Are you planning to acquire new healthcare equipment?
Acquiring new equipment for your healthcare practice is a good decision. You need to do this regularly to keep your practice running.
Usually, healthcare practice owners need to replace, upgrade, or add equipment. They are doing this to sustain or perhaps improve the quality of their operations.
However, most healthcare equipment is expensive. Not all healthcare practitioners have the necessary funds to support the upgrade or acquisition of new equipment.
This seems like a dead end for most healthcare practitioners. But fortunately, healthcare equipment leasing and finance can help.
Healthcare equipment finance can increase your buying power. It allows you to acquire the equipment you need without risking your working capital.
You can get lots of benefits from healthcare equipment finance. But to get the most out of it, you must use it wisely.
One way to use healthcare equipment finance properly is by getting the right equipment for your practice.
In this blog post, we will talk about getting the best healthcare equipment for your practice. This will give you an idea of how you can use healthcare equipment finance properly.
Getting the Best Healthcare Equipment
Getting the best healthcare equipment is easier said than done.
Within this healthcare industry, the equipment forms the most complicated part. Each of it is made for different purposes.
With that in mind, it’s best to determine what equipment you really need for your healthcare practice.
Having the right equipment can ensure a good return on investment. This is how you can use your healthcare equipment finance properly.
To give you a better understanding of this, here’s what you need to know before you buy healthcare equipment for your practice.
Buying Healthcare Equipment for Your Practice
It’s important to prioritize the equipment that’s vital for your operations. Acquiring or buying new medical equipment will cost a lot of money.
Therefore, your newly acquired healthcare equipment should increase your revenue.
This is needed so you can earn back the working capital you spent on acquiring the new healthcare equipment.
So if you’re planning to buy or add new healthcare equipment, make sure that it should improve your practice. The newly acquired medical equipment must give you something in return.
In addition to that, you need to acquire important medical equipment that allows you to provide the best healthcare treatment. Acquiring, replacing, or upgrading equipment in your clinic to provide the best healthcare service also helps in attracting patients.
Also, be sure that the medical equipment that you’re going to acquire will allow you to offer more services at your healthcare clinic.
Factors to Consider Before Buying Healthcare Equipment
Acquiring healthcare equipment can improve your healthcare practice. However, it can also cause your downfall.
Remember, most healthcare equipment is expensive. Acquiring equipment that can't give you good ROI can cause financial problems.
Also, acquiring healthcare equipment that is not reliable can put your patients’ health at risk. If an accident happens in your healthcare clinic, patients will doubt your decisions and won’t trust you anymore.
To avoid those things from happening, always acquire the best healthcare equipment on the market. Be sure that the equipment you’re going to acquire won’t negatively affect the quality of your practice.
To help you acquire the best equipment for your healthcare practice, here are some important factors to consider in buying healthcare equipment.
1) Get the Right Service Contract
That’s because having the right contract leads to savings opportunities or potential expense reduction. With that in mind, you should be mindful of the service contracts whenever you acquire new healthcare equipment.
Most equipment manufacturers will convince the purchaser to get an extended service contract for maintenance and repair. This contract lasts even after the standard warranty period.
Though it can be helpful, it can actually put your operations at risk in some cases.
That’s because service contracts are usually expensive. It’s best to acquire healthcare equipment with equipment financing because the finance company can roll in those soft costs to help you keep your equipment serviced when needed,
You could also invest in a company wide service contract if you're a capital equipment intensive practice.
Healthcare equipment maintenance and repairs can be done for a good deal by hiring on-site technicians or through a local service partner. These are mostly trained and qualified to perform maintenance and repair duties.
Just look for qualified technicians nearby who can respond immediately to a service call. The immediate response can greatly reduce downtime and helps increase patient throughput.
2) Look for Equipment with an Extendable Warranty
Another important factor in buying healthcare equipment through healthcare equipment financing is its warranty.
There are instances when healthcare equipment will malfunction even if it's brand new. Repairing it can be an option, but it’s best to replace it through your warranty.
Having said that, make sure that the equipment vendor allows you to extend the warranty. This will ensure you that they will assist you if your equipment isn’t working properly.
In addition to that, look for options to extend warranties that ensure training, software updates, and service keys. This puts you in control of the equipment management instead of the OEM.
3) The Healthcare Equipment’s Price
The cost of the healthcare equipment must be reasonable relative to its functions and projected ROI. The equipment’s price must take into account its condition.
Avoid buying a piece of equipment just because it's cheap. This will put your reputation and patient’s health at risk.
Never take the equipment’s quality for granted. Usually, cheap equipment has hidden issues. In other words, it's not in good condition.
When buying healthcare equipment, consider checking its materials to see if it’s likely to degrade faster or slower than similar equipment. Faster-degrading equipment should cost less.
Also, the cost of the equipment must not surpass your budget. Overspending on equipment can cause financial instability.
If you want to acquire high-quality equipment without the risk of financial instability, you should consider getting a healthcare equipment finance program from a reputable equipment finance company.
4) Partner with an Equipment Financing Company
Most healthcare equipment is expensive. Acquiring it outright can affect the working budget of your healthcare practice.
To avoid that, many healthcare practitioners are making a partnership with an equipment financing company. They offer healthcare equipment finance programs specifically for the medical industry.
You too should consider getting healthcare equipment with help from equipment financing companies. This is often needed, especially if you have concerns about your accounting liquidity.
Equipment financing companies offer healthcare equipment finance. This can help you acquire your desired equipment without risking your working capital.
Healthcare equipment finance isn’t only useful for having additional funds. Some equipment financing companies also help you verify that you have the right medical equipment.
I recommend only pre-funding medical vendors 50% up front and the remaining 50% upon delivery unless you've worked with them before. This will help insure you get all your equipment in good working order and in a timely matter.
Use Healthcare Equipment Finance
Healthcare equipment finance is a good option for most practice owners because it increases buying power. It prevents you from settling for cheap and mediocre equipment.
Also, healthcare equipment finance can preserve your capital. You don’t have to spend a lot of money in one go to acquire equipment for your operations.
You can also acquire equipment without giving a large down payment when you use healthcare equipment finance. You’ll usually pay for the equipment on a monthly basis.
Healthcare practitioners also use healthcare equipment finance because it’s easy to acquire than a bank loan. Almost all financing companies have fewer requirements compared to banks.
Also, the process of getting healthcare equipment finance is faster than the process of getting a bank loan. Financing companies have an online application for their healthcare equipment finance.
Where to Get the Best Healthcare Equipment Financing?
It’s advisable to get healthcare equipment finance from reliable equipment finance companies like Trust Capital.
Trust Capital is a national equipment financing & business located in San Diego, Ca. They offer financing solutions to different kinds of healthcare practices.
Trust Capital can create a healthcare equipment finance solution that minimizes cost and maximizes return. The company can give healthcare equipment financing worth $500,000.00 application only and up to $10,000,000 with financial services and its package.
In addition to that, many healthcare practitioners also get healthcare equipment finance from Trust Capital because they give the most competitive healthcare equipment financing rates and various types of financing solutions .
Here are other benefits of choosing Trust Capital’s healthcare equipment finance:
- Get up to $500,000 with just a simple one-page application.
- Same-day funding and pre-funding available for approved medical vendors.
- Easy application process - 2-hour approvals.
- All credit scores considered.
- Flexible lease terms & payment options
- No prepayment penalties up to 84 months.
- Deferred payments; no payments for 90 days or $99 for six months.
- Get financing with the most competitive rates.
- Add working capital onto your equipment long term loan.
- No Pre-Payment penalties.
Final Thoughts on Healthcare Equipment Finance
In this blog post, we talked about factors in buying healthcare equipment and how healthcare equipment finance can help.
A healthcare practice must regularly upgrade or replace its equipment. This is needed to keep the operation going smoothly.
Also, it will reduce the risks of accidents involving the healthcare equipment and the patient.
However, most healthcare equipment is expensive. Using available capital to buy such equipment can cause an imbalance in a practice’s budget.
Fortunately, this problem is can be solved by healthcare equipment finance.
Healthcare equipment finance can increase your buying power. It gives you additional funds.
You can acquire equipment with healthcare equipment finance without worrying about risking your working capital.
So healthcare equipment finance can help your practice stay up-to-date and competitive. However, make sure that you will use it properly.
Be sure to remember the factors in buying healthcare equipment. It can help you get the most out of your healthcare equipment finance.
Also, always get healthcare equipment finance from reliable equipment financing companies.
If you'd like to know more about healthcare equipment finance programs, you can reach Trust Capital at (866) 458-4777.