If you are running a medical office and are in need of up to date medical equipment, you need to consider your financing options. In attempts to reduce overhead costs and increase cash flow within your office, you can choose to finance the medical equipment you need.
Not only can you financing this equipment, but there are also leasing options that may be a better option for you. Simply compare the cost to purchase this equipment vs. leasing to help determine if this is a better option for your medical office. When financing you are able to keep the medical equipment, by leasing you can switch out the equipment for an up to date model at the end of the lease agreement.
The following is a simple guide to help you with financing medical equipment for your office:
What Medical Equipment Will You Need?
Before jumping into the financing process it is important to determine what piece of equipment you will need for your medical office. You can do so by visiting medical websites to compare prices, brands and view up to date reviews on the equipment. These medical websites typically have a large data base of medical equipment, both new and used.
What Financial Institute Will You Choose?
Now that you have determined what medical equipment you will need, you now need to choose a financial institute which offers medical equipment financing. Most will have flexible leasing and financing options available to medical offices like yours.
What Type of Lease or Loan Arrangement Are You Interested In?
Lenders will offer various lease and financing arrangements, you now need to choose which you want to use for the medical equipment. There are dollar buyout leases, true leases, and loan options available to you. The dollar buyout lease allows you to pay a set amount each more and then at the end of the agreement you will pay a dollar to own the medical equipment. The true lease option allows you to pay a lower monthly amount, at the end of the lease agreement you will return the equipment. A traditional loan to purchase the medical equipment requires you to pay a set monthly payment, obtaining immediate ownership to the equipment.
Are You Ready To Apply?
Now that you have gone through and determined the equipment you are interested in, found a financial institution that offers medical equipment financing, and decided on what lease or loan option is best for you, it is time to submit your application. To qualify, you will need to provide your business name, contact information, revenue and type of entity applying for the lease or loan.
Waiting For Approval
Typically lenders will give you approval for equipment financing within 24 to 72 hours, some instantly. Once you receive approval you can make arrangements to order the medical equipment from the supplier and begin payments to the financial institution as agreed upon.
Chris Fuller went to the University of South Florida and has worked in the financial sector for over 20 years. He has extensive experience in all aspects of personal and small business lending, from personal loans, equipment finance to cash flow based solutions for small mom and pop businesses, and large corporations.