verbally.

STEP THREE: INVESTIGATING YOUR COMPLAINT

Your complaint will be investigated by somebody experienced and who is not connected to your complaint. In this way we can complete a fair investigation. We may ask you to submit copies of documentation to help us with our investigation.

STEP FOUR: KEEPING YOU INFORMED

If we have not been able to resolve your complaint within three weeks, we will write to you and let you know when we expect to complete our investigation.

STEP FIVE: RESOLVING YOUR COMPLAINT

We will always aim to resolve your complaint within eight weeks of receiving it.

At the end of eight weeks we will write to you with the outcome of our investigation and advise you what to do if you are not satisfied.

STEP SIX: IF YOU ARE STILL UNSATISFIED

If we have not been able to complete our review of your complaint within the eight week period, we will write to you and let you know when we expect to have finished our investigation.

We will also provide you with details of your rights to refer the matter to the Financial Ombudsman Service (FOS). The FOS can be contacted as follows:

Financial Ombudsman Service
Exchange Tower 
London  
E14 9SR 

Telephone@ 0800 0234567
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Use of our Website

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Welcome to our website. If you continue to browse and use this website you are agreeing to comply with and be bound by the following terms and conditions of use, which together with our privacy policy govern www.medifinance.co.uk's relationship with you in relation to this website.

The term www.medifinance.co.uk or 'us' or 'we' refers to the owner of the website whose registered office is Medifinance Ltd, Hamilton House, Coat, Somerset, TA12 6AR. Our company registration number is 4792968. The term 'you' refers to the user or viewer of our website.

The use of this website is subject to the following terms of use:

  • The content of the pages of this website is for your general information and use only. It is subject to change without notice.
  • Neither we nor any third parties provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or suitability of the information and materials found or offered on this website for any particular purpose. You acknowledge that such information and materials may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law.
  • Your use of any information or materials on this website is entirely at your own risk, for which we shall not be liable. It shall be your own responsibility to ensure that any products, services or information available through this website meet your specific requirements.
  • This website contains material which is owned by or licensed to us. This material includes, but is not limited to, the design, layout, look, appearance and graphics. Reproduction is prohibited other than in accordance with the copyright notice, which forms part of these terms and conditions.
  • All trademarks reproduced in this website, which are not the property of, or licensed to the operator, are acknowledged on the website.
  • Unauthorised use of this website may give rise to a claim for damages and/or be a criminal offence.
  • From time to time this website may also include links to other websites. These links are provided for your convenience to provide further information. They do not signify that we endorse the website(s). We have no responsibility for the content of the linked website(s).
  • You may not create a link to this website from another website or document without Medifinance’s prior written consent.
  • Your use of this website and any dispute arising out of such use of the website is subject to the laws of England, Scotland and Wales.

Pharmacy

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Medifinance are experts in providing financial solutions for your pharmacy business. 

With significant challenges being faced throughout the sector due to Government funding cuts, category M and supply issues, cash flow funding is in constant demand.  Medifinance have access to a wide panel of lenders and are experienced in securing funding for all your financial needs; from pharmacy acquisitions, refits and robots through to refinancing, vehicles & freehold purchasing.

For a confidential discussion, please contact our Pharmacy Specialist, Mark Sim 07368 984763.

 

Medifinance Mortgages

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No false promises, just smart, efficient advice With a dedicated and experienced team of high-calibre mortgage advisors, Medifinance Mortgages specialises in providing mortgage and protection advice to Healthcare Professionals and has been helping individuals and businesses to build, protect and enjoy their wealth for over 20 years.

We offer a free of charge initial mortgage review, a low fee placement service and our promise is that you will have a dedicated mortgage advisor during your entire relationship with us. We are passionate about offering a high-quality service and we treat all our clients as we would if they were our family and friends – with absolute integrity and honesty.

We put our clients at the heart of our business, which means that we are there when you need us; morning, noon or night. Whether you are a first-time buyer, wanting to invest in property or need to remortgage. our expert team will advise you on the huge range of mortgage products available (including home insurance) and help you select the option that best meets your needs.

Practice / Business Loans

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Keeping your practice equipment, facilities and appearance fresh & modern requires an ongoing investment. With careful planning, your investments can have a big impact on the way patients perceive you, motivation of your staff & ultimately your bottom line.

We can help arrange affordable, unsecured business loans at great rates from 1 to 7 years for a whole range of needs including;

  • Practice renovation & refurbishment
  • Premise extensions
  • Capital injection
  • Financial reconstruction
  • Partnership buy-ins

With a wide panel of specialist funders, we rarely receive a deal that we can’t get approved.

 

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Equipment

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Medifinance can offer a range of products to enable you to purchase new equipment. Using finance to make your purchase is a sensible way to manage your cashflow, as well as allowing you to reap the benefits of having the latest equipment in your practice. We will deal directly with your preferred supplier once your approval is in place, and with very competitive fixed rates and terms of up to seven years, it makes sound financial sense.

Hire Purchase

Hire Purchase suits equipment with a longer term life and where the practitioner desires ultimate ownership. Generous tax allowances are available, currently up to 130% Capital Allowance in the first year for practices that operate as Limited Companies. For sole traders and partnerships this is 100& coupled with relief on all interest paid during the term of the agreement. This is an attractive finance option for well-established practices.

Lease

For high-tech equipment that may need updating or replacing on a regular basis, a lease agreement may be best option. With tax allowances available over the whole term of lease, your practice can benefit from regular tax relief, however often the equipment needs updating. Based on our experience this is often the best option for new start-up practices.

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Practice Purchase

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Medifinance has an experienced team of Consultants, a number of whom are ex specialist healthcare bankers. They can help you find the best commercial loan to facilitate a first time practice purchase or an additional practice you may be seeking to acquire. We can help source whatever mortgage is required to suit a particular situation, both secured and unsecured. Bespoked bridging, development and short-term finance can also be arranged in line with specific requirements.

Whatever your needs and circumstances, a Medifinance Consultant is on hand to guide you through your options and provide independent advice on the best funding method for your particular project.

Whether you are an experienced practice owner or a first-time buyer, one of our Consultants will look at your potential acquisition through the eyes of a potential lender and help raise the required finance on the best available terms. Trying to find a specialist healthcare lender with the right level of appetite for extending credit can often prove to be a time consuming and frustrating process. Your Medifinance Consultant will overcome this through an in depth knowledge of the banking world and, as a result, deliver you the most suitable solution.

Medifinance Limited Privacy Statement

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Fair processing notice

Under the General Data Protection Regulation (GDPR), we now have to supply data subjects with Fair Processing Notices (FPNs) that contain significantly more information than they do under the Data Protection Act 1998. This is in order to meet new requirements about being transparent and providing accessible information to customers / individuals about how you are going to use their personal data so that they are fully informed and are aware of how they can exercise their rights under the GDPR.

This notice applies to information we hold about you. By ‘information’ we mean personal and financial information about you that we collect, use, share and store.  Medifinance Limited may change this policy from time to time. You can request an updated statement by calling the telephone number below or viewing the relevant section of our website 

Who we are

Medifinance Limited is a data processor for processing customer personal information and is committed to ensuring that your privacy is protected. The funder, finance lender is the data controller. Should we ask you to provide certain information by which you can be identified, you can be assured that it will only be used in accordance with this privacy policy statement. When dealing with employee information we are acting as a data controller. 

Medifinance Limited

Address: Hamilton House, Coat, Martock, Somerset, TA12 6AR
Telephone Number: 07785 757782
ICO Registration Number: Z9176762
Data Protection Officer: Ray Cox
Email Address: This email address is being protected from spambots. You need JavaScript enabled to view it.

For information on all the activities we’re licensed to carry out please visit:

https://register.fca.org.uk

https://ico.org.uk/ESDWebPages/Entry/Z9176762

Why we need customer information

We need to know your personal data in order to source for you the finance facility you require and process the submission of your application to an appropriate lender. If you do not provide this information, we will be unable to provide this service. We will not collect any information from you that we do not need in order to provide and oversee that service.

Our legal basis for processing your information
We collect your information to enable us to provide our service to you. We also use your information to carry out checks for security purposes, to prevent fraud and money laundering, to check your identity before we provide services to you, for training, and to communicate with you. We may use lender -automated processes in order to source a suitable lending option for you. 

Data protection law allows us to use personal information for our genuine and legitimate reasons as long as we respect your rights and freedoms. This lawful basis for using your information is called ‘legitimate interests’. When we rely on our legitimate interests as the legal basis for processing your personal information for the purposes set out above, we will carefully consider and balance any possible effect this may have on you and your rights.

What we will do with customers’ information

All the personal data we hold about you will be processed by our staff and systems in the United Kingdom. Your information may be passed to third parties, where required, to provide the services you have applied for, as well as where there is a legal obligation for us to provide third parties with this information e.g. The FCA or law enforcement agencies, to prevent, detect, investigate and prosecute fraud and alleged fraud, money laundering and other crimes, and to confirm your identity.

We will use your data to process your application for the services provided by Medifinance Limited, this processing will include some or all of the below:

Automated decision making

  • Our lenders may use automatic decisions as part of our process; some of the finance companies that we may refer your application to may also use automated decision-making processes.
  • This will involve automatically requesting information from CRAs and using this data along with the other data provided to assess your suitability for the goods/services requested.

To request a manual review of your application, please contact the Data Protection Officer at Medifinance Limited.

Credit Reference Agency searches, to generate credit searches

  • External lenders/Funders on our panel will search your record at credit reference agencies. Searches made by external lenders on our panel may show depending on the type of search they use.
  • If you are an owner, director or partner in a business, we may also check on your business. We will also check on any proposed guarantor, so you must have their permission to disclose their information.
  • If you enter into an agreement with one of the external lenders on our panel, information on this agreement will be passed to the CRAs. Information remains on file for 6 years after the account is closed.

Passing to Finance Companies to assess and/or underwrite your application. 

  • Your application may be passed to more than one finance company in order for us to obtain the most appropriate and suitable offer to your personal circumstances.
  • Suitable lenders are identified by either one or both of:
    • Proprietary Credit Scoring and Analysis technology
    • Manual underwriters reviewing applications
  • To view a full list of our panel of lending companies, please contact the Data Protection Officer. Your application may be sent to a selection of lenders on this list. Lender selection is based on a large number of criteria including but not limited to; information on credit files, proposal and affordability data.

After Transaction Processing 

  • To handle enquiries and complaints, where it's in our legitimate interests to make sure that complaints are investigated, for example, so that our customers receive a high standard of service and so that we can prevent future complaints;
  • To contact you in the future to offer alternative finance options that may become available in the future, for example at the end of an existing fixed rate period.

Who the customers data will be shared with

For a full list of organisations with whom we may share your data, please email the Data Protection Officer at Medifinance Limited. We will only be able to provide this data once your transaction has been completed. 

Once Medifinance Limited finds a suitable lender that meets your needs, we become a Data Processor and the lender becomes the Data Controller. A copy of the recommended lenders privacy statement will be available to you from the lender.

Sometimes we need to share the personal information we process with the individual themselves and also with other organisations. Where this is necessary, we are required to comply with all aspects of the Data Protection Act (1998) and the General Data Protection Regulation (2018)

We are a credit broker and not a lender. We will pass your personal information to lenders on our panel to arrange finance in accordance to your requirements.

For more detail on which finance companies are on our panel, please contact the Data Protection Officer

We will not pass your data to other third parties that do not offer our products or services. 

Whether the data will be sent overseas

Medifinance Limited will never send customer data outside the EEA.

How long we and other organisations will keep the data

We will keep your information for as long as is needed for the purposes set out above or as required by any laws that apply.

If we are unable to provide you with a suitable finance option, or you decide not to go ahead with your application, we’ll still keep your information. 

Customers Rights

As a customer of Medifinance Limited you have the following rights related to your data and how it’s processed: 

  • The right to be informed – this means we must provide, at the point of collecting your data, a written or verbal privacy notice informing you of how your personal information will be used.
  • The right to access your personal information – this means that you have the right to know what information we hold on you, and to request a copy of it. This information is provided free of charge.
  • The right to get inaccurately recorded information corrected.
  • The right to erasure – this means that you can request that your personal data is deleted from our records, also referred to as ‘the right to be forgotten’.
  • The right to restrict how your personal information is used – this means that you have the right to object to how we use your personal information, including for direct marketing purposes.
  • The right to receive your personal information in a legible and transferable format.
  • The right to object to the use of your personal information
  • Rights related to automated decision-making including profiling – this means you have the right to refuse to your personal information being used to make a decision based on an automatic process without human intervention

For further information on how to action any of these rights please contact the Data Protection Officer at the address on this statement.

How customers make a complaint

Should you wish to make a complaint, you can do so by:

  • Letter - Hamilton House, Coat, Martock, Somerset, TA12 6AR
  • Email - This email address is being protected from spambots. You need JavaScript enabled to view it.
  • Telephone - 07785 757782

If we do not handle your complaint to your satisfaction within 8 weeks, you have the right of referral to the ICO who act as the data protection arbitrator.

Details of how to contact the ICO are at this web address https://ico.org.uk/global/contact-us/

What we do to keep customers data secure

We are committed to ensuring that your information is secure. In order to prevent unauthorised access or disclosure we have put in place suitable physical, electronic and managerial procedures to safeguard and secure the information we collect.

Services

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Medifinance has built its reputation on providing financial solutions to the Healthcare market for the last 20 years.

Encompassing all areas of the healthcare industry, Medifinance can provide funding for your practice requirements whatever they may be.

By harnessing our relationships with key businesses within the healthcare industry, our Partner Scheme allows us to offer other vital business services including buying/selling a practice, practice insurance, equipment sourcing etc at a very competitive rate with suppliers you can trust.

Tax Loans

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However well you budget for your tax bill, it is an ever-present expense. HMRC should not be ignored!

Medifinance are experts in tax loans. We can take the worry away with our quick, easy application & speedy payment. We can even pay HMRC directly.

Whatever the amount or circumstance, we are confident we can find the right solution for you.

 

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Terms & Conditions

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Welcome to our website. If you continue to browse and use this website you are agreeing to comply with and be bound by the following terms and conditions of use, which together with our privacy policy govern www.medifinance.co.uk's relationship with you in relation to this website.

The term www.medifinance.co.uk or 'us' or 'we' refers to the owner of the website whose registered office is Medifinance Ltd, Hamilton House, Coat, Somerset, TA12 6AR. Our company registration number is 4792968. The term 'you' refers to the user or viewer of our website.

The use of this website is subject to the following terms of use:

  • The content of the pages of this website is for your general information and use only. It is subject to change without notice.
  • Neither we nor any third parties provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or suitability of the information and materials found or offered on this website for any particular purpose. You acknowledge that such information and materials may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law.
  • Your use of any information or materials on this website is entirely at your own risk, for which we shall not be liable. It shall be your own responsibility to ensure that any products, services or information available through this website meet your specific requirements.
  • This website contains material which is owned by or licensed to us. This material includes, but is not limited to, the design, layout, look, appearance and graphics. Reproduction is prohibited other than in accordance with the copyright notice, which forms part of these terms and conditions.
  • All trademarks reproduced in this website, which are not the property of, or licensed to the operator, are acknowledged on the website.
  • Unauthorised use of this website may give rise to a claim for damages and/or be a criminal offence.
  • From time to time this website may also include links to other websites. These links are provided for your convenience to provide further information. They do not signify that we endorse the website(s). We have no responsibility for the content of the linked website(s).
  • You may not create a link to this website from another website or document without Medifinance’s prior written consent.
  • Your use of this website and any dispute arising out of such use of the website is subject to the laws of England, Scotland and Wales.