When Dan Croft joined TD Bank in 2014 to lead the Healthcare Practice Solutions Group (HPSG), he brought a vision that would transform how the bank serves healthcare practitioners, especially dentists, physicians, veterinarians, and eye-care professionals. “It’s not just about us providing loans to our clients," Dan explained. “It’s about providing financial solutions to help them realize their dreams, whether it’s opening their first practice or expanding their operations with additional locations.”
That vision has paid off spectacularly. While serving healthcare professionals from more than 1,100 locations from Maine to Florida, TD Bank’s HPSG has increased its healthcare practice finance loan originations by $3 billion in just the last 10 years.
The group’s success stems from a unique approach that combines deep industry financing expertise with TD Bank’s relationship-first philosophy and a wide range of credit options that can be tailored to a client’s specific requirements.
Industry financing expertise sets HPSG apart
HPSG's evolution accelerated significantly during the COVID-19 pandemic. It was a time that tested many healthcare practices but also revealed HPSG’s true character. While other lenders pulled back from healthcare lending, TD Bank’s healthcare financing group stepped up. “During COVID, while other banks hesitated, we continued to lend,” Dan said. “That decision helped us increase our base of clients and loans by 30% in two consecutive years.”
“No matter where a client is in their practice journey, we're here to help. From access to team members with 15+ years of industry and practice finance experience to retirement and transition planning—we have the expertise practitioners need." Dan said, noting that experience includes understanding the entire practice life cycle and the challenges of a practice owner so they can be better equipped to navigate unprecedented events like the COVID-19 pandemic.
Building strong client relationships
This commitment to supporting clients through challenging times has earned HPSG an exceptionally high retention rate that Dan estimated at over 90%. The secret? A consultative relationship-based approach to healthcare practice financing that goes far beyond traditional banking. “We focus on long-term relationships, not transactions,” Dan said. “Our healthcare financing specialists work hand-in-hand with relationship managers and local branch teams to provide a seamless customer experience.”
HPSG’s evolution over the past decade reflects the changing landscape of healthcare practice ownership. What started as a program primarily serving solo practitioners has expanded to support complex multi-location practices and ground-up construction projects. “We’ve gone from not doing $10 million deals or ground-up construction to doing them routinely*, so we can support practices with multiple locations and complex needs," Dan said. “As our clients have evolved, so have we.”
Tailored solutions for diverse financing needs
Today, HPSG can customize its lending solutions to provide healthcare clients with up to $12 million and 100% practice financing*. The team has built an impressive educational platform, publishing thought leadership articles in leading healthcare publications and providing educational presentations at industry events nationwide.
This comprehensive approach has earned TD Bank recognition as the #1 lender for healthcare professionals by Forbes** for both 2023 and 2024, a testament to the team’s dedication to understanding and serving their clients’ unique needs.
Looking back at the past decade, Dan sees the group’s success as a validation of their relationship-first approach. “It’s not about the transaction; it’s about offering customized financial solutions to help healthcare professionals achieve their vision,” he says. “When you truly understand your clients’ needs and stay committed to their success through both good times and challenging periods, you build the kind of trust that lasts.”
Flexible approaches fuel client successes
Throughout its decade of service, HPSG’s impact is best illustrated through the healthcare practitioners it has helped to succeed.
Take Dr. Alexander Salerno, founder and CEO of Nirvana Healthcare Management Services based in Newark, New Jersey. Since 2001, his second-generation practice has expanded from five employees to 500, serving approximately 60,000 patients across 12 offices in lower-economic neighborhoods across Northern New Jersey with an office in South Florida, plus a support facility in India.
His practice exemplifies HPSG’s support of healthcare providers with strong ties in their communities, especially ones that may be traditionally underserved. “Healthcare should not be a privilege but an inalienable right in our country and accessible," said Dr. Salerno. “TD Bank understands that healthcare is dynamic, not static. When you know your bank will confidently help you get through whatever challenges arise, it alleviates a huge part of the stress of being a business owner.”
For Dr. Michelle DeFelice Hucke, owner of Jax Beaches Family Dentistry in Jacksonville Beach, Florida, TD Bank’s healthcare financing expertise proved crucial during a critical period. “When I bought the practice, my goal was to expand quickly to bring in a partner and potentially do a merger,” she said. With HPSG’s support, she transformed a practice generating $900,000 annually into one producing over $3 million, while maintaining her commitment to high-quality, personalized care for the local community.
Dr. Hucke particularly values HPSG’s deep understanding of healthcare businesses. “A dental office’s cash flows are different than, say, a furniture store or other kinds of businesses with physical assets,” she said. “In my practice, cash flows are based on ongoing patient relationships, such as regular cleanings, check-ups, restorations, and other services. So, if a bank doesn’t understand how the cash flow of a dental office works, they can’t properly evaluate lending opportunities. But TD Bank’s healthcare financing division gets it.”
Through the COVID-19 pandemic, both practitioners experienced firsthand how HPSG stands by its clients during challenging times. The group facilitated crucial relief programs and provided steady financial guidance when many other lenders pulled back. “They jumped in immediately, managed everything for us, and kept us calm,” Dr. Hucke said.
A bank that understands and will work with your practice
As HPSG marks its 10th anniversary, these success stories exemplify its core mission: a lender that can offer customized solutions that help contribute to the healthcare practitioners’ success. With a unique combination of deep industry financing expertise, a relationship-focus, and commitment to supporting healthcare providers through every stage of practice development, HPSG has established itself as a vital lender for practitioners looking to build and grow sustainable, community-oriented healthcare businesses.
“What truly sets us apart is our ability to help our healthcare clients achieve their practice visions and ambitions,” said Dan. “When you understand their needs and stay committed to their success through both good times and challenging periods, you build a lasting trust that helps them not only build their business but also do what they do best — ensure the health and well-being of their patients.”
*Subject to credit approval, applicants within NAICS codes 621111, 621112, 621391, 621320, 621210 and 541940.
**For more information on the Forbes award, visit: https://www.forbes.com/advisor/business-loans/best-medical-practice-loans/, then scroll down to Best for Healthcare Professionals.
Loans subject to credit approval. Terms and conditions may apply
Before accepting any loan product customers should consult with their accounting and tax experts.