Is It Better To Lease or Buy Patient Monitoring Equipment?
Patient monitoring equipment provides quick displays of vital biometric patient data, including heart rate, blood pressure, temperature, and more. Without the ability to get a quick read of patient vitals, medical professionals can't respond quickly and correctly to a medical emergency with their patients. When looking to acquire monitoring equipment, different facilities will have various capacities to attain the necessary equipment. That is when facilities need to ask the question, is it better to lease or buy patient monitoring equipment?
Patient monitoring equipment can have staggering upfront costs, making it more difficult for smaller practices to acquire them. Leasing equipment has a much lower upfront cost, making it easier for facilities to acquire the equipment. More financing options make it easier to figure out a plan that works with your facility's specific budgetary needs. Many leasing contracts also include maintenance for your machines, making it easier to respond to broken or malfunctioning machinery and improve patient care.
Leasing equipment has a lower upfront cost, but it can put a greater strain on the operating budget when one considers the continuing payments. There is also the fact that, depending on the lease structure, your facility may not own the equipment. It is essential to lease from a reputable company, so do your research when choosing.
Although the upfront cost of buying equipment is higher, you will save more money over time if your facility can afford to pay those immediate costs. If you have a hard time meeting these costs, buying pre-owned or refurbished patient monitoring equipment to cut costs without missing out on quality is possible. This means you can provide more advanced patient care and conduct repairs on equipment more efficiently. There is also the added possibility that the equipment will have a warranty.
Beyond having a much higher upfront cost, buying patient monitoring equipment doesn't have as many built-in service benefits as leasing medical equipment. Also, the high upfront cost can make it difficult to swap out older equipment for newer models as they become available.
Making the Choice
Deciding whether it is better to lease or buy patient monitoring equipment is based entirely on the goals, needs, and budgets of your medical facility or practice. Facilities with lower capital budgets and higher operating budgets may consider leasing, while others in an opposite situation may consider purchasing. Facilities should also consider their need to update medical equipment, how easily they can acquire the latest technology, and the likelihood of updating the technology later.
Being able to monitor patient needs is vital to a successful medical facility. Fortunately, there are plenty of options to acquire the medical equipment your facility needs so you can provide the best patient care possible.