Comparing purchasing rates to the current lease rates for medical equipment, which is better for a company?
Whether you’re running a hospital or starting a practice, anything involving being a manager or an owner in the medical field means you’ve come a long way. Years of paying for school, studying long periods of time, passing courses, and finally taking on case after case in the medical industry means you’ve put a massive amount of effort into being successful in the medical field, and you don’t want it to all go to waste here.
If you’re in a position where you’re starting your own practice, you want it to succeed, because you’ve already worked so hard to get where you are. Running your own hospital or practice is more than just medical experience, however; you need to learn something new in the world of owning a business, and you need ways to get ahead of your competition.
One of the best edges is financial; being able to cut expenses means having more funds to make your business start up right. Plus, starting a business in any field isn’t cheap, because between utilities, rent, and employees, your bill is already pretty high; medical equipment is very costly though, especially good medical hardware, and that’s normally the hard part of starting your medically related business.
You want good hardware, but the price may be too much; that’s where leasing can be a better choice. Examining current lease rates for medical equipment along with other factors of leasing, can leasing be a better choice for a new company versus purchasing hardware?
Is Purchasing your Medical Equipment Worth your Time?
The trouble with purchasing equipment is that it’s such a short term solution for your business, and companies are something that you want to think more long term, if you can. When you first purchase equipment, you do get to claim it as a business asset and get money for it.
However, medical equipment is so costly that a bank loan may be in your future, and that means paying it all back with interest, something that can take quite a while for a new business. Unfortunately, the longer you wait, the higher the interest rate, and there are more complications with purchasing equipment in this time span.
A downside to equipment is that we don’t live in a perfect world, so over time, the hardware breaks. Some repairs are easier than others, but with the way technology is going, some repairs are so expensive and so temporary that it’s better to just replace the equipment, and these type of repairs can come up within a few years.
This means that you paid a large sum of money just to have to pay the same sum again within a short span of time, and if you took a loan, you may not have even paid off the loan before this kind of repair is needed, meaning you’ll have to dig yourself more into a hole debt-wise. Hypothetically, say you do have the money for all of this, and your equipment does end up lasting a long time; there is another major downside to equipment that is fairly common in the form of technological advance.
With the rate technology goes, there’s a new upgrade for everything, and it won’t be long until your hardware is considered outdated, giving your competition an edge and meaning you’ll need to buy the next new thing if you hope to stay in the game.
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Examining the Current Lease Rates for Medical Equipment
The reason leasing can be so much better for a business is that a lease will assist you where equipment ends up failing you. There are ways to get upgrades on equipment, so you don’t fall behind technologically, as well as ways to get repairs done without paying ridiculous prices.
In addition, a lease is a flat, monthly rate, versus a high bill right off the bat and these rates are much simpler to handle for business owners just starting. Leasing also offers tax deductibles over the course of the lease, so you can get money out of your returns just for having a lease.
It’s simple: you pay a flat monthly rate, get the equipment well running and furbished, and as long as you pay the rate for the contract period, you get the equipment you need, no strings attached or problems added on. Some business owners try to get out of their contract because they didn’t do their research and picked a bad lease, paying the high cancellation fee on their way out the door and end up thinking leases are bad.
But with the current lease rates for medical equipment being fairly low, you shouldn’t have to worry; as long as you do your research and pick a good lease, you’ll have no problem running your business with the hardware setup you want. To learn more about the current lease rates for medical equipment, click here.