How much does it cost to lease medical equipment? The answer to this question might actually save your health facility a lot of money.
Leasing medical equipment is becoming increasingly popular and is considered by many health care facilities to be a better option to purchasing or borrowing from banks and other financial institutions. This method of acquiring equipment is not just for start-ups that are short on cash. It is a well-known fact that medical equipment gets outdated in a few years so rather than making cash purchases, you can use leasing as a better way of maintaining a state-of-the-art medical facility.
When you lease medical equipment, you pay only the amount the equipment is expected to depreciate while in use. The typical length of a lease is usually between 2-5 years but you can negotiate it. At the end of your lease you can trade in the equipment for newer models or simply purchase the equipment at $1 or at fair market value.
Some examples of medical equipment you can lease include:
- Surgery tables
- Ultrasound machines
- EMR software
- Surgery equipment
- Medical office equipment
- Lab equipment
- Diagnostic equipment
The leasing industry is currently booming and medical equipment leasing companies are flush with capital to lend. When you lease medical equipment, your lessor allows you to make payments over an extended period of time.
How Much Does It Cost To Lease Medical Equipment?
Equipment leasing rates depend on your credit score, where your business is located, the quality and cost of equipment and the type of lease you choose to work with.
Typically, if you lease medical equipment worth less than $100, 000 you will have a higher finance rate of 8-20%. Medical equipment that is worth more than $100, 000 can attract a rate of 6-8%.
Some equipment leasing companies have their own online calculators that can help you estimate how much it would cost you to lease medical equipment. You should be cautious when using these lease calculators because some leasing companies use faulty calculators to provide you with inaccurate information.
Although your credit score plays a big role in determining your equipment leasing rate, you can still influence the price that you get by negotiating a lower lease total amount.
Medical Equipment Leasing Options
You can get medical equipment leases ranging from a few thousand dollars to several million. In addition to helping you conserve cash for other expenditures in your health facility, leasing helps you to get the most modern equipment and the lease payments are tax deductible.
Get an Instant Quote on Your Equipment Lease, Free
Most health care equipment leasing companies offer both used and new equipment. Some leasing companies include “soft costs” like training, installation and shipping in the monthly lease payments while others will offer 100% financing.
You will also come across some leasing companies that require you to make down payments, the first and last month’s lease payments and security deposits upfront. Other companies offer solutions that are more flexible to lessees, which include deferred payments.
Which Is The Best Medical Equipment Leasing Company?
The best medical equipment leasing company is the one that is transparent and credible. While this might seem like an obvious and desirable quality in leasing companies, many hospitals are oblivious to the many ways that equipment leasing companies dupe potential clients, especially if they seem to know very little about leasing.
One of the ways that they deceive potential lessees is by using the leasing calculator. These calculators are used to generate the best possible rates for clients but in reality, some of them are only there to generate inaccurate numbers. As a result, clients are lured by the “attractive” leasing rates and end up getting into dubious deals. Other ways that equipment leasing companies may trick you is by:
- Asking for down payments when the lease agreement is not yet finalized.
- Poorly defined interim rent
- Poorly defined end of lease options
- Overly stringent notice requirements that lead to undesired lease extensions or extra costs.
LeaseQ has the ability to connect you with some of the top financing companies in North America. You can get real leasing quotes from real companies and the best thing is that you are in control. There are no sales reps to pressure you into taking up lease agreements that are not suitable for your health care facility.
For more information on how much it costs to lease medical equipment, simply CLICK HERE.