7 Important Tips for a Medical Equipment Purchase

When considering a medical equipment purchase, there are many variables to consider.

The first may be whether to actually lease the equipment rather than purchase. This is an economic choice that takes some consideration.

Once you have made the decision to make a medical equipment purchase, here are 7 important things to consider:

1) Be Smart with Equipment Financing

While paying cash can seem like the best way to go, it will cut into your working capital that you may need for other practice expenditures.

Getting a loan for medical equipment is another good choice, however you must be aware that loan financing will include interest rates and hence increase the medical equipments final cost. Typically, there are several options for Medical Equipment Financing. These include Dealer Financing, Bank or SBA Financing and dedicated Medical Equipment Loans.

2) Go for the Warranty

Many healthcare vendors offer maintenance service and warranty contracts for their equipment. These can reduce potential breakdowns, or expensive service cost. Most medical equipment warranties are offered as a part of the purchase price. Be sure to ask vendors what warranty options are included.

When considering a purchase, take extra time to read through the contract warranty. In most cases these medical equipment warranties are well worth any added fees.

3) Plan for Equipment Space and Renovations

Every room in a medical practice has its own unique demands. Therefore, when adding new equipment, consider its location, and any additional costs that may be needed for renovation or changes to accommodate the equipment. This might include electrical or plumbing costs

4) Review the Equipment Delivery Process 

When researching vendors for a medical equipment purchase, select one that offers direct-to-site services. A good vendor will ensure that your medical equipment is properly delivered on time and installed in the desired room.

5) Inspect and Test Before Ownership Transfer

Before signing the final papers and taking ownership, ensure that everything is working as expected. New equipment is less likely to have malfunctioning issues, but you are much better to discover them when you are receiving delivery than a few days after everything has been installed.

6) Review Patient and Workflow

Any new equipment brings with in new processes. Your may patients need to be relocated to the equipment room at the start or end of an appointment. There may need to be a schedule for when each patient is visiting the equipment rooms.

Revisit your workflow and discuss with your team any changes that need to be made to ensure a smooth running day.