As medical technology continues to evolve, the need for health facilities to adapt to changing trends increases. This is because advanced medical equipment facilitates the efficient delivery of services compared to outdated equipment. It also reduces referrals, as medical practitioners can handle most health cases.
Purchasing medical equipment can be costly for any organization to acquire. Through leasing, medical facilities can acquire up-to-date medical equipment. Here are a few key benefits of leasing medical equipment.
1. Low initial cost
Normally, leasing doesn’t require a down payment, so all costs are uniform across the leasing period. Purchasing advanced medical equipment such as a PCR system is costly, whereas leasing allows you to pay a low initial cost and pay the remaining balance in installments.
2. The liberty to upgrade
Technology is constantly changing, and a piece of equipment that was considered advanced five years ago may become obsolete in a few years. Leasing gives you the liberty to continue upgrading your equipment alongside these changes. In addition, you may consider upgrading your older equipment, giving you the ability to transform your health facility into a state-of-the-art institution without breaking the bank.
3. It helps save time and money
Even though the initial cost is low, leasing eliminates the burden of additional costs associated with purchasing medical equipment, such as procurement and servicing costs. In addition, upgrading current equipment saves you money that would otherwise be spent buying new tech. In addition, leasing saves you time when it comes to documentation and approval.
4. Quality care for less
A facility equipping itself through leasing provides relatively affordable and quality services to its customers. In addition, the fact that the facility is updated with the latest equipment enables it to attract a wider range of clients, helping to improve its revenue.
5. Flexible terms
Compared to loans, leases offer flexible payment terms and are favorable for people with bad credit scores. Additionally, you may negotiate for low installments that will take you longer to pay if you can’t afford the set amount.
At the end of a leasing period, you are offered three options. You may decide to buy the equipment, return it, or extend the leasing period. The fact that you can upgrade your equipment at any period during the lease term makes leasing a flexible option.
6. Tax benefits
Tax on leasing medical equipment is considered a deductible expense. Medical facilities may deduct lease payments from their income to lower their tax burden, reducing the lease cost.
7. Reduced maintenance and repair costs
Medical equipment maintenance costs can be very high, especially since parts are expensive to replace and technician fees are costly. When you lease equipment, the leasing company manages all the repairs and maintenance, which reduces overall costs and saves you money.
Investing in changing medical technology impacts the healthcare industry. Since it can be financially challenging for an institution to purchase advanced equipment, leasing is a cheaper way to upgrade. You also get flexible terms and you can upgrade your equipment as technology advances, and you don’t have to cater for maintenance and repair costs.