The Benefits of Medical Equipment Rentals for Startup Medical Clinics
If you are operating a startup medical clinic, obtaining the proper equipment and infusion pumps is a necessity. You need to have the two basic classes of infusion pumps to serve your patients. In any medical facility, the large volume pump helps in providing large doses of nutrients to a patient. In contrast, the small volume infusion pump is essential in infusing medicines and hormones.
But obtaining this medical equipment usually requires a significant investment. If you don't have sufficient funds to purchase the necessary smart pumps for your clinic, you can consider medical equipment rentals as a financing strategy. Medical equipment rentals offer several advantages that we are going to take a closer look at.
As a business owner, you are always aware of your expenses and want to have a reputable business model in place to provide job security for yourself and employees. Taxes make up a significant percentage of your costs. However, using medical equipment rentals will help you to cut down on tax expenses. The Internal Revenue Service considers leases on equipment like this to be a tax-deductible overhead expense, which is essential in cutting down on the amount you set aside for what you owe each year. If you deduct the lease amount from your income, you will have less taxable income -- which will significantly lower your tax expenses and have a positive effect on your operational budget.
In the last few years, there has been an emergence of smart pumps as a replacement to traditional infusion pumps. If you want to have the newest technology in your medical facility, medical equipment rentals are a great option to gain access to advanced equipment at any given time. If you consider purchasing instead of medical equipment rentals, you might find yourself in a situation where you have to work with older or outdated equipment. It's better to have less of a financial commitment in this case, as it will allow you to upgrade or gain access to models you might not otherwise be able to afford.
Improved Cash Forecasting
To maintain a properly functioning medical facility, cash forecasting is necessary. It informs on whether the hospital is sustainable and will be able to care for patients moving forward. Renting is a strategic method of organizing the finances of the company. It helps in spreading the cost or expenses of a company for an extended period. Additionally, rental amounts for hospital equipment can be estimated, which helps to organize finances professionally.
Introducing operational flexibility in a medical facility is very important. Medical equipment rentals are important as they help provide you a variety of options to acquire equipment only when needed. You don't have to purchase medical equipment only for it to stay idle. In some instances, your facility will get many patients who will need infusion services. With renting, you can easily get an infusion pump and offer infusion services to your workers.
Better End Term Options
With medical equipment rentals, you have different options that are available at the end of the agreement period. You can consider a rent to own option, in which 50% of all payments go towards the purchase price after the rental period and the absolute ownership of the equipment is transferred to you. However, other end term options -- such as extending the rental period and returning the equipment at the end of the rental period – are also options to consider. With more control over the end term, you'll be in a better position to plan ahead and make decisions about your facility's priorities.
Are you looking for medical equipment rentals for your startup clinic? Med One Group is a leading medical equipment rental and leasing company. For more information, please contact Med One Group today.