A growing trend in the medical industry is the idea of ​​leasing equipment instead of buying it. But why exactly should a practice consider leasing rather than ownership?

The number one reason more practices choose to lease their equipment is finances. Any time you make a large equipment purchase, you do so with the understanding that the value of the equipment will steadily depreciate over time as new technological advances are made to improve existing equipment options. In the medical industry, it is particularly important to stay ahead of the curve to provide patients with the best care possible.

Therefore, many people choose to rent their equipment instead. Leasing allows practices to pay for upgraded equipment as they are used, rather than committing to paying full price for the equipment. Then, as equipment begins to age, they can easily upgrade to newer equipment without worrying about the financial impact of having to accept depreciation losses on their own equipment.

As more medical facilities become aware of the great leasing options available in today’s market, you can expect leasing to become an even more popular option.

How can I choose the right equipment to lease or finance?

Once the practice has made the decision to lease or finance its equipment, the next step is to determine what type of equipment to lease or finance.

Here are some tips on how you can better make these decisions:

· Analyze the size of your practice. How many patients do you see regularly? How many health professionals do you have working in your practice? What is the physical size of your facility? All of these questions should factor into the decision of what type of equipment to get.

· Calculate your budget. How much can you afford to spend on equipment monthly? Leasing will save you money in the long run compared to buying, but that doesn’t mean you should spend all of those savings on the equipment of your choice.

· Determine what your needs are. By looking at the size of your practice and the type of service you want to provide your patients, you can get a pretty good idea of ​​what kind of equipment you need to operate efficiently and with high quality. The temptation will always be to go for the newest, most technologically advanced equipment, but remember that you have budget constraints to deal with. Prioritize your equipment needs and take care of your highest priority items first.

· Consider the equipment itself. Certain types of equipment are more worth financing or leasing than others. If the equipment is large, difficult to replace, depreciates quickly, and is something you use regularly, leasing or financing may be your best option. This also applies to the software you use, such as emergency medical records software, which is regularly updated. Equipment that doesn’t depreciate (or at least depreciates quickly) or is easily replaceable is probably equipment you can buy. Specifically for the medical industry, if you have to do with the quality of care you provide to your patient, you should probably consider renting so that you can continue to improve when needed to maintain high standards of care.

Contact Medical Equipment Leasing Specialists for more information.