Finance your Medical Practice!
Setting up a proficient private medical facility, or ensuring the continued success of more established premises, will rely on the quality of services offered to patrons. Having access to the right medical equipment can make or break the accomplishment of a facility, and investment can often be the biggest hurdle for practitioners to face. Asset finance is a fantastic option for those looking for financial support. As healthcare facilities often make use of specialised equipment, they can really benefit from the financing options made available by more specific equipment finance options.
How Can Medical Equipment Finance Help?
Medical diagnostic equipment is a key component for many medical facilities, but having access to even the simplest of these machines can signify a hefty outlay. When state-of-the-art appliances are a must, it can be all but impossible to accumulate the necessary funds needed to make these kinds of purchases – and this is where equipment financing may help.
Making use of this type of financing can help health facilities to gain access to the all important equipment that they need, but may otherwise be unable to afford. Equipment such as:
- MRI (Magnetic Resonance Imaging) equipment
- X-Ray machines
- CT Scanners
- Ultrasound equipment
- Cardiovascular equipment
- Nuclear Medicine PET
As these items can be incredibly expensive for facilities of all grades, shapes and sizes, the ability to pay off in smaller installments can make a huge difference to the progress of the overall institution.
All appliances and pieces of equipment can act as the security for the loan too, so there will be no additional collateral requirements to be considered when taking out an equipment loan.
Why Choose Specific Equipment Finance?
Medical equipment finance is designed to give you access to the funds you need to purchase essential specialised equipment for your business. For a medical business to grow equipment finance gives you access to whatever important business equipment you need without having to pay for it upfront.
In many instances business loans are unsuitable, as they often require specific collateral assets to support the loan. On the other hand, medical equipment financing loans can allow for up to 100% funding of the asset purchase price using the asset as sole security. Loans can be tailored to suit your business needs with usual loan terms of up to 7 years with balloon options at the end of the term; meaning lower monthly payments.
What is the alternative to equipment finance?
An alternative method of acquiring medical equipment can be through a lease arrangement such as a hire purchase or finance lease. A hire purchase is where a financier purchases an asset on your behalf and then you buy it off them in installments. Under this arrangement, the financier owns the asset until you have paid it off and ownership transfers to you. The other method of finance is a finance lease which involves a lender purchasing the asset you want and then renting it out to a business for an agreed period. You can choose from flexible repayment terms to match your budget, while the rental payments you make are usually tax deductible.
Ultimately, the decision to purchase or lease equipment will depend on your own situation including your business income and expenses, of which we recommend discussing with your accountant.