If You Think You Get Equipment, Then Read This

What to Know When Looking to Buy Medical Equipment

When you want to purchase medical equipment, there are a number of things to consider. To begin, you should find out whether leasing will be a better option than buying, or vice versa. Your budget should guide on you the best option for you. If you will be purchasing the equipment, here are some things to keep in mind.

Go for Equipment Financing
You may think paying for the medical equipment in cash is the best option. However, this can mean reduce working capital that could have been used for other expenses. To ensure your working capital stays intact, consider getting equipment financing.

To get qualified for medical equipment financing, there are a number of requirements you will have to meet. For example, you may have to provide copies of your Profit and Loss statements for the past years. Moreover, you should provide your practice’s registration or business license and prove to the lenders that you can pay back the amount of loan you are requesting.
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To find a good financing company, you need to do your research well. Find out the interest rates charged by the different medical equipment lenders you may wish to apply for financing from. Other things you should check include the term of the loan, amount you qualify for and other fees charged. You can find the right financing to apply for by comparing the options offered by different lenders.
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Check the Equipment Warranty
Before buying any medical equipment, find out about its warranty. It is important to ensure the warranty offered for the equipment you want to purchase is reasonable. From the warranty offered, you can determine the quality of a piece of equipment. Some equipment may come with as little as one month warranty or as long as a lifetime warranty. Generally, if an equipment comes with a longer warranty, it is likely to be a high quality one.

The best thing about warranties is that they spare you from extra costs you may have incurred if the equipment malfunctions or breaks. Generally, the purchase price is usually inclusive of the warranty. Know the warranty options available for the equipment you want to purchase.

Before buying medical equipment, check the vendor’s contract. The high price of equipment with warranty is usually justified.

Equipment Storage
You should know whether the equipment you plan to buy will be stored. The unique requirements of your medical practice should help you know the best way to store the equipment. For instance, will there be need to keep the equipment under lock and key at your practice?

To find the right medical equipment to buy, it is crucial to carry out research. The above are three things you should consider when purchasing medical equipment.