Life is full of choices. Snooze or wake? Paper or plastic? One of the numerous choices facing medical professionals today is deciding to rent or finance their capital medical equipment. Whether you aim to increase your fleet for an event, prepare your providers for a seasonal surge, or stock a new facility, renting is a timely and budget-friendly solution that can help you reach your goals. Here are several factors to consider when making an educated decision to acquire equipment for your operation.
Life-saving medical equipment tends to be one of the top expenses for healthcare facilities, and it often requires foresight and sizeable capital investment. Up-front costs are significantly lower when renting, allowing decision-makers to conserve funds and stretch their budget. It provides the opportunity to utilize expensive medical equipment quickly without the added imposition of hefty down payment, security deposit, or net terms. This benefit may appeal most to smaller businesses and start-up facilities. If your operation has the capital to support large ticket items, renting allows the flexibility to try equipment before you commit to a purchase. This way, you can be confident you are making the best decision for your team and the patients who depend on you.
Paired with acquisition cost is the added price tag associated with the maintenance and upkeep of your equipment. Medical equipment is always under warranty when you choose to rent. This guarantee covers parts and labor for annual inspection as well as repair due to defects throughout the term. Not only does this save another bill, but it also reserves time. Don’t fret over extended warranties or service options. Instead, let someone else handle the time commitment and expense of keeping your equipment in mint condition so that you can focus on the critical work of helping people and saving lives.
Another advantage associated with renting your medical equipment is the tax benefits. Renting allows you to immediately deduct the full amount of your monthly payment as a business expense, enabling the maximum tax write-off at the end of the year.
Advancements and upgrades happen rapidly, especially in the realm of healthcare technology. Providers must administer quality care and utilize the best equipment available. Renting medical equipment is a sound way to provide flexibility in your fleet and ensure your
facility has up-to-date technology without tying capital into the purchase. You may choose to return dated equipment and upgrade to a new model at any time, without the implications of depreciation.
Choosing whether to rent or finance equipment is tricky, and there is no “one size fits all” approach. Renting allows you to utilize your equipment without bearing the burdens associated with ownership. You’re given the unique opportunity to raise your bottom line while keeping the equipment up to date. If you’ve determined that renting medical equipment is the best decision for your facility, our specialists at JEM Financial are happy to assist with a quote tailored to your specific needs. Click here to get started, or give us a call today!
Ashley FerrellRental and Finance Manager
JEM Financial