Panacea Financial provides tailored financial services specifically for medical professionals, including personal loans, student loan refinancing, and specialized banking solutions. By addressing the unique financial challenges faced by doctors and trainees, such as high debt burdens and limited cash flow, Panacea Financial enhances their ability to focus on patient care and career development.
Funding
$24.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
VVFounders
Product
Problem
Medical professionals often face unique financial challenges, including high student loan debt, the need for practice financing, and specialized insurance requirements, which can be difficult to manage through traditional financial institutions. These challenges can create stress and limit their ability to focus on their careers and patient care.
Solution
Panacea Financial, a division of Primis Bank, provides tailored financial services designed specifically for physicians, dentists, and veterinarians. These services include PRN personal loans, student loan refinancing, mortgages, and practice loans, as well as personal and business banking solutions. Panacea Financial also offers contract review services and insurance products, such as life, disability, business, and malpractice insurance, to protect both personal and professional assets. By focusing on the specific needs of healthcare professionals, Panacea Financial aims to simplify financial management and provide accessible, transparent financial solutions.
Target Audience
Panacea Financial primarily serves physicians, dentists, and veterinarians at all stages of their careers, from students and trainees to practicing professionals and practice owners.
Features
- PRN Personal Loans with transparent, fixed rates up to $50,000 and no cosigner requirements
- Student Loan Refinancing with no maximum loan amounts, no cosigners, and in-house servicing
- Personal Checking & High Yield Savings Accounts with a competitive APY, free checking, and unlimited ATM use nationwide
- Practice Loans for partner buy-ins, refinance/consolidation, acquisitions, expansion/relocation, equipment, and commercial real estate financing
- Insurance services including life, disability, business, and malpractice insurance
- Mortgages for doctors with competitive rates and financing options
- Contract review services to evaluate offers, avoid red flags, and negotiate employment terms
- High-Balance Deposit options
- Merchant Services
- DSO (Dental Support Organizations) Deposit Services