The purchase of medical equipment can be a costly undertaking. It is not uncommon to see a single specialty device such as a CT scanner carry a higher price tag than a new house. And with new anesthesia machines and surgical tables selling at a higher price than most new cars, your equipment purchase can put significant strain on your healthcare facility’s budget. This financial strain can be particularly challenging to a private practitioner saddled with the responsibility of running a clinic.
Fortunately, there is a wealth of funding options available to help equipment purchasers in obtaining capital for medical equipment. A medical equipment finance company is an excellent source of information regarding the various medical equipment funding options available. These companies are increasing in number across the country and their agents are eager to provide assistance to doctors and equipment purchasing agents. To apply for funding, fill out our simple form and a representative will be in touch to discuss your options.
When evaluating medical equipment financing options, it is important to determine whether you are interested in a medical equipment leasing option and/or a medical equipment loan. Many medical equipment financing companies offer both lease and loan options. It is important to note that loans for personal medical equipment are different than a business medical equipment loan program or medical equipment loan service. Such programs and services differ from commercial lending as they typically involve the supply of crutches, wheelchairs and other products to low income citizens in need of equipment to treat their personal medical problems.
While an equipment lease may be more attractive due to lower monthly payments, the disadvantage of a lease is the steeper price of equipment ownership. At the end of most lease terms, individuals have the option of buying the equipment at a percentage of the purchase price or simply walking away from the lease empty handed. A medical equipment loan, on the other hand, enables you to easily purchase and own the medical equipment that you need, at the end of the loan term. This is advantageous because the equipment becomes an asset and you can resell the items if you decide to upgrade or close your practice in the future.
With all of the various medical equipment lending options available, there is no substitute for a skilled healthcare financing expert. A skilled professional can evaluate your personal situation and help you gauge whether a loan or lease is in your best interest. They can also walk you through the steps of obtaining funding for medical equipment and highlight the key pieces of information needed to get your commercial capital.
Before scheduling your initial meeting with a healthcare equipment finance company about a loan for medical equipment, it is helpful to be prepared with some key items. You should walk through your facility prior to your meeting and identify what is missing from your inventory. The equipment that you need should be included on a list in order of priority along with a brief definition of the item and the estimated cost of each piece of equipment. You may also wish to have a list of your assets available, as they may be used as collateral. The rates that you receive will be largely dependent upon your credit history and the amount of money you need to borrow. To learn more about rates and terms, see this page.
Fortunately, the process of financing medical equipment does not have to be laborious or time consuming. Medical equipment loans and financing decisions can be made fairly quickly if a loan applicant is adequately prepared with the proper documentation. In fact, some financing companies can provide an approval decision within 24 hours. Depending upon whether the equipment required is immediately available, you could have a new operating room up and running within a matter of days. The end results are the ability to perform more procedures and an increased revenue stream for your health care facility.