What is Medical Equipment Financing?

The need for more providers, more healthcare options, and expansion has become so critical for many healthcare facilities that they can no longer afford to await before investing in new equipment.

Also, the swift changes in medical equipment technology have added another kind of complication: healthcare practitioners are wary of spending heavily on medical equipment as it so quickly becomes outdated. Therefore, a conventional equipment purchase doesn't make sense for a lot of facilities any more, especially considering the millions of dollars that are needed to buy the latest technologies. Read more great facts on  tetra financial group, click here. 

For doctors upgrading their clinics or starting a practice, one key consideration is medical equipment financing. For instance, one x-ray machine costs over $20000 to buy and an extra $300 every month for related equipment like film. Fortunately, there are a few medical equipment financing options available. You can visit website here for more great tips!

Medical equipment loans

While getting loans to finance the acquisition of medical equipment isn't the first choice for many physicians, it does provide some advantages. First, it provides the physician with enough capital to carry out all the necessary additions or upgrades.

In addition, many loan schemes have specifically been designed for doctors who require medical equipment financing. One of these programs will provide a physician with up to $2 million bucks and even partners with various equipment dealers to help physicians find the equipment they need.

The drawback is that these loan programs can have a long repayment period, which vary from around 8-10 years, often shorter than the probable lifespan of some pieces of equipment.

Medical equipment leasing

Leasing is another medical equipment financing option. Rather than buying equipment, physicians can basically rent these costly devices. Many firms around the country focus on leasing medical equipment to physicians.

The benefit of this strategy is that its initial costs are often lower than they'd be for loans. More often than not, the leasing firms also maintain the devices. In addition, the equipment may be easily upgraded or exchanged as needed.

On the downside, medical equipment leasing can end up being more costly for physicians in the long term compared to financing equipment acquisition with a loan.

Purchasing used equipment

Physicians also have another way to secure medical equipment financing: buying refurbished or used equipment. The most important advantage is price. Secondhand medical equipment is much cheaper than new equipment. With many clinics closing shop and with new medical equipment regularly being introduced to the market, there will be an increase in used equipment on the market soon and this will cause prices to go down.  Please view this site  http://www.ehow.com/way_5402981_medical-equipment-marketing-tips.html for further details.