Should your Business Buy or Lease X-ray Machine?

What are the differences between purchasing and leasing medical equipment? Should you buy or lease x-ray machine?

buy or lease x-ray machineThe medical field is one of the most important around, saving lives, preserving people in bad shape, and helping people prevent bad things from happening biologically. From hospitals handling emergencies and serious issues to doctor’s offices that check up on the how people are doing medically and giving solutions to colds and such, the medical field has a huge range of applications, and it’s no question why so many go into the field.

However, whether you’re intending on being a nurse or a doctor, the process is long and brutal, as everyone in the medical field has to be very skilled to do their job. Eventually, after passing medical school and the residency and getting the right number of years as a doctor, people in the medical field want to found their own practice or run their own hospital, their way of advancing to the next and highest level in the field.

This adds on a different level of difficulty that many others struggle with in the form of business management. From handling employees and licensing to paying for the building and advertisement, there are many different parts of a business that business owners need to know about in order to be successful.

The more important and challenging part for medical business owners to handle is equipment; they need expensive, quality hardware like x-ray machines and MRI machines and such, but how can they get it? Is it better to buy or lease x-ray machine and other medical hardware?

Buying X-Ray Machines for your Business

Buying hardware for a business is all about balance; there is a point where you can spend too much on hardware, especially if you get a loan to afford it. Basically, all equipment has a certain lifespan and level of responsibility associated with it as far as maintenance; but as well as you take care of hardware, everything eventually loses quality and/or breaks down.

When that happens for something like a stethoscope, it’s not quite so devastating: you just pay to replace it and you don’t have to worry about it breaking for a while. However, with heavier duty equipment that you may have paid thousands of dollars for, the story’s quite different, especially when your business is first starting.

Even a few years into the beginning of your business, funds are few and far in-between, and you simply cannot afford paying for all of that hardware again when still trying to get on your feet. You could pay to repair the hardware, but repairs are always temporary, and at that point your equipment will be outdated enough where replacement is simply the smarter option.

This can be made worse if you got a loan, because with a loan, there’s no guarantee you’ve paid off the loan by the time you need to replace the equipment. If that’s the case, the interest rate will just keep stacking up, putting you in quite a bit of trouble financially.

Buy or Lease X-Ray Machine? What is Leasing?

There are many various advantages to leasing your equipment as opposed to purchasing it, mainly because the price of hardware is so high that you don’t want to stack that and multiple payments for equipment repair/replacement on top of your new business.

With leasing, you are loaned the equipment for the specified contract period as long as you pay the flat monthly rate, and many different specifications in the lease can be of use to your business.

Many new medical companies will get a lease with deals as far as upgrading equipment and repairing it, so you get the best hardware. Plus, whenever your hardware breaks down, instead of paying ridiculous fees to get repairs, the leasing business will handle it for you without you paying a ridiculous price.

Many businesses want to know the advantages and disadvantages as far as whether you buy or lease x-ray machine, and there are disadvantages to leasing. However, it’s quite simple to avoid getting a bad lease: all you need to do is make sure that you know what you want out of your lease before you even get the lease, and be picky when searching for the ideal lease.

Nothing will turn out worse for you than if you settle for a bad lease, especially for expensive medical hardware. To learn more about whether you should buy or lease x-ray machine, click here.