Why More Practices are Leasing Medical Equipment
There’s no room for error when it comes to medical equipment. Your practice has to use machinery that’s up-to-date and efficient or face losing business and lawsuits. This means expensive instruments must be acquired, and that’s why leasing medical equipment is the best option for many offices and clinics. Well-structured leases allow you manage your cash flow and stay current with the latest technology. When you finance big purchase, you don’t overspend and you avoid becoming the unhappy owner of an archaic piece of equipment.
For better and worse, medical technology is advancing at a breakneck pace. If you purchase medical instruments outright, you either have to buy something new every couple of years or use an outdated machine longer than you should. By leasing medical equipment, you can upgrade as son as a new model becomes available with only a slight change in payment. Leasing is often 100 percent financed, eliminating any big down payment and getting you the necessary machinery without spending a month’s worth of working capital. This allows you to finance multiple items without draining all your resources.
At the end of your lease, you’ll likely have the option to extend the terms or even buy the equipment if it’s clearly going to have lasting use. By that time you’ll have a greater understanding of the instrument’s function, how it might depreciate and what newer models are available to replace it. The flexibility to choose what happens with equipment while avoiding the responsibility of ownership is reason enough to finance any of your practice’s big purchases.
Quick Processing and Delivery
Some practitioners opt to buy their equipment to save time on paperwork and approving financing terms. Purchasing is certainly faster than applying for a loan, but companies that specialize in leasing medical equipment understand the need for a quick turnaround and can often approve an application the same day it’s received. The leasing company doesn’t make any money if you don’t have equipment; it’s not in their interest to take a long time processing requests. This is important both when an office is first acquiring a new device and when an older instrument needs to be returned and upgraded.
Medical practices must stay at the forefront of technological upgrades while still trying to run a business and collect payments from patients. Without medical equipment leasing, many practitioners wouldn’t be able to secure the necessary machinery and still cover overhead costs. Fortunately, financing makes it possible for any practice to offer top-of-the line care.