Participating in a medical equipment leasing and financing program is an important business solution for an established medical practice.
Funding is accessible through this type of program to either modernize or upgrade the medical care equipment used in the facility.
This may include diagnostic, imaging, laboratory or office and surgery equipment.
A number of companies provide financing solutions that will fit every budget.
Quick pre-approval, low rates, a customized repayment schedule, deferred and graduated leasing, and lenient co-signer and collateral requirements are some of the terms and conditions offered on various levels to different medical facilities.
Selecting a medical equipment leasing and financing program requires choosing the right financing option for your medical practice.
Researching different companies will arm you with the appropriate information for making a decision.
Comparing the financing options at several different companies will help you understand what is available and why so you will get the right equipment at the right price.
Another source for gathering this information is through medical equipment publications which cover trends, news and highlights of companies that offer equipment leasing options.
You can stay informed and compare the pros and cons well in advance to become familiar with the process once an equipment purchase is necessary.
You can get free quotes from most medical equipment leasing and financing companies, valuable information to also help you make the right selection.
Free quotes do not require that you sign a lease agreement on the first deal offered.
Most leasing companies require a minimum $5,000 equipment purchase before the agreement is approved.
You can possibly be approved for as much as $3,000,000 for a lease term from one to six years.
Since your medical practice is established (in business for at least two years), approval for medical equipment leasing is faster than for a newly established medical practice.
Still, established practices may be required to submit financial statements or tax returns before approval is granted.
Also, read the fine print to learn about the purchase options at either the end of the agreement, or before the lease period ends.
Make sure there are no penalties if your practice wants to purchase the equipment.