Healthcare leaders must make critical decisions daily when it comes to accumulating quality equipment and tools for their hospitals. Patients demand the best medical technology and equipment available; having worn-out or outdated facilities and equipment can make patients feel uncomfortable. Staying up to date with advancements in equipment, however, can be an expensive prospect.
For these reasons, healthcare professionals turn to medical equipment financing to obtain the equipment they need. With equipment financing programs, you can acquire the equipment you need to serve new and returning patients better, as well as increase your cash flow and build your reserves.
How Equipment Financing Works
Equipment financing affords you the ability to pay for much-needed equipment over time. Medical equipment financing is ideal for hospitals with strong credit for assets with long life expectancies, as well as the following facilities:
- Home healthcare suppliers
- Dialysis facilities
- Nursing homes
- Veterinarians’ offices
Business loans for new medical equipment often have multiple terms attached to it. Factors such as the interest rate, term length, and total amount to borrow affects how much you will pay. Keep in mind that not all loans are completely linear. Depending on your business’s specific structure, you might get a considerable amount of flexibility.
Other Notes on Medical Equipment Financing
Equipment financing is popular because of restricted capital budgets. Although most financing structures are collateralized debt, the amount you borrow may impact your available line of credit. Since medical equipment, such as MRI machines and CT scanners, can be costly, it’s advisable always to consult your financing partners.
Advantages of Equipment Financing
- Conserve and control cash. Avoid the upfront costs of purchasing expensive equipment. Also, the loan becomes a fixed monthly payment, which can help you budget your finances more effectively.
- Maintain strategic flexibility. Large capital purchases can tie you to a specific technology. Continue improving your operations by financing medical equipment instead. Doing so enables you to adapt as the industry evolves, as well as increases flexibility for your organization.
- Save on taxes. Save on taxes when you finance your equipment by using the Section 179 deduction. Apply your tax savings to new and pre-owned medical equipment.
- Customized medical equipment financing. Find the medical equipment finance solutions that work for your business. Also, you may control purchase or lease loans that suit your equipment needs and budget.
- Make patients feel comfortable. Having updated medical equipment assures your patients that they will be given the latest treatment methods. Also, a clean waiting room with fast computers simplifies processes for them, enhancing their patient experience.
Equip your healthcare facility with the best tools available without budget constraints getting in your way. Get the equipment you need with assistance from Regents Capital Corporation, your equipment financing partner. Call us today.