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Reasons to Finance Your Medical Devices in 2023

Reasons to Finance Your Medical Devices in 2023

The healthcare industry is expensive to sustain and operate. Necessary tools like imaging, respiratory equipment, and testing devices all come with a hefty price tag. Partnering with medical equipment finance companies can make a significant difference in a facility’s ability to sustain and operate adequately. Here, we take a closer look at why financing medical devices is a smart financial decision.

Save on Long-Term Expenses

Through financing, you will pay for a device over an extended period. Financially, these smaller payments will help you afford the equipment and save you from upfront costs that could otherwise deplete a budget.

Even though you’re leasing a piece of equipment, it can also qualify as a deductible expense and could afford your facility a tax break. With the smaller installments and a tax deduction, your facility can save money long-term.

Access to the Newest Available Equipment

Technology advances rapidly, and new devices become available just as you get comfortable with your current devices. Due to cost demands, it can be financially challenging to get your hands on more recent models.

You may be able to exchange old devices for newer models in a leasing contract. This can keep a facility operating with a technological edge against its competitors. When you partner with an equipment supplier, ensure you understand the lease terms for circumstances like this.

Decreased Maintenance Costs

One of the most significant reasons for financing medical devices in 2022 is decreasing maintenance costs. Through a the leasing agreement, the supplier is responsible for the upkeep of the equipment. Routine care of devices or unexpected repairs can deplete budgets and weigh on facilities.

It’s advisable to discuss with the supplier what they will and will not service to stay ahead of any maintenance demands. Include a routine preventative schedule in the lease agreement and follow the schedule closely.

Financing devices and equipment is another way to alleviate pressures on the budget and maintain a facility’s efficiency. Partnering with a reputable medical equipment supplier can be challenging, but Med One Group makes it easy. Contact us today to discuss the options available to you through our vendor relationships.