Know about the Finance and Investments Terms

Medical equipment is quite expensive but is very important for proper functioning of healthcare facilities. The presence of the latest equipment help medical practices boost their productivity and provide optimum health care facilities to their patients. However, as said above, the equipment can be expensive and sometimes unaffordable - it becomes tough to decide whether to buy or lease the equipment. Hence, let’s take a look at the different advantages and disadvantages of leasing and purchasing medical equipment.

Ownership: Buying the equipment grants you the complete ownership of the equipment. You become the sole owner and hence, can use the equipment the way you want to and for as long as you want to. On the contrary, when you lease an equipment you have to follow the guidelines issued by the real owner of the equipment. Besides, you might have to pay the entire cost of the equipment if anything goes wrong with it while you are using it. So, buying an equipment is better than leasing it. Moreover, medical equipment loans, which can be used for the purpose of purchasing the machinery, are readily available.  

Longer warranty: It’s very obvious that a newly purchased equipment will last for a longer time compared to an equipment bought on the lease. The equipment leased are mostly used and can’t be used for long. However, newly bought medical equipment comes with a long warranty period and thus, the doctors or medical practitioner will be in a win-win situation by purchasing instead of leasing.

Bottom line: Paucity of funds can be a problem, but a proper plan of action and a good medical practitioner loan can help you overcome all such problems.    

If you want to know more about this, click here: Medical equipment: Should practices buy or lease?