With the shrinking margins in the practice of medical services, the individuals and institutions engaged are becoming heavily concerned. This is, to a great extent, contributed by the high cost of investment, particularly in acquiring the sophisticated machines and tools entailed. The high initial investment is just out of proportion, coupled with their high rate of depreciation and obsolescence. Yet to be able to offer the most attractive and satisfactory services to clients, some tools are indispensable. It is due to this reason that there is a paradigm shift towards renting medical equipment.
It is possible to finance your medical facility 100 percent by renting tools. Some of the medical implements offered for rental include; X-ray and ultrasound machines, surgery items, MRI machines, computers, imaging diagnostic tools and EMR software. There are however some considerations to be made before settling on the rental decision.
First and foremost, closely analyze the financial implications of both a buy and rent decision. This is the surest way to enhance the most effective financial decision. It entails the prices of the concerned products across various major manufacturers and dealers while comparing with lease quotes from the medical leasing companies.
A good supply of information is important for a complete financial analysis. You should therefore access the most vital and pertinent financial information before embarking on the analysis. The data will be helpful in assessing the feasibility of the particular project, which can only be arrived at by estimating the cash flow of the investment. The incremental cash flow denotes the additional expenses and revenues accruing from the project. It is from this cash flow that one can know how a particular project will better the performance of the business, which is contrary to a rather unidirectional approach as to whether a particular project will generate profit on its own.
Further, use the data to analyze the break even points, net present value and the payback value. The analyses furnish you with sufficient information on, not only the short term financial implications of the investment, but also the on the long term. In addition, you are able to know the length of time it will take for you to regain the initial expenditure.
However, it is worth considering that the cost of renting is, to a better extent, determined by the rate of the lease. It is therefore necessary to put in mind the factors influencing medical equipment lease rates. One such vital factor is the period of the lease. Before making the decision to rent, ascertain the period you are going to rent the equipment and evaluate the financial implications.
Another element worth considering is the schedule of service (repair). During the period of rent, the user is responsible for maintenance of the item. It is therefore essential to opt for a deal having a fair number of services, coupled with convenient service time. For example, on-site servicing proves rather convenient. The type of lease, whether operating or capital, also determines the amount of monthly payments. Operating leases are less expensive than capital leases, they are entirely rental agreements. On the other hand, Capital leases entail residual ownership of the item.
All in all, the resultant decision should be a win-win situation. The project so undertaken must be beneficial not only to your practice, but also to the ultimate client. The customer should reap from the comfort and affordability associated with the decision. For the business, it ought to be in line with the future plans and compare well with other alternative foregone opportunities in the practice.
It is possible to finance your medical facility 100 percent by renting tools. Some of the medical implements offered for rental include; X-ray and ultrasound machines, surgery items, MRI machines, computers, imaging diagnostic tools and EMR software. There are however some considerations to be made before settling on the rental decision.
First and foremost, closely analyze the financial implications of both a buy and rent decision. This is the surest way to enhance the most effective financial decision. It entails the prices of the concerned products across various major manufacturers and dealers while comparing with lease quotes from the medical leasing companies.
A good supply of information is important for a complete financial analysis. You should therefore access the most vital and pertinent financial information before embarking on the analysis. The data will be helpful in assessing the feasibility of the particular project, which can only be arrived at by estimating the cash flow of the investment. The incremental cash flow denotes the additional expenses and revenues accruing from the project. It is from this cash flow that one can know how a particular project will better the performance of the business, which is contrary to a rather unidirectional approach as to whether a particular project will generate profit on its own.
Further, use the data to analyze the break even points, net present value and the payback value. The analyses furnish you with sufficient information on, not only the short term financial implications of the investment, but also the on the long term. In addition, you are able to know the length of time it will take for you to regain the initial expenditure.
However, it is worth considering that the cost of renting is, to a better extent, determined by the rate of the lease. It is therefore necessary to put in mind the factors influencing medical equipment lease rates. One such vital factor is the period of the lease. Before making the decision to rent, ascertain the period you are going to rent the equipment and evaluate the financial implications.
Another element worth considering is the schedule of service (repair). During the period of rent, the user is responsible for maintenance of the item. It is therefore essential to opt for a deal having a fair number of services, coupled with convenient service time. For example, on-site servicing proves rather convenient. The type of lease, whether operating or capital, also determines the amount of monthly payments. Operating leases are less expensive than capital leases, they are entirely rental agreements. On the other hand, Capital leases entail residual ownership of the item.
All in all, the resultant decision should be a win-win situation. The project so undertaken must be beneficial not only to your practice, but also to the ultimate client. The customer should reap from the comfort and affordability associated with the decision. For the business, it ought to be in line with the future plans and compare well with other alternative foregone opportunities in the practice.
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