#11 – Dr. Michael Jerkins, Co-Founder & President at Panacea Financial

Introduction to Panacea Financial

Panacea Financial was created with a singular mission: to support doctors and dentists with financial solutions designed by professionals who understand the unique challenges of the medical field. Co-founded by Dr. Michael Jerkins, a practicing doctor himself, Panacea Financial is a mission-driven company providing everything from specialized loans to practice-buying solutions for healthcare professionals.

As Dr. Jerkins explains, the company’s strength lies in its ability to understand and prioritize the needs of doctors, particularly dentists, where they provide specialized financing, checking, savings, and beyond. “We’re very relationship-driven,” Jerkins says, noting how dentists value the personal, practical support they receive.

A Partner from Dental School to Practice Ownership

Panacea Financial’s support for dental professionals begins early, helping students secure personal loans with no co-signers and delayed repayment terms, which alleviates financial pressures during school. This support extends into the early career phase as they assist dentists in practice acquisition, equipment purchases, and expansion. Notably, Panacea is an official partner of both the American Student Dental Association (ASDA) and the American Dental Association’s practice finance group, underscoring its commitment to the dental community.

Focused Exclusively on Healthcare Professionals

Dr. Jerkins emphasizes a key competitive advantage for Panacea: an exclusive focus on physicians, dentists, and veterinarians. By honing in on these specific groups, Panacea gains deep insights into their financial needs and challenges, setting them apart from broader financial institutions. “Our focus is doctors and doctors only,” he explains, noting how large financial entities may pursue healthcare professionals but often shift priorities based on market trends. Panacea’s dedicated focus provides consistency and expertise that helps doctors thrive in their practice goals.

Expanding to Meet Growing Needs

Panacea Financial’s offerings go beyond traditional banking services, reflecting Dr. Jerkins’s keen awareness of evolving industry needs. The company is currently exploring wraparound services, including accounting, practice consultations, and other essential services that dentists require to operate and scale efficiently. At conventions and in community discussions, Panacea remains active, learning firsthand what dentists need and tailoring its services accordingly. This feedback-driven approach has allowed Panacea to support both individual practitioners and larger Dental Service Organizations (DSOs) with customized financial solutions.

Supporting the Growth of Independent Practices

Dr. Jerkins also acknowledges the unique financial landscape of dental practice ownership, especially with increasing consolidation in the dental industry. Recognizing that many dentists want to maintain or regain independence, Panacea provides solutions such as ownership buy-in loans that allow dentists within DSOs to acquire equity and grow wealth. As Jerkins explains, this can be a game-changer for young dentists looking to build stability in a consolidating field. Panacea’s dedication to empowering doctors aligns with its mission of championing doctor-led organizations over larger, impersonal entities.

Advice for Aspiring Practice Owners

For dentists considering practice ownership, Dr. Jerkins stresses the importance of building a support team, noting that legal, financial, and strategic pitfalls are common without expert advice. “We’re very smart people as doctors, but we don’t know everything,” he says. Having knowledgeable advisors can prevent costly mistakes, particularly in navigating the complexities of medical practice ownership.

What’s Next for Panacea Financial

Looking forward, Panacea Financial continues to strengthen its role as an industry ally by participating in key events like the American Student Dental National Leadership Convention. Dr. Jerkins and his team actively engage with upcoming dental leaders, listening to their concerns and adapting Panacea’s services to address these future needs. Their goal is to stay ahead of emerging trends, ensuring they remain the trusted financial partner for the dental community.

In short, Panacea Financial is redefining financial services for the dental profession, enabling dentists to focus on what they do best: patient care and practice growth. For Dr. Jerkins and his team, the journey is far from over, with new initiatives and support on the horizon for dentists across the nation.