"I need to add imaging equipment to my practice to bring in more revenue, but I'm not ready to shell out for brand new equipment -- and I don't want to go into heavy debt. Is leasing an option for used medical equipment?"
We hear this every day from cash-conscious medical equipment buyers who want to examine every option in today's tough business market. We thought it was time to clue you in on leasing as a money-saving strategy for buying used and refurbished diagnostic imaging equipment.
In fact, leasing instead of buying may be the smarter solution for successful medical practices, imaging centers and hospitals. Here is our list the five things to look at in weighing the advantages of leasing overy buying. How many of these would punch up your bottom line?
1. Upgrade Your Equipment Expectations
We've found that practices and clinics that want to furnish their offices with the most advanced diagnostic imaging technology they can afford can usually end up getting a better level of technology when they lease the equipment. Leasing is less risky than purchasing outright; and if, at the end of your lease, you want to upgrade again, then it's very easy to do. When you're getting close to the end of your lease, start shopping around. If you've had your eye on enhanced features and new capabilities, now is the time to get it.
2. Polish Up Your Balance Sheet
3. Add in the Associated Costs
Leasing looks good on a practice's balance sheet, because lease payments show up as current operating expenses. It also allows the facility to show fewer debt amounts on the books.
It's those extra associated costs that come with a newly purchased c-arm or bone densitometer that can pinch a busy medical practice, things like training for operators, service contracts, preventative maintenance visits, consumables and supplies. Most leasing companies will work with you to roll these associated costs into your payments. Depending on where you are located, your patients, and the services you offer, your clinic may have certain times of the year that are more 'flush' than others. Ask your leasing company if you can stagger lease payments to correspond with seasonal cash flow. Leasing equipment can offer clinics and practices the kind of financing and payment flexibility that borrowing from a bank rarely does.
4. Negotiate The Kind of Payment Schedule That Works For Your Facility
Depending on where you are located, your patients, and the services you offer, your clinic may have certain times of the year that are more 'flush' than others. Ask your leasing company if you can stagger lease payments to correspond with seasonal cash flow. Leasing equipment can offer clinics and practices the kind of financing and payment flexibility that borrowing from a bank rarely does.
5. Your Vendor Can Help
Choosing the right medical equipment vendor can help with favorable leasing terms. Does your vendor have established relationships with leasing companies? Can it provide your practice a personal introduction to the short list of leasing companies that won't waste your time, quote ridiculously high leasing rates, or unfavorable terms? Better yet, can the vendor do some of the legwork for you, and go straight to the leasing company rep for the best rates, lowest fees, and most advantageous buy-outs? Good medical equipment companies know the best leasing companies -- they want to work with reputable, reliable lessors who treat their customers well.
And vice versa -- Leasing companies like to do business with established medical equipment companies that:
Offer high quality equipment
Refurbish the used equipment
Offer warranties
Solve service problems
Stand by what they sell
BOTTOM LINE FOR YOUR PRACTICE:
Lease used medical equipment: It can offer physicians and small-to-medium sized medical practices better financing terms and more payment flexibility than borrowing from a bank. In today's tough health care marketplace, you can't wait around for those great loan terms to land in your lap so that you can buy a brand-new Bone Densitometer, MRI, or CT scanner. Leasing a preowned Digital Mammo, Ultrasound, or PET / CT machine can be a way to bring more money into your practice -- sooner rather than later. Creative financing options can leverage precious capital resources and beef up your bottom line.
If you have more questions about leasing used medical equipment, call or email us to speak to a team member directly, or check us out at www.integritymed.com for additional help.
