What to Know When Looking to Buy Medical Equipment When looking to buy medical equipment, there are some tips you should keep in mind. To begin, it’s important to determine whether you would like to actually purchase the equipment or lease. Consider your budget to know which option would be best. When you decide to purchase medical equipment, keep the following in mind: Use Equipment Financing Carefully Sometimes, you may think that paying for the medical equipment in cash is a prudent move. However, when you buy in cash, your working capital may be left significantly low. To ensure you keep your practice running, you can get a loan to purchase the equipment. Before you can be approved for medical equipment financing, there are various requirements to be met. For example, you may have to provide copies of your Profit and Loss statements for the past years. Apart from this, your practice needs to be registered and capable of paying back the loan.
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Researching will help you find a good medical equipment financing company. 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. Comparing the loans from different lenders will help you identify the right one for you.
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Check the Equipment Warranty Inquire about warranty when evaluating different medical equipment. 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. Depending on the type of equipment you are buying, the warranty may range from one month to a lifetime. 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. In most cases, the warranties are offered as part of the purchase price. 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 It is important to plan the space where the equipment you wish to buy will be stored and used from. Every medical practice has unique demands and hence, determine your practice’s requirements for the equipment. For example, will you need to carry out additional electrical wiring or plumbing? You need to do your research well to find the right medical equipment to buy. The above are three things you should consider when purchasing medical equipment.