How to Use Medical Equipment Financing in Your Growing Practice

 

To survive and thrive in the ever-competitive health care industry, your equipment must be state-of-the-art. Fast computers with the latest medical practice management software, cozy and inviting waiting rooms and exam rooms, and diagnostic and laboratory services on site are all a must. With the best medical equipment in place, patient care can be your primary focus.

 

Top notch patient care requires great people doing great things. With all your capital tied up in equipment, how can you possibly afford hiring and training a superstar staff? You can’t – but if you finance your equipment investments, your cash flow is free to be spent on your staffing needs. You would think with the massive growth in the health care industry over the last ten years, medical equipment financing dollars would be readily available. They are, but the terms and conditions of that financing are anything but optimal.

 

Bank provided medical equipment financing is often limited to those with good to outstanding credit. If you’re just starting out are have some blemishes on your credit report, bank financing is a no-go. If you’re new to bank financing, you may have to put down a deposit to begin your relationship. Also, don’t be surprised if you’re asked to make a 10-20% down payment on your equipment in order to finance the balance.

 

Medical equipment financing through a bank also lacks the flexibility you’re looking for. How does have an adjustable rate line of credit with no end of term sound? That may seem flexible on the surface but keep in mind that having a fixed rate equates to a fixed payment. Think about what happens when your equipment is ready to be upgraded. With no clear end of term, how do get rid of obsolete computers and get faster models with more memory?

 

Another thing about flexibility relates to your payment plan. Most medical equipment financing comes with a regular monthly payment – you get what you get. What if you need the flexibility to skip a payment or pay quarterly versus monthly? Not with bank financing.

 

When Medical Equipment Financing Just Won’t Do

 

There is a type of medical equipment financing that offers flexibility, accessibility, and ease of use – but it’s not financing at all. Medical equipment leasing through Avon Leasing gives you flexibility. Skip payments or quarterly payments aren’t a problem. When your equipment wears out or becomes obsolete, just turn it in and upgrade.

 

Whether you’re just starting out or revamping your equipment, Avon Leasing has a program for you. A, B, C or D credit – no matter. 100% financing is available and you can get started within 1 or 2 payments. No down payments and no deposits. In addition, a big advantage of leasing through Avon is having a UCC only on the equipment in the transaction. Banks will place a UCC lien on all of your equipment; effectively taking over your business should trouble arise.

 

If the restrictions of traditional medical equipment financing aren’t a good fit for your practice, Avon Leasing is the way to go. Call us at (863) 682-0191 today.