A rising trend in the medical industry is the idea of leasing equipment rather than purchasing it. But why exactly should a practice look into leasing instead of owning?
Foremost among the reasons that more practices are deciding to lease their equipment is the issue of finances. Whenever you make a large equipment purchase, you do so with the understanding that the equipment will steadily depreciate in value over time as new technological advances come out to improve on existing equipment options. In the medical industry, it’s particularly important to remain on the cutting edge to provide patients with the best possible care.
Therefore, many people choose to lease their equipment instead. Leasing allows practices to pay for up-to-date equipment as they use it rather than committing to paying of the full price of the equipment. Then, as the equipment starts to get outdated, they can easily upgrade to newer equipment without having to worry about the financial hit that would arise from having to accept the losses through depreciation of owned equipment.
As more medical facilities become aware of the great leasing options available in today’s marketplace, you can expect to see leasing become an even more popular option.
How can I choose the right equipment to lease or finance?
Once the practice has made the decision to go with leasing or financing for its equipment, the next step is determining what kinds of equipment it should be leasing or financing.
Here are some tips as to how you can better make these decisions:
· Analyze the size of your practice. How many patients do you serve on a regular basis? How many healthcare professionals do you have working at your practice? What is the physical size of your facility? All of these questions should factor into the decision of what kind of equipment to obtain.
· Figure out your budget. What can you afford to spend on equipment on a monthly basis? Leasing will save you money in the long run over buying, but that doesn’t mean you should put all of those savings right back into the equipment you choose.
· Determine what your needs are. In analyzing the size of your practice and the kind of service you wish to provide to your patients, you can have a pretty good idea of what kinds of equipment you need to operate in an efficient, high-quality manner. The temptation is always going to be to go for the newest, most technologically advanced piece of equipment, but remember that you have budgetary constraints to deal with. Make a list of priorities in your equipment needs and take care of your highest-priority items first.
· Consider the equipment itself. Certain types of equipment are more worth financing or leasing than others. If the equipment is large, difficult to replace, quickly depreciates and is something you use regularly, leasing or financing is going to be your best option. This also goes for software that you use, such as emergency medical record software, that is regularly upgraded. Equipment that does not depreciate (or at least, rapidly depreciate) or is easily replaceable is probably equipment that you can purchase. Specifically for the medical industry, if it has to do with the quality of care you provide to your patient, you should probably consider leasing, so that you can keep upgrading when necessary to maintain high standards of care.