Health-care services have come a long way from scattered and less systematic to provision of more streamlined healthcare services which are increasingly comprehensive and specialized. Most medical practitioners provide holistic care wherein patients can start with diagnosis, treatment and recovery care. So, they need to go from one specialist to the other to address one health concern. Technology has helped in this transformation as well as to make health care services more integrated in nature.
Incorporating technology or advanced medical equipment demands a significant investment of capital. So, doctors can opt to purchase the equipment or alternatively, lease it.
For the doctors who are facing such a choice of choosing between leasing or purchasing a medical equipment, listed below are the factors that will help them decide:
Assessing all Options
It is vital to assess all options and possibilities related to purchasing as well as leasing the equipment. The former provides benefits such as sole ownership, and tax benefits as well on the equipment that lose value quickly. The latter is a better choice when the equipment under consideration has chances of turning outdated.
Purchasing a medical equipment entails significant expenditure which can be covered with a medical equipment loan or a doctor loan. There are loans with and without collateral that can be availed, provided the applicant has enough credit worthiness. Lenders include banks and Non-Banking Financial Companies (NBFCs).
When buying or availing a loan is not financially feasible, leasing is the best way to go.
Moreover, with buying, there could be a liability for the long term and with leasing, the regular operating costs become higher.
These are only a handful of factors that help in deciding between leasing and purchasing.
The resource provided below will give you a peek at the remaining key factors to consider in this regard:
Medical Equipment: Should Practices Buy or Lease?
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.