When considering leasing medical equipment, there are several important benefits to understand.
The clear advantage of purchasing your medical equipment is that you become the owner of that machine. For many doctors, this makes the most sense for equipment that they know will last a considerable amount of time.
However, running a medical practice is expensive. Because of this, many healthcare providers will frequently put off purchasing medical equipment. This often leads to having outdated and unreliable medical technologies.
This is where leasing medical equipment is an appealing option. Here are 5 key benefits to consider if you are thinking about leasing medical equipment for your practice.
1) No Need for Large Payment Up Front
Depending on your practice’s financial situation, obtaining enough cash to purchase an expensive piece of equipment may be difficult.
For practices just starting out, it is difficult to come up with enough money for the down payment. This is where 100% financing may be a viable option as well.
2) Warranties and Services may be better
Some equipment will need regular service checks to ensure it is reporting accurately. These ideally should be covered under the lease agreement. It is within the interest of the leasing company to keep their equipment in working order to retain its value. For this reason, many leases include repairs and maintenance at little or no extra charge. The benefit to the the medical practice is efficient and well maintained equipment and peace of mind.
3) Taxation Benefits Immediately
With leasing medical equipment, payments are treated as expenses on the income statement. This means the technology solution does not have to be depreciated over an extended term.
4) No risk of losing value of equipment
Technology solutions that could depreciate quickly should be leased to limit a healthcare facility’s risk of getting caught with obsolete equipment. Leasing medical equipment makes it easier to upgrade or add technology solutions to meet ever-changing needs.
5) Ability to finances services alongside equipment
Training and support are sometimes the most important components of a new equipment acquisition. This is particularly relevant for EHR systems and other software based healthcare technology. These are labeled as soft costs. If you can finance them into the lease agreement, it can beneficial.
Even as healthcare professionals meet new challenges in providing the best possible patient care, they must consider all the available tools to pave the way for optimal delivery of care. Leasing Medical equipment makes the job of the medical practice easier by providing affordable access to the latest technology available.
