What is the convenience for businesses to lease MRI machines versus paying for them?

The medical field is considered one of the most important challenging areas around. Medical professionals work hard every day to preserve lives and prevent illnesses and other severe issues in hospitals in clinics all over.

Making your way up the ladder in medicine is extremely challenging and takes decades, but many make their way all the way to the point where they finally become a doctor and have the skills to be considered a professional. Some end up taking on even bigger roles and either own/run a hospital or set about starting their own clinic or practice.

Either way, taking on a role like this is much different than what medical professionals are used to, because now they are essentially running a business. Running your own company involves a lot of employee management as well as strict financial management, and especially budgeting can be difficult.

The medical field is fairly expensive, whether you’re talking about equipment, medicine, or consumable stock like gauze and such, and getting everything you need can be difficult. However, business owners in the medical field can take advantage of the different ways to get capital equipment.

For example, they can lease MRI equipment and whatever other hardware they need versus purchasing, or they can get a loan. Looking at the factors to leasing versus purchasing, which is the better option for a business, and when is it better to do one versus the other?

Purchasing Medical Equipment

There are many reasons business owners buy their equipment, even in the medical field. They don’t want to deal with not owning their equipment, so they just make the one purchase, spending quite a bit of their capital in the process, and think that’s the end of it.

However, with capital equipment, purchasing is always much more complicated, especially in the long run. With smaller equipment, purchasing is not such a big deal; you’re not spending too much money, it lasts a while because it’s not very complex, and it’s easy to replace.

On the other hand, with capital equipment (more expensive) it’s much more complicated because the equipment is intricate and easy to break. Think about the longevity of a complex piece of machinery like a laptop: the more you use it, the shorter its lifespan, but there are all sorts of ways a laptop will break down.

The same is true with medical equipment like MRI machines and X-Ray machines, and there comes a point where repair is pointless and it’s financially wiser to replace the equipment. That means, within a few years, you’re spending a large sum of money a second time to purchase equipment.

Buying your medical equipment is not always financially effective, even if you get a loan, because interest can be brutal with capital equipment. Even if you have a low interest rate, that’s still a low percentage of a large sum of money, and paying that off can be difficult.

Reasons you should Lease MRI and Other Medical Equipment

There are many reasons for any business to lease their equipment, especially in medicine. If you lease MRI equipment, you’re paying a low flat monthly rate for your equipment versus a large, up-front payment.

This is much more manageable for businesses with tighter budgets, but that’s not the only benefit of a lease. You can also get your equipment repaired over time if it breaks down, meaning you don’t have to pay a large sum of money to replace or repair your hardware.

You also get tax benefits out of a lease, putting money in your pocket every year. Leasing is beneficial because, despite the fact that you are being loaned equipment, you can still get a very long-term lease for your business.

A lease is a contract, and you can pick a lease with whatever contract period, monthly rate, and other options that you want. With an ideal lease in your business, you can easily get all of the medical equipment you need in your business for quite a long period of time without worrying about finances.

Plus, you can keep renewing your leases and get an upgrade on your equipment. To learn more about how you can lease MRI equipment and other medical hardware, click here.