How can you get the best finance rates for medical equipment? That is usually the first question that any health facility asks when they plan to lease their equipment.
The market for medical equipment leasing is projected to reach $56 billion by the year 2017. Many factors can make this projection a reality. They include an increase in chronic diseases, technological advancements, increasing prices of medical equipment and medical equipment obsolescence.
Healthcare has become increasingly expensive and so health facilities are turning to leasing as a means of curbing some of the expenses. Keeping up with technological advancements in health care is not a cheap venture; it requires money and making outright purchases may not be a practical option for most health care facilities.
Leasing is affordable and comes with plenty of benefits such as:
- Preservation of capital
- Flexibility
- Tax benefits
- 100% financing
- Overcoming budget restrictions
- Protection against obsolescence
- Tailored financing
Until six years ago, leasing was not very popular in the United States. Part of the reason why it wasn’t as popular was because people did not know that much about it. Currently 40% of medical equipment in the United States is being leased.
How To Get The Best Finance Rates For Medical Equipment
Most health facilities are often concerned about how much they will have to spend in order to get the equipment they need to run their operations smoothly. Many medical equipment leasing companies often advertise very low finance rates for medical equipment.
As a matter of fact, they offer rates that are lower than what primary lenders would normally offer. They do this because they know by the time you provide a full financial package, you’ve had your credit hit at least once, you’ve taken up a lot of time and you’ve done a considerable amount of work.
Your lessor will then tell you that you don’t qualify for the “preferred” rate but they will approve your lease at a slightly higher rate. By this time, you can’t imagine going through the same process again so you just decide to settle for the high rate. If you have ever gone shopping for a car then you must be familiar with the drill.
Luckily, there is a very easy way to avoid this predicament. First, you need to have all your financial statements organized. The more information you have, the better. Have your company credit score printed and provide it to get a preliminary approval. This way, you will avoid having leasing companies doing a credit pull, which quickly raises red flags. Ensure that your lessor only runs a current credit check for final approval after you are sure your lease payment fits your budget. Correct all issues in your credit report and be ready to show evidence of those corrections.
Write your own summary of the lease finance request. You know what you are trying to achieve so you are the only one in the best position to write an accurate review. With a well organized financial package, a copy of your credit report and a well written summary, you will be ready to submit your lease request and get a fast approval.
What Kind Of Medical Equipment Can You Lease?
Although 8 out of 10 businesses lease equipment, many of them are surprised when they find out what they can actually lease. Through health care leasing, you can finance office equipment. For instance, you can equip your office with the latest computer systems and all the reception and waiting room equipment.
You can also lease ultrasound equipment from top manufacturers such as Toshiba, Siemens, Fukuda, Biosound, etc. Any piece of imaging equipment that you need such as CT scanners, MRI machines, X-ray machines, etc., can all be obtained through leasing.
Whether you have large multi-room units or a small outpatient facility, you can still lease surgical units with specialized technology. Other equipment that you can lease include surgical lasers, MRI consoles, surgical navigation systems, patient monitoring devices, endoscope video systems, anesthesia machines, etc.
Final Word
You can obtain the best finance rates for medical equipment by ensuring that your credit report is accurate and comparing rates from different equipment leasing companies. If you are not sure which rates are suitable for your health care facility, consider hiring a trusted and qualified financial advisor to help you.
For more information on finance rates for medical equipment, simply CLICK HERE.