Are you planning to improve your medical practice?
To improve your medical practice, you usually need to add new equipment. When you acquire new equipment, you’ll be able to provide new and better medical treatment.
Offering better medical treatment can increase your revenue because it can attract more patients. Also, it allows you to charge higher bills.
However… most medical equipment is expensive. Not every practice can easily foot the bill of acquiring new equipment for their healthcare practice.
Fortunately, you can get additional funds through medical equipment finance companies.
In this blog post, we’ll talk about the best medical equipment for improving your practice’s revenues. Also, we’ll discuss how medical equipment finance options can help you acquire the equipment you need.
Medical Equipment That Will Benefit Your Practice Financially
Don’t assume that if medical equipment is expensive, it'll automatically increase your revenue. You still need to acquire the ones that are necessary for your medical practice. That’s because different medical practices can benefit differently from the same piece of equipment.
Focus on the ones you can use for most of your patients. This is important so the additional funds you get from medical equipment finance won’t go to waste.
High-Profit Medical Equipment for a Medical Practice
It’s essential to acquire high-profit medical equipment. Doing this can improve your medical practice.
However, you need to be careful in acquiring expensive and high-profit equipment. Since it involves a lot of money, you need to get the equipment that guarantees a good return on investment.
Otherwise, all the trouble you’ve taken to get medical equipment finance will be for nothing.
With that in mind, here are the top 5 high-profit medical equipment that you should acquire.
The digital X-ray is one of the must-haves for a medical practice. This medical equipment brings a lot of convenience to the table. It eliminates the need for films and darkrooms as everything is in digital mode.
In addition to that, digital x-rays have zoom features for improved imaging. A digital x-ray is also safer for your patients than a traditional x-ray.
This is because digital x-rays have low radiation emission. Digital x-rays expose patients to 70%-80% less radiation than traditional x-rays.
Also, x-ray copies can be made faster with a digital x-ray. Data can be shared easily with other information systems in your medical practice.
Digital x-ray machines are currently among the most expensive medical equipment on the market. However, you can easily get one through medical equipment finance plans.
The cost of a digital x-ray machine runs from $2K to $20K for the best and latest models. This is a cost that can be easily recouped. In fact, you can probably recoup it in as little as 5 months assuming 2 x-ray services a day at $100 per x-ray.
Every medical practice should have ultrasound equipment. This is another of the most-used types of medical equipment out there.
Most people tend to associate ultrasound machines with obstetric or gynecological practices. However, they’re actually used for more than those. They can be used even for neurological and nephrological tests, for instance.
Thus, it may be a good idea to add ultrasound machines to your equipment through medical equipment finance. That way, when a patient needs an ultrasound, he won’t have to go elsewhere to get it done.
Your possession of the machine fosters one-stop shop handling of patient’s medical needs.
It can also make diagnosis faster. If the ultrasound is performed in-house, you won’t have to wait for a third-party facility to send you the results. You can get and assess them immediately.
So which practices should consider using medical equipment finance to get an ultrasound? Those with 6-8 ultrasound referrals per week should consider acquiring this machine.
This medical equipment costs anywhere from $20K to $75K. Though it’s expensive, acquiring this equipment assures a good return on investment. So it’s worth getting medical equipment finance to acquire one.
Electrocardiogram (ECG) Equipment
The electrocardiogram is another type of medical equipment that you may want to get medical equipment finance for. It monitors the heart's electrical activity and the electrical current that runs through the heart.
It uses 10 electrodes used to record 12 different views of your heart’s electrical activity. Also, it takes note of the electrical activity generated by heart muscle depolarization, which propagates in pulsating electrical waves towards the skin.
The ECG (electrocardiogram) is must-have if you treat heart diseases. It helps you to check problems in your patient’s cardiovascular system.
Its cost runs from $3K to $5K. This can be recouped easily in 3 months assuming 1 ECG service a day at $100 per ECG.
There's a vital system assessment test that you can perform with VS Diagnostic equipment. A VSAT is a series of non-invasive diagnostic tests that can help save patient's lives and improve their quality of life. The testing series is comprised of the following tests. A Heart Rate Variability, Pulse Wave Velocity and Sudomotor Function. The equipment and software can cost up to $150,000 per machine but will net your practice double to trip that a year.
MRI & CAT Scans
MRI scans use magnetism and radio waves to create images of body structures.
This medical equipment is expensive. The cost of a machine is usually around $2 million dollars.
Its superconducting magnetic systems make up about one-third of the total $2.3 million cost. Note that secondhand MRI machines are cheaper, at just over $1 million.
Despite their cost, MRI scanners are very profitable. MRI scanners are used for brain, head, neck, spine and extremity imaging.
The MRI procedure takes an average of 30 minutes. This procedure has no radiation risk, which is part of why it can be a good investment (patients who can afford an MRI scan usually get it, because of its safety).
CAT scans are computerized axial tomography scans. They’re special x-rays that produce cross-sectional body images with the use of an x-ray and computer. They show blood vessels, soft tissues, and bones in more detail than simple x-rays.
Moreover, they can scan the abdomen and pelvis to help detect diseases of the small bowel, colon, and other internal organs and determine the cause of unexplained pain.
CAT scanning is fast, painless, noninvasive, and accurate. However, the machines are costly enough that you’ll definitely need to get medical equipment finance for them.
The cost of a CAT scan machine runs to around $2M brand new. This can be recouped in 3.3 years assuming 1 CAT scan service a day at $2500 per CAT scan.
Benefits Medical Equipment Can Bring to a Practice
Acquiring medical equipment bring lots of benefits to your medical practice.
Primarily, adding new equipment will expand your operations. It can add more services to your catalog. That means it allows you to expand your scope and market reach.
People in general prefer to go to a medical practice that's operating with high-quality equipment. Basically, it can help to increase your revenue because it attracts more patients.
In addition to that, adding new equipment can help you get an advantage over your competitors. Try to look for gaps in the market that they’re not filling. Then look for equipment that can help you fill those gaps.
If your competitors are always referring patients to outside labs for x-rays, for instance, get an x-ray for your own practice.
That makes people likelier to go to you for consultations instead. After all, you can offer them a convenience that your competitors don’t.
Better equipment also tends to be more efficient at producing results. It can even help you boost your efficiency at diagnoses, as noted earlier. That’s yet another leg up on the competition.
But again, these benefits can only come if you get equipment that actually improves your practice.
Since most medical equipment is expensive, it's important to acquire the ones you need most -- and the ones that can actually promise good return on investment. Otherwise, it’s not worth it to get medical equipment finance for them.
How to Acquire the Needed Medical Equipment
Like what I've said, most medical equipment is expensive. With that said, it's important for you to be wise about how you're going to acquire it.
You can purchase equipment straight up. However, this move is quite risky because it can cause instability to your capital.
When you purchase equipment, you're required to pay a large sum of money. That can cause cash flow problems that may jeopardize the future of your operations
Fortunately, you can completely avoid that problem because equipment financing and leasing is a viable option. Medical equipment finance options exist to help you acquire machines without depleting your capital.
There are many medical equipment finance companies now. They can help you avoid risking too much of your capital when making a purchase.
You may ask at this point why you should use a medical equipment finance company. After all, you can go to banks too, right?
You can indeed turn to banks and other traditional financial institutions for your medical equipment finance. The problem is, they’re not as likely to approve your application for help as medical equipment finance companies are.
Equipment finance companies give financial support to every type of business. Their requirements for approval are also much lower compared to banks. Their service is quicker and they only take the equipment as collateral. Where your bank will probably put a blanket lien on your practice if they finance just a piece of equipment for you. Then every time your business wants to borrow money you have to ask that bank to subordinate there debt which takes 1-3 weeks to get done. If they'll even do it for you with out reviewing your financials.
However, you still need to be picky in choosing a medical equipment finance company. This is how you ensure that you’ll get the best medical equipment finance option.
For example, make sure to get funds from reliable medical equipment finance companies like Trust Capital.
Many medical practitioners and entrepreneurs choose Trust Capital because they offer different equipment financing solutions like no payments for 120 days or $99 for the first 6 months followed by terms up to 72 months. They can customize payment plans to lower your overall cost. They can offer no pre payment penalties.
The medical equipment finance programs from Trust Capital can be used to acquire profitable equipment for your medical practice. Trust Capital offers medical equipment finance with several benefits, including these:
Flexible lease terms & payment options,
The most competitive rates in the industry, and
Section 179 tax deduction benefits – EFA or $1 buy out.
Final Thoughts on High-Profit Medical Equipment for Your Practice
In this blog post, we talked about high-profit medical equipment and medical equipment finance.
Acquiring new equipment can improve your medical facility. It can increase the quality of your treatment and your revenue.
However, most medical equipment is expensive. So it’s best to be careful in choosing equipment that you’re going to acquire. Also, make sure to get the ones that you actually need.
There’s no point to getting medical equipment finance just to buy equipment that won’t improve your medical practice.
You can acquire medical equipment through outright purchase too. But keep in mind that this requires a large sum of money.
It’s better not to use up your available capital for equipment acquisition because it's a risky move. Instead, get additional funds through medical equipment finance. A good medical equipment finance plan will let you get the equipment you want without breaking the bank.
To know more about medical equipment finance programs for your healthcare practice, contact Trust Capital at 866-458-4777.