Panacea Financial
Varies by service; banking services are largely fee-free.
Regulatory Status Disclosed
Overview
Panacea Financial, a division of Primis Bank, offers a comprehensive financial platform exclusively for doctors, dentists, and veterinarians at every stage of their career. Founded by doctors, it provides tailored financial solutions including personal and business banking (checking & high-yield savings accounts with no fees and unlimited ATM use), various loan products (PRN Personal Loans up to $50K, student loan refinancing, mortgages, practice loans for starting, acquiring, or growing a practice, and SBA loans), and contract review services (standard review, compensation review, and negotiation). The platform emphasizes transparency with no hidden fees and offers a mobile app for convenient account management. It also provides valuable resources such as articles, FAQs, and scholarships.
Reviewed by Pouyan Golshani, MD — Interventional Radiologist
Key Features
- Personal Checking & High Yield Savings Accounts
- Business Checking & Savings Accounts
- PRN Personal Loans (up to $50K)
- Student Loan Refinancing
- Mortgages for Doctors
- Practice Loans (start, buy, grow practice)
- SBA Loans
- Merchant Services
- Contract Review (standard, compensation, negotiation)
- Mobile App for account management
- No hidden fees
- 24/7 customer support
Use Cases
- Managing personal finances for medical professionals
- Refinancing medical student loan debt
- Funding the start-up, acquisition, or growth of a medical practice
- Purchasing a home for doctors
- Reviewing and negotiating employment contracts
- Managing business finances for medical, dental, and veterinary practices
What Physicians Need to Know
Contract Analysis
Panacea Financial offers 'Panacea Legal' services, which provide comprehensive contract review and negotiation for physicians. This includes standard contract review, compensation analysis, and direct negotiation with potential employers. They help doctors understand employment offers, identify red flags, and navigate complex terms such as non-compete clauses, malpractice insurance provisions, and termination processes.
Physician Tip
Physicians should leverage Panacea Financial's specialized banking and loan products designed for their unique career stages. Utilize 'Panacea Legal' for expert contract review and negotiation to ensure favorable terms in employment agreements, covering compensation, benefits, and restrictive covenants. Consider their 'Build Your Team' program to connect with vetted legal and financial advisors for comprehensive support.
Panacea Financial's primary services are financial and legal (contract review). While their banking services integrate with standard financial management practices, there is no explicit mention of AI-powered integrations with broader healthcare IT infrastructure or compliance monitoring platforms for their 'Panacea Legal' services. Integrations would likely be focused on financial data exchange rather than healthcare regulatory compliance tools.
Details
| Category | Legal, Compliance & Security, Physician Finance & Tax |
| Pricing |
Varies by service; banking services are largely fee-free.
|
| Deployment | Cloud-based |
| Compliance | |
| BAA Available | Unknown AI-estimated |
| HIPAA Compliant | Unknown AI-estimated |
| FDA Status | Not applicable AI-estimated — Not applicable |
| Integrations | |
| EHR | Not specified |
| Specialties | Family Medicine, Internal Medicine, Pediatrics |
Ratings & Reviews
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Press & Coverage
TechNews180
Panacea Financial Raises $62M Series B From Valar Ventures
Panacea Financial extended its Series B funding round to $62 million with an additional $37 million investment from Valar Ventures, aiming to expand its doctor-focused fintech platform and accelerate the development of data-driven tools. This investment is one of the largest fintech investments in a healthcare-specialized financial platform.
2025-07
Panacea Financial Press Release
Panacea Financial Unveils New Digital Platform for Consumer and Business Customers
Panacea Financial launched a new and improved digital platform for both consumer and business customers, offering enhanced features like faster mobile deposit capture, improved bill pay, and stronger security. This upgrade is part of Panacea's commitment to providing innovative and efficient banking solutions for doctors.
2024-08
Business Wire
Panacea Financial Strengthens Executive Team to Power Next Phase of Scaled Growth
Panacea Financial announced the appointments of Anna Khayet as Chief Marketing Officer, Robin Garrison as Chief Compliance Officer, and Tal Frank as Head of Student Financial Services. These additions reflect the company's evolution into a scaled financial services platform supporting doctors throughout their careers.
2026-01
Business Wire
Panacea Financial Offers American Medical Association Members New Program to Strengthen Independent Medical Practices
Panacea Financial launched a new affinity program with the American Medical Association (AMA) to help physicians navigate economic pressures on independent practices. AMA members can access exclusive pricing on practice and personal loans.
2026-06
American Dental Association
Panacea Financial Named Exclusive Practice Finance Provider for American Dental Association Members across the United States
Panacea Financial has been selected as the exclusive practice finance provider for the American Dental Association's over 159,000 members. This partnership aims to provide ADA members with specialized financial products designed for dentists.
unknown
Business Wire
Panacea Financial Survey Finds Doctors are Financially Overwhelmed at Every Career Stage
A Panacea Financial survey revealed that over half of current doctors would not have chosen medicine, or were unsure, if faced with a $200,000 federal loan cap and elimination of flexible income-driven repayment options for new borrowers. The survey, conducted in early 2026, highlights significant financial stress among doctors at all career stages.
2026-04
PRNewsfoto/Panacea Financial (via Primis)
Panacea Financial Announces Partnership with American Student Dental Association
Panacea Financial partnered with the American Student Dental Association (ASDA) to provide ASDA members with financial services tailored to dental students' needs, including personal loans and checking/savings accounts. This collaboration aims to support dentists-in-training with concierge-level banking services.
2024-05
Primis Financial Corp.
Primis Financial Corp. Announces Signed Term Sheet to Sell a Portion of its Shares of Panacea Financial Holdings, Inc.
Primis Financial Corp. signed a non-binding term sheet to sell a portion of its ownership in Panacea Financial Holdings, Inc. for approximately $22 million. This sale is expected to generate a pre-tax gain of between $6.5 million and $7 million for Primis.
2025-06
Videos
Product demos, reviews, and walkthroughs for Panacea Financial.
Why Panacea Financial Was Founded
Frequently Asked Questions
Panacea Financial leverages a proprietary, AI-powered credit decisioning platform to accelerate loan funding and enhance credit performance. They are also developing intelligent tools that use proprietary data to personalize and streamline financial decisions for doctors and their practices, aiming to provide intelligent, data-driven financial solutions.
As a division of Primis and an FDIC-insured institution, Panacea Financial prioritizes robust fraud protection and enhanced security for its digital banking platform. While specific details on AI's direct HIPAA compliance are not explicitly stated, their overall commitment to data security and adherence to banking regulations are designed to protect sensitive financial and practice information.
Yes, Panacea Financial is actively developing intelligent tools that utilize their proprietary data to personalize and streamline financial decisions for doctors and their practices. This aims to offer tailored solutions that address the specific financial journey of medical professionals, from training through practice ownership.
Panacea Financial emphasizes transparent pricing and a commitment to no hidden fees across its services. There is no specific mention of additional costs for AI-driven features, suggesting they are integrated into their overall banking and lending offerings for physicians.
While Panacea Financial offers specialized services for doctors, other lenders like Laurel Road and Doc2Doc Lending also cater to the medical community. Additionally, platforms such as Splash Financial and Credible allow physicians to compare various loan offers from multiple lenders.
While AI can streamline processes and offer personalized insights, complex financial advice and highly nuanced scenarios often benefit from human expertise and oversight. General limitations of AI in finance include concerns about trust, potential for misinformation, and the need for human judgment in critical tasks, which would also apply to AI tools in banking.
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| Last Verified: 2026-04-22 | First Added: 2026-04-22