Medical equipment leasing companies provide practical solutions especially to small health facilities that choose to procure equipment through leases rather than loans.
According to a research done by GIA (Global Industry Analysts), the market for medical equipment leasing is estimated to increase to $56 billion by 2017. There are many factors that contribute to the projected increase in leasing medical equipment. Some of the factors include the increase of chronic diseases, which in turn increases the demand for sophisticated equipment. The equipment is usually very expensive and to avoid incurring such high costs, health care facilities prefer to lease medical equipment rather than purchase it.
Another factor that may contribute to the increase of leasing medical equipment is the advancement of technology. Most medical equipment uses sophisticated technology that keeps changing from time to time. Keeping up with the change in technology can be very expensive especially for small health care facilities. This is why they turn to medical equipment leasing companies to help them upgrade equipment on a regular basis without incurring high costs.
Until six years ago, medical equipment lease financing has been relatively low in the United States. This was largely due to the lack of awareness of how leasing works. Things have however changed in the recent years and currently 40% of medical equipment in the United States is being leased. Why therefore are health facilities approaching medical equipment leasing companies?
Why You Need Medical Equipment Leasing Companies
Flexible Financial Solutions
Medical equipment leasing companies offer financing solutions that are flexible and can be tailored to suit the needs of your health care facility.
Preservation Of Capital
When you consider spending cash or taking out a loan, leasing is much cheaper. More importantly, it helps you to mitigate the risk of investing in medical equipment that may not yield any profits for you, save on costs or even increase efficiency.
Consistent budgeting is another benefit of leasing medical equipment. When you lease equipment, the amount of money you spend on monthly lease payments is fixed. This ensures that there are no unnecessary budget fluctuations caused by considerable cash outlays.
Medical equipment leasing companies allow you a certain amount of flexibility. This would not be possible if you apply for a loan in a bank. First off, if you need to borrow some more money to enable your health clinic to run smoothly, it would not be possible because banks won’t lend you any more money unless you finish repaying your current loan. With a lease, you can borrow money provided you continue making your lease payments on time.
Another instance where leasing companies offer some sort of flexibility is when you only need equipment for a short time. For instance, you may need an MRI machine or an X-ray machine for a few months. Leasing companies can draft a lease agreement that allows you to use this equipment for only that short period of time. When you borrow a loan to purchase that MRI machine, you will still continue paying for it even when you do not need it.
Many medical equipment leasing companies are equipment experts and they know the ins and outs of the medical industry. They can offer you their advice on the latest equipment and even update you on the current trends. They can also recommend the best solutions suitable for your health facility.
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As mentioned earlier, the medical field uses very sophisticated equipment to treat patients. Most of this equipment requires up to date technology. Most health facilities cannot afford to purchase the equipment they need to operate efficiently. With leasing, they are able to acquire better equipment that they may not have otherwise been able to afford.
The health care industry is currently thriving and the leasing of medical equipment is favored by many health care facilities. With the increase in prices of medical equipment, leasing has become the only affordable and quick solution for nursing homes, hospitals and health care facilities that have limited funds. Commonly leased medical equipment includes lab equipment, patient monitoring equipment, ultrasound systems and MRI machines. The leasing sector has also seen an increase in the number of medical equipment leasing companies so you have plenty to choose from.
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