Medical Equipment Leasing And Financing Options For Established Practices
One of the best solutions for an established medical practice is to participate in a medical equipment leasing and financing program. This will provide the funding to either modernize or upgrade medical care equipment. Whether diagnostic, imaging, lab or office and surgery equipment, there are numerous companies available to offer financing solutions suitable for every budget.
Most medical equipment leasing and financing programs offer a quick pre-approval process; low rates on equipment leasing; a customized payment schedule that fit cash flow requirements; deferred and graduated leasing; and, approval without co-signers or collateral.
Selecting a Medical Equipment Leasing and Financing Program
Once you have determined the type of medical equipment that you need to lease, there are a few things that you can do to select the financing option that is best for your practice. By conducting online research, you can find current information on the trends in the medical equipment leasing industry. Review and compare the financing options that are available from various financial companies, and determine which one is most suitable. Publications based on medical equipment vendors is a good source for trends, news and also companies that offer this type of financing. These medical publications are valuable sources that will keep you informed. Compare the pros and cons by familiarizing yourself with the loan practices and standards of different companies.
Terms and Conditions of Medical Equipment Leasing and Financing Companies
Most medical equipment leasing and financing companies offer free quotes so you do not feel obligated to sign a lease agreement simply because you requested their information. The amount of equipment that can be leased or financed may vary with financing companies. Most require equipment that costs at least $5,000, but no more than $3,000,000 for approval. Leasing terms range from one to six years, in most cases.
Established medical practices that have operated for at least two years can usually get approved for medical equipment leasing faster than a new medical practice. However, there are options for newly established companies that may have more restrictions. Established practices may be required to submit financial statements or tax returns with an application. A new practice would need to submit financial projections.
At some point, medical equipment leasing may not be the most cost effective approach. Make sure that the lease agreement includes favorable purchase options at the end of the term, or before the lease ends, without penalty.
Medical Equipment Leasing
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