Medical companies have a lot of money invested in equipment. This can be challenging for start-ups and for companies that may be having cash flow issues. A great alternative to buying equipment is medical equipment leasing. Here are nine reasons why you may want to consider leasing over buying.
- Quick Access
When you try to buy equipment, it can take a lot of time. You may have to come up with the money to make the purchase and then go through a lot of paperwork to actually make the purchase. With leasing, you fill out an application and usually get your equipment quickly.
- Upgrade Potential
One of the best things about leasing is that you often are able to easily upgrade your equipment. This is not something you can easily do if you own equipment. You can’t just trade it in for new. You usually have to sell it or store it and then go through the whole process of making a new purchase.
- Flexible Terms
Most leasing contracts have flexible options, especially when it comes to the end of the lease term. Typically, you can choose to return, continue leasing or buy.
- Low Risk
You can general enter into a lease contract very easily without having to risk any assets or even money of your own up front. The lease company assumes all the risk and will simply take back their equipment if you fail to pay.
- 100% Financing
Medical equipment leasing companies usually offer complete financing. You don’t need money down, so you can get the equipment you need with no investment to begin.
- Customer Service
Something many people overlook about leasing is the customer service that comes with the lease. You have technicians and specialists available to help you learn how to use and install the equipment. Maintenance issues and repairs are also usually handled by the leasing company.
- Easy Process
Medical equipment leasing is much easier than getting a loan to buy equipment. It involves far less paperwork and time. The process is pretty easy to manage on your end, too, when it comes to accounting.
- Tax Benefits
Leasing also offers you some great tax benefits because lease payments are considered a business expense that you can write off.
- Easier Accounting
Managing the lease payments is easy. You know how much you spend each month because you know the number of payments and how many you have left, which makes forecasting a breeze.