These Are the Options for Financing Medical Equipment
A successful health care provider is one who can connect with patients and give them the highest standard of care available. A crucial part of this process is the medical equipment providers have access to. When running a medical facility of any type, the most expensive element is medical equipment. It is used frequently, can be worn down quickly and changing technology may make it obsolete just a few short years down the road. Being able to acquire the best equipment for any practice can come down to the availability of health care financing and your ability to afford it. There are options available for businesses needing this type of equipment.
Business Loans
Taking out a business loan may be the quickest way to being able to afford the equipment your medical facility requires. Many lenders have applications online, and approval can be fast. Funding may take more time with banks versus other lenders; however, rates may be better with banks. Payment plans can usually be created to coincide with what your business can afford.
Terms and conditions will rely on your credit score, income and business outlook. Lenders may also want to know why you need the equipment, especially if it is something that is new technology. Being prepared for these questions is one way to ensure you get some or all of the money necessary. Have a solid business plan and projections for how the new equipment is required and will aid in future growth.
Leasing
If a business loan is not enough to cover the cost of the equipment, you may want to look into leasing what you need. Sometimes leasing is the best way to get what your facility needs without breaking the bank in the process. You have to weigh the current and future financial impact on your business of being able to pay back the money borrowed. If you can secure a loan for a small amount and lease the equipment, it’s a win. However, if for some reason you can’t get the money, some medical equipment suppliers offer in-house health care financing for leasing.
Getting the equipment your health care facility requires may prove challenging, but necessary. Exhausting all prospects for health care financing may prove time-consuming. Having a solid plan justifying the need for the new equipment is the first step in obtaining the money you need. If a loan is just not in the cards, leasing is a viable alternative.
