What To Know About Medical Equipment Financing
Every year, countless medical facilities across the country grapple with insufficient funding. Unfortunately, the need for vital medical equipment does not slow down just because funding does, and these facilities still need medical equipment to provide patients with essential care. For facilities in this situation, medical equipment financing may be the solution. We look at a few of the positive benefits of financing equipment.
Low Upfront Cost
One of the primary factors keeping hospitals and practices from getting new medical equipment is the initial cost. For these groups, the first thing to know about medical equipment financing is that the upfront cost is significantly lower than purchasing equipment outright. This not only ensures you are able to get new equipment into the facility but that funds will still be available for other needs, such as services and building upkeep.
Flexibility and Consistency
Some hospitals may be wary of equipment leasing because of the idea of being caged into a long-term lease. However, leasing plans are typically flexible and customized to the needs of the hospital. For instance, there are plans available that allow you to defer the start of your first monthly payments until funds are available.
As much as flexibility is a valuable quality in a payment plan, consistency is arguably even more crucial. Being able to predict, even months in advance, what you will have to pay for equipment is crucial when laying out a budget. Fortunately, Med One will work with hospitals to lay out a plan that will allow them to see exactly what their monthly payments will be throughout the entirety of the plan.
One of the greatest benefits of leasing medical equipment is the technical support that comes from the manufacturer or from Med One. Because Med One directly works with equipment vendors, we are trained to work on some of the most popular equipment based on the manufacturer’s guidelines.This means our medical equipment services will help you acquire the equipment you need and help repair it to the highest standards to ensure hospitals have less equipment downtime.
How Terms End
When hospitals reach the end of a leasing term and depending on the lease structure, they can have three options. These particular options are for one of the custom leases Med One provides, called an Equity Rental. This example shows the creative options customers can have with leasing. First, there is the option to return the equipment to Med One Group with no additional cost,the second is to continue leasing the equipment for another term, The last is to purchase the equipment. If a facility chooses this option, they are not able to return the equipment. However, the cost for this option is small, especially when compared to purchasing the equipment new, and the facility will have sole ownership.
Grappling with financial burdens can be a challenge, especially for a hospital. But by being aware of the options, including understanding what to know about medical equipment financing, medical facilities can still provide patients the care they need.