How much does it cost to lease an MRI machine? The answer to this question depends on a variety of factors.
So you figured it is time for a new MRI machine in your health facility and you are looking into leasing one, because it makes financial sense. You start browsing through the internet to find out how much it costs to lease an MRI machine. Before you pick up the phone to contact a lessor whom you think has the best rates, consider these facts:
Things To Consider Before Leasing An MRI Machine
1. Why Do You Want To Lease An MRI Machine In The First Place?
If the answer that comes to mind is that you want to lease an MRI machine because you want to grow your health facility or you have always wanted to own an MRI machine, then you are on the wrong track. It’s not that these are not good reasons but they are not good enough to warrant investing money into new or expanded MRI projects. You need to conduct an analysis of your market and financials and come up with a plan.
2. How Do You Plan To Acquire Your MRI Machine?
Leasing is a favorite choice for many health facilities and this is because of the many benefits that it comes with. Just a quick reminder of some of the benefits includes:
- Tax benefits
- Reduced cost
- Flexibility
- Prevention from obsolescence
- Upgrades
Despite all the above benefits, have you looked into other financing options and how they can benefit your business? If you have and you still want to lease, you should figure out which type of a lease works for you. Consider your current cash flow situation and how long you plan to use the equipment.
Medical equipment leasing companies have different types of equipment leases but the most common ones are the operating and capital leases.
Capital leases have higher finance rates but at the end of the lease period, you get to own the MRI machine. Operating leases have lower rates and lease periods are usually 5 years and above.
Are you going to lease a new or pre-owned MRI machine? This factor will determine how much leasing an MRI would actually cost.
How Much Does It Cost To Lease An MRI Machine?
The cost of the MRI machine is not that important because it is only part of the equation. After you have negotiated a rate you think is suitable for you, there are a few factors that you need to consider.
You have to thoroughly understand all the costs. For instance, you have to pay for the cost of having the MRI machine inspected by a tech engineer. Alternatively, you can inspect it yourself although it is always better to have a person who is much more experienced to do it for you. Inspecting the equipment will help you determine if it is working properly.
You also have to factor in the cost of installing your MRI machine. You also have to factor in other costs such as reinstallation to a new site. If your lease does not include repair costs and maintenance, you will also have to pay for them.
Other expenses that you might incur include those associated with terminating your lease early. Most medical equipment leasing companies charge a penalty for early termination of a lease.
Conclusion
While the costs of leasing an MRI machine might seem a bit on the higher side, it is still cheaper than making a purchase upfront. You should also consider how much it would cost you to upgrade the machine if you purchase it rather than lease it.
Applying for a bank loan in order to finance your equipment will depend on your current cash flow. Most banks require you to make a down payment, which is usually much higher than the one you are required to make when applying for a lease. Banks usually require customers to make a down payment of at least 20% of the amount you wish to borrow. Leasing companies on the other hand, only require you to make a down payment for the first and last month.
LeaseQ can help you through the financial and strategic planning process while you review your options and plan for a successful MRI lease and possible expansion of your health clinic.
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