Case Study:
Dermatology Associates

Company Profile

Dermatology Associates is a private practice clinic specializing in laser treatment for various skin disorders, surgical care of skin, hair and nails, removal of skin lesions and testing and treatment for skin allergies. It is owned by Beth Honl, M.D. 

Situation

Before she went out on her own, Dr. Honl polled her colleagues already in private practice and asked them which bank they used. Overwhelmingly the response was Alerus Financial. She gathered they were savvy in business banking and also had experience in setting up medical practices. That’s important, her colleagues told her, because some banks treat all business the same. A medical practice is very different.

Although she was an experienced physician, Dr. Honl acknowledges, “I was green when it came to running a business, much less starting a business from scratch.” One thing she did know, however: “I wanted to minimize my debt and take out only what I needed. But I also wanted to leave the door open for more credit to be extended.” 

Solution

Dr. Honl connected with Alerus business banker Mark Naumann. “I needed to get familiar with all the different types of banking products,” she says. “He was very patient with me. He also brought me the best rate of any bank I contacted.”
 
“Although it’s been a while, I remember the entire start-up process being much quicker and easier than I thought.” She attributes much of that ease to Mark and Alerus. “He walked me through the entire process. For example, he knew that I would need some cushion to get through the lag period before insurance payments began coming through. He built that in.

“I still rely on his expertise on a regular basis,” she says. Mark arranged a running line of credit that has allowed Dr. Honl to buy new equipment and expand the scope of her services.

“I attribute our successful relationship to the fact that Mark takes the time to really get to know me and my goals and he gives me exactly what I needed.”  

 

 

 

Dermatology Associates
Fargo, ND

Business Type

Professional Services, Medical  

Services Used

Commercial Banking
Business Checking
Business Line of Credit
Online Banking and Bill Pay
Business Credit Card
Business Savings Products   

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