State
Healthcare practice financing in Massachusetts
What Massachusetts lenders approved, where certified providers sit, and the compliance picture behind any offer here
Direct answer
The FY2025 file holds 184 SBA-backed approvals for Massachusetts healthcare borrowers, $65.1 million in all. In Massachusetts an inquiry is referred to our funding partners, who deliver every offer, rate, and disclosure directly. What follows is 184 approvals broken out by field, the certified provider counts, and the Massachusetts structure rules.
As of FY2025
What the Massachusetts statutes decide about a practice file
| Topic | What applies | Source |
|---|---|---|
| How an inquiry is handled | Referral. The inquiry is shared with our funding partners, and each partner contacts the practice directly with its own offer and its own disclosure. | Disclosures |
| Program availability | No product class is excluded in Massachusetts by our own rules. A funding partner still applies its own criteria. | Disclosures |
| Corporate practice of medicine | Applies in part. Massachusetts Board of Registration in Medicine regulations at 243 CMR 2.00 govern licensing and the practice of medicine in the Commonwealth. | State statute |
| Management services organizations | Conditional. Massachusetts permits management services organizations to provide non-clinical administrative services to physician practices consistent with 243 CMR 2.00. | Massachusetts Board of Registration in Medicine |
| Medical director requirement | Not verified from an official Massachusetts source. The state board and healthcare counsel are the places to settle this. | None |
| Certificate of need | Massachusetts operates a Determination of Need program administered by the Department of Public Health under M.G.L. c.111 and 105 CMR 100.000, covering certain hospital and health facility capital expenditures and service changes. | State program |
| Commercial financing disclosure law | No commercial financing disclosure law verified for Massachusetts. A funding partner still states its own terms in writing at the offer stage. | None |
Sources sit in the third column. Nothing here is legal advice; healthcare counsel in Massachusetts decides how it lands on a specific structure. Verified
SBA 7(a) and 504 activity in Massachusetts by healthcare field
| Field | Loans | Total approved | Average | 7(a) / 504 |
|---|---|---|---|---|
| Dental offices | 19 | $17.4 million | $915,189 | 17 / 2 |
| Home health and hospice | 27 | $12.4 million | $458,474 | 24 / 3 |
| Behavioral health and ABA | 25 | $6.4 million | $255,000 | 21 / 4 |
| Home care, non-medical | 8 | $5.8 million | $722,188 | 8 / 0 |
| Physician and specialty offices | 21 | $4.7 million | $223,095 | 21 / 0 |
| Med spa and personal care | 18 | $3.3 million | $185,750 | 17 / 1 |
| Veterinary practices | 9 | $3.1 million | $348,700 | 9 / 0 |
| Medical staffing | 16 | $3.0 million | $189,894 | 14 / 2 |
| Optometry offices | 4 | $2.5 million | $636,000 | 2 / 2 |
| Physical, occupational, and speech therapy | 17 | $2.4 million | $142,771 | 17 / 0 |
| Residential care and treatment | 3 | $2.2 million | $748,500 | 1 / 2 |
| Chiropractic offices | 10 | $838,000 | $83,800 | 9 / 1 |
| Other outpatient care centers | 2 | $500,000 | $250,000 | 2 / 0 |
| Medical equipment suppliers | 4 | $275,000 | $68,750 | 4 / 0 |
| Pharmacies | 1 | $150,000 | $150,000 | 1 / 0 |
Source: SBA 7(a) and 504 approval files, fiscal year 2025. Verified
The city map of Massachusetts healthcare lending
| City | Loans | Approved | Average |
|---|---|---|---|
| CAMBRIDGE | 6 | $4.6 million | $772,500 |
| WEST SPRINGFIELD | 3 | $4.6 million | $1.5 million |
| HANSON | 1 | $4.0 million | $4.0 million |
| NORTON | 1 | $3.3 million | $3.3 million |
| BROCKTON | 3 | $3.2 million | $1.1 million |
| SHREWSBURY | 3 | $2.9 million | $968,667 |
| PEABODY | 5 | $2.4 million | $475,720 |
| Worcester | 2 | $1.9 million | $933,500 |
| MALDEN | 3 | $1.8 million | $585,000 |
| Grafton | 1 | $1.7 million | $1.7 million |
| BROOKLINE | 1 | $1.6 million | $1.6 million |
| DEDHAM | 1 | $1.5 million | $1.5 million |
| Wilbraham | 2 | $1.5 million | $747,000 |
| LITTLETON | 1 | $1.4 million | $1.4 million |
| MARSHFIELD | 1 | $1.4 million | $1.4 million |
| BOSTON | 8 | $1.3 million | $162,500 |
| WORCESTER | 6 | $1.0 million | $167,667 |
| NEWTON UPPER FALLS | 1 | $1.0 million | $1.0 million |
| TAUNTON | 1 | $945,900 | $945,900 |
| LOWELL | 5 | $945,000 | $189,000 |
| PLYMOUTH | 2 | $925,000 | $462,500 |
| NORTH ANDOVER | 6 | $904,000 | $150,667 |
| ACTON | 1 | $862,700 | $862,700 |
| CONCORD | 2 | $800,000 | $400,000 |
| WALPOLE | 2 | $750,000 | $375,000 |
| Norwood | 1 | $658,000 | $658,000 |
| MILTON | 2 | $625,000 | $312,500 |
| MILLIS | 1 | $600,000 | $600,000 |
| AUBURN | 1 | $552,500 | $552,500 |
| MEDFORD | 3 | $550,000 | $183,333 |
| WOBURN | 2 | $550,000 | $275,000 |
| Lynn | 2 | $518,000 | $259,000 |
| KINGSTON | 1 | $500,000 | $500,000 |
| BEVERLY | 2 | $500,000 | $250,000 |
| Newburyport | 1 | $500,000 | $500,000 |
| NORTH GRAFTON | 1 | $495,000 | $495,000 |
| LAWRENCE | 3 | $490,000 | $163,333 |
| ANDOVER | 2 | $480,000 | $240,000 |
| GREENFIELD | 2 | $400,000 | $200,000 |
| Ashland | 2 | $374,000 | $187,000 |
| New Bedford | 1 | $368,000 | $368,000 |
| Bedford | 2 | $350,000 | $175,000 |
| MERRIMAC | 1 | $337,500 | $337,500 |
| Andover | 2 | $328,000 | $164,000 |
| Boston | 2 | $325,000 | $162,500 |
CAMBRIDGE carries 6 of the Massachusetts approvals at $772,500 apiece. A practice outside that market is valued on its own collections rather than on a neighbor's closing. Verified
Certified and enumerated providers in Massachusetts
| Category | Count | Dataset |
|---|---|---|
| Medical equipment suppliers | 1,067 | CMS certification, 2026-09-06 |
| Home health agencies | 287 | CMS certification, 2026-09-06 |
| Dialysis facilities | 83 | CMS certification, 2026-09-06 |
| Hospice providers | 77 | CMS certification, 2026-09-06 |
| Ambulatory surgical centers | 56 | CMS certification, 2026-09-06 |
| Enumerated clinicians | Not yet loaded | NPPES registry |
No row means no certification of that kind in Massachusetts. A not yet loaded cell names the dataset and stops there rather than estimating. Directional
Massachusetts certified providers, county by county
| County | Certified providers |
|---|---|
| MIDDLESEX | 15 |
| Middlesex | 14 |
| WORCESTER | 13 |
| Norfolk | 12 |
| Worcester | 11 |
| Suffolk | 10 |
| Essex | 9 |
| ESSEX | 9 |
| PLYMOUTH | 9 |
| Hampden | 8 |
| Bristol | 7 |
| BRISTOL | 6 |
| NORFOLK | 6 |
| HAMPDEN | 6 |
| Plymouth | 4 |
| Berkshire | 3 |
| HAMPSHIRE | 3 |
| SUFFOLK | 3 |
| Barnstable | 2 |
| BARNSTABLE | 2 |
| - | 2 |
| Nantucket | 1 |
| Dukes | 1 |
| Franklin | 1 |
| BERKSHIRE | 1 |
| FRANKLIN | 1 |
| DUKES | 1 |
MIDDLESEX leads Massachusetts with 15 certified providers, ahead of Middlesex at 14. Certified density is a proxy for payer depth, and payer depth is what a receivables line is sized against. Verified
The size of the Massachusetts practice base
| Field | Establishments |
|---|---|
| Dental offices | 3,212 |
| Physician and specialty offices | 2,859 |
| Residential care and treatment | 2,831 |
| Behavioral health and ABA | 1,110 |
| Medical staffing | 1,083 |
| Physical, occupational, and speech therapy | 910 |
| Home health and hospice | 827 |
| Home care, non-medical | 758 |
| Med spa and personal care | 709 |
| Chiropractic offices | 655 |
| Veterinary practices | 581 |
| Other outpatient care centers | 519 |
| Laboratories and imaging | 469 |
| Optometry offices | 387 |
| Dialysis facilities | 192 |
| Medical equipment suppliers | 6 |
Massachusetts shows 17,108 establishments in these fields against 184 approvals, 1.1 per 100. Against 184 approvals that is 1.1 per 100, a rough read on how often practices here reach for federally guaranteed debt. Verified
The Massachusetts counties that hold the practices
| County | Establishments |
|---|---|
| Middlesex | 4,361 |
| Norfolk | 2,239 |
| Worcester | 1,981 |
| Essex | 1,906 |
| Suffolk | 1,576 |
| Bristol | 1,250 |
| Plymouth | 1,151 |
| Hampden | 988 |
| Barnstable | 678 |
| Berkshire | 348 |
| Hampshire | 343 |
| Franklin | 123 |
| Dukes | 28 |
| Nantucket | 27 |
Middlesex holds 4,361 of the tracked Massachusetts establishments, the deepest single county on this list. A lender pricing an acquisition looks for comparable sales nearby, and a thin county means the appraisal leans on a wider radius. Verified
Massachusetts wages by clinical occupation
| Occupation | Employed | Mean annual wage |
|---|---|---|
| Registered nurses | 88,200 | $104,550 |
| Nursing assistants | 38,130 | $46,680 |
| Licensed practical and vocational nurses | 13,210 | $80,220 |
| Dental assistants | 9,680 | $57,980 |
| Physical therapists | 6,850 | $103,790 |
| Dental hygienists | 6,850 | $100,640 |
| Veterinary technologists and technicians | 3,990 | $49,540 |
| Dentists, general | 2,780 | $181,600 |
| Veterinarians | 1,920 | $140,260 |
Wage data for Massachusetts opens with registered nurses at $104,550 across 88,200 positions. Hiring plans attached to a request get checked against figures like these, and a ramp built on below-market pay is where a projection usually breaks. Verified
Massachusetts shortage areas and what they change
| County | Designations | Highest HPSA score |
|---|---|---|
| Suffolk | 846 | 25 |
| Middlesex | 388 | 21 |
| Essex | 337 | 22 |
| Worcester | 221 | 20 |
| Barnstable | 145 | 20 |
| Bristol | 114 | 21 |
| Franklin | 104 | 22 |
| Berkshire | 102 | 21 |
| Hampden | 71 | 22 |
| Hampshire | 51 | 26 |
| Plymouth | 38 | 20 |
| Norfolk | 21 | 23 |
| Dukes | 13 | 21 |
| Nantucket | 8 | 12 |
| Not Determined | 6 | 0 |
Federal shortage designations total 2,169 in Massachusetts, concentrated in Suffolk with 846. Designated counties come with recruitment tools, so a hiring plan written around them holds together under a lender's ramp assumptions. Verified
Field by field, what the Massachusetts numbers imply
- Dental offices: average approval $915,189 over 19 closings worth $17.4 million. At $915,189 against $17.4 million of state volume, that is an equipment or fit-out request more often than an acquisition.
- Home health and hospice: $12.4 million over 27 approvals in Massachusetts, $458,474 each, which sets what a comparable request can be documented against.
- Behavioral health and ABA: $6.4 million across 25 approvals, averaging $255,000. Above $255,000 the file needs collateral or trading history that most of those 25 Massachusetts borrowers did not have to show.
- Home care, non-medical: $5.8 million across 8 approvals, averaging $722,188. Above $722,188 the file needs collateral or trading history that most of those 8 Massachusetts borrowers did not have to show.
- Physician and specialty offices: average approval $223,095 over 21 closings worth $4.7 million. At $223,095 against $4.7 million of state volume, that is an equipment or fit-out request more often than an acquisition.
- Med spa and personal care: 18 Massachusetts approvals totaling $3.3 million, $185,750 each. With only 18 Massachusetts approvals behind $3.3 million, the underwriter reads documents rather than precedent.
- Veterinary practices: 9 closings, $3.1 million approved, $348,700 typical. That average is the reference point a Massachusetts credit committee starts from on a similar file.
- Medical staffing: 16 approvals, $3.0 million, $189,894 average. A Massachusetts request near $189,894 sits inside the band 16 approvals already established.
- Optometry offices: 4 Massachusetts approvals totaling $2.5 million, $636,000 each. With only 4 Massachusetts approvals behind $2.5 million, the underwriter reads documents rather than precedent.
Reading the Massachusetts record
- 19 of the Massachusetts approvals went to dental offices, 27 percent of the state's healthcare dollars at $915,189 each. That is the comparable set an appraiser in Massachusetts reaches for first, and it sets the loan size a similar file can defend.
- Home health and hospice account for 27 approvals and $12.4 million in Massachusetts, ahead of behavioral health and aba. Fields with regular volume have living comparables in the state, and that is what keeps an offer from being priced defensively.
- There are 1,067 medical equipment suppliers certified in Massachusetts. Certified capacity is the difference between buying revenue and building it, and lenders price those two paths differently.
- The 504 column holds 17 Massachusetts approvals. That is the owner-occupied real estate route, so the count marks practices that bought rather than leased, and it sets expectations on appraisal and timeline for anyone following them.
Programs referred in Massachusetts
Official Massachusetts programs and regulators
- Massachusetts Loan Repayment Program (MLRP) for Health Professionals, the state loan repayment route for clinicians recruited into shortage areas
- Massachusetts Board of Registration in Medicine, licensure and ownership questions for physicians
- Massachusetts Board of Registration in Dentistry, licensure and ownership questions for dentists
Micro-markets in Massachusetts
| Town | Population | Providers on file |
|---|---|---|
| Haverhill | 68,291 | 454 |
| Beverly | 43,223 | 772 |
| Marlborough | 42,169 | 535 |
| Salem | 45,677 | 581 |
| Gardner | 21,381 | 210 |
| Fall River | 94,689 | 1,005 |
| Taunton | 61,936 | 432 |
| Westfield | 40,403 | 338 |
| Newburyport | 19,163 | 218 |
| Lawrence | 89,332 | 891 |
| Holyoke | 37,838 | 647 |
| Methuen | 54,272 | 348 |
Also covered in Massachusetts: Leominster, Melrose, Greenfield, Fitchburg, Northampton, Southbridge, Woburn, Bridgewater, North Adams, Attleboro, Medford, Malden, Palmer, Somerville, Gloucester, Franklin, Pittsfield, Amesbury, West Springfield, Chicopee, Watertown, Peabody, Chelsea, Amherst, Agawam, Randolph, Braintree, Weymouth
Where to read next
- All states covered
- Every financing program
- Missouri healthcare practice financing, for a side-by-side on rules and loan volume
- New Hampshire healthcare practice financing, the nearest comparable record to this one
- North Carolina healthcare practice financing, for a second reading of the same datasets
- ABA and autism therapy, with the capital events that field actually runs
- Specialty physician groups, including what collections history is asked for
- Skilled nursing, assisted living, and memory care, including what collections history is asked for
- Mobile diagnostics, read on the terms that field is underwritten on
- Med spa and aesthetics, read on the terms that field is underwritten on
- Chiropractic, and where the collateral usually comes from
Questions Massachusetts owners ask
01How is a Massachusetts inquiry handled once it arrives?
The request is screened against Massachusetts rules, matched, and passed to our funding partners who each work it independently. Every figure a practice sees comes from a partner. A funded account pays a fee from the partner's side.
02What does the SBA file show for Massachusetts healthcare borrowers?
The published 7(a) and 504 file records 184 approvals to Massachusetts healthcare borrowers worth $65.1 million in FY2025, an average of $353,829. Dental offices took the largest share at 19 approvals. Only approvals appear in that file; applications that failed never reach it.
03Who can own a medical practice in Massachusetts?
Massachusetts Board of Registration in Medicine regulations at 243 CMR 2.00 govern licensing and the practice of medicine in the Commonwealth. Massachusetts permits management services organizations to provide non-clinical administrative services to physician practices consistent with 243 CMR 2.00. Documents for both entities are read side by side, so the Massachusetts professional entity papers and the management agreement should be ready together. Only healthcare counsel in Massachusetts can confirm a structure works.
04How does certificate of need affect a Massachusetts expansion?
Massachusetts operates a Determination of Need program administered by the Department of Public Health under M.G.L. c.111 and 105 CMR 100.000, covering certain hospital and health facility capital expenditures and service changes. Where the requirement bites, the Massachusetts timeline stretches. Lenders wait on the approval, and the interim cost of holding the site belongs in the budget.
05What does CMS certification data show for Massachusetts?
CMS certification files list 1,570 certified providers in Massachusetts across 5 tracked categories, led by medical equipment suppliers at 1,067, vintage 2026-09-06. Each certification is permission to bill, which makes the count a rough census of revenue-carrying operators in Massachusetts.
Sources
- 1SBA 7(a) and 504 approvals, FY2025
- 2CMS provider certification files
- 3NPPES provider registry
- 4County Business Patterns 2022
- 5BLS Occupational Employment and Wage Statistics, OEWS 2025
- 6HRSA health professional shortage area file
- 7Massachusetts corporate practice rules
- 8Massachusetts certificate of need
- 9Massachusetts Loan Repayment Program (MLRP) for Health Professionals
- 10Massachusetts Board of Registration in Medicine
- 11Massachusetts Board of Registration in Dentistry
Describe the Massachusetts file
Describe the transaction in Massachusetts, and the inquiry is matched and passed on from there