Medical equipment leasing, as opposed to buying, is a practical option for hospitals and other medical facilities that do not have the cash readily available to purchase large equipment. This type of financial solution is designed to provide business owners with the assets they require at a manageable rate.
Having access to modern equipment is a huge benefit. It makes your practice stand out and builds an extra layer of trust between yourself and the patients. With many medical facilities understanding the importance of obtaining new medical equipment, there is an increased desire for medical equipment leasing.
If you’re unfamiliar with the benefits of equipment leasing, this article will offer you a detailed look at the pros so that you can make an educated decision the next time you’re in need of new medical equipment.
Leasing Medical Equipment Saves Money
Additionally, the IRS classifies equipment leases a deductible expense. This means that hospitals and other medical facilities can deduct these payments from their income, which essentially reduces the overall cost of the lease.
Another attractive feature of medical equipment leasing is that the recurring lease payments are fixed over the course of the loan period. This eliminates any inflation costs associated with the purchase along with any sudden spikes in the cost of the equipment.
You’ll Have Access to the Latest Technologies
Medical technology is continually being updated, and staying current with the latest equipment is an important business initiative for hospitals and other medical facilities. Leasing offers the flexibility to upgrade your equipment before it becomes obsolete.
Unfortunately, in the medical industry equipment that is only a few years old is considered out-of-date. By leasing medical equipment, you’re eligible for an upgrade every few years. Patients tend to trust medical professionals when state-of-the-art equipment is present.
Maintenance Expenses Are Covered
Medical equipment leasing companies are responsible for handling all equipment maintenance and repairs. This alleviates a huge burden for practice owners that struggle to produce enough cash to keep up with equipment.
While most leasing companies are responsible for covering the costs on this by default, it’s an important thing to verify when vetting equipment leasing companies.
The Bottom Line
Whether you’re a doctor, dentist, or a veterinarian, you require certain equipment and technologies to give your patients the best experience possible. If you’re looking to take advantage of the many benefits medical equipment leasing has to offer, CMS Funding is here to help.