How can medical equipment lease rates provide you more benefits than purchasing rates?
The medical industry is one of the more essential parts of modern society, providing us with the ability to fight illnesses, preserve life, and improve health as much as possible. So much money is poured into the industry, allowing doctors, surgeons, nurses, and other medical professionals to get the best training and equipment setup possible in order to do their jobs.
The medical equipment used in even a smaller hospital is expensive and complex, as the field is very complicated and involves an intricate setup as far as hardware goes. Many doctors who are either starting their own practice or are running a hospital learn this the hard way, they need the best setup simply because the field is so unpredictable.
You never know who’s going to need to use your MRI machine or your CAT scanner or X-ray machine or another more complex piece of equipment, and you want to have everything you need so your medical facility can operate accordingly. This can be increasingly difficult due to the budget; simply put, you may not be able to afford straight purchasing all of the hardware you need, so you’re going to need an alternative.
Most medical professionals will compare purchase rates with a loan to medical equipment lease rates and see which is the most beneficial for them as far as finances and equipment.
The Factors of Purchasing Equipment
The problem with purchasing always lies in the equipment, and the fact that medical equipment is both expensive and high maintenance makes purchasing less beneficial for most businesses than you’d might think.
The main advantage is the convenience of owning your own hardware; you do get funding too for claiming the hardware as an asset, but medical equipment is so expensive that you’re most likely going to have to take out a loan in order to afford the equipment.
It’s common knowledge that a loan has an interest rate that accumulates more money that you have to pay back, and better credit means a lower interest rate. Something down the road that many business owners don’t think of is that all equipment falls into disrepair or loses its quality, and it’s in need of repairs or a replacement.
If you get a loan on medical equipment, it doesn’t matter how low the interest rate is: you’re going to owe a lot of money, and if you haven’t paid off the loan in the first few years, that could come back to cause you problems. This is mainly because when most equipment breaks, it’s fiscally smarter to just replace the hardware, meaning you stall paying off your loan that much more to pay for replacing your hardware and that small interest rate just accumulates more debt for you.
Why are Medical Equipment Lease Rates Better for a Business?
There are countless reasons to get a lease on your medical hardware, the main one being that medical equipment lease rates are so much lower and easier to deal with than purchasing rates.
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Instead of paying a high cost up front or having to pay interest later, medical equipment lease rates simply consist of a low, flat monthly rate for the duration of the lease, allowing you to pay for your equipment in small chunks that you can easily handle.
The lease comes with more benefits than just the equipment and low rate, however: you get tax deductibles out of a lease, putting money in your pocket every year come return time. In addition, leasing has deals in it for repairs and upgrades; so if you get a long lease and your equipment breaks, you don’t have to pay ridiculous expenses just to get it repaired.
As far as upgrades, this all depends on the lease you get, but most leasing companies will upgrade your equipment every few years or will upgrade it every time you continue a lease.
Of course, you don’t have to continue your lease: if you want to buy your equipment, you can, and you can even purchase it from the leasing company at a haggled rate. To learn more about medical equipment lease rates, click here.