Technology has changed modern medicine in a big way. However, it can be costly for healthcare systems, clinics, dentists, and other types of providers to keep their equipment up to date. Monitoring systems, diagnostic tools, patient chairs, and other medical equipment can be expensive to own and operate. The good news is it’s much easier to obtain what organizations need with medical equipment financing.
In fact, financing medical equipment instead of paying for it outright has risen in popularity among healthcare players. As a result, the medical equipment financing market is worth more than $149 billion globally. And it’s expected to rise 7.1% from 2022 to 2030.
Why the push for new medical equipment? Much of the drive comes from customers themselves. Patients and their families want to receive the best possible care they can. Accordingly, they want to see that their providers are using up-to-date equipment. Healthcare organizations must maintain a competitive edge, otherwise they won’t survive long in a competitive market. (Of course, practitioners also want to work with the latest equipment in order to ensure efficient work and accurate results.)
The benefits of equipment financing go beyond keeping pace. There are a variety of reasons why organizations would want to finance medical equipment, including:
- Physicians can provide world-class patient support.
Meeting patients’ needs is of vital importance to physicians and their teams. However, keeping up with equipment advancements can seem financially out of reach for small or independently owned practices.
Dynamic healthcare equipment financing options help all organizations, including solo practitioners, stay competitive without overspending. By leveraging financing vehicles, organizations can stretch their capital wisely and dependably. Having a precise monthly payment is much easier to bear than paying for equipment at once.
- Healthcare entities can offer state-of-the-art equipment.
Financing medical equipment doesn’t necessarily mean purchasing it. A financing arrangement can just as easily involve leasing the equipment instead. Leasing medical equipment typically requires no down payment. With leasing, it’s easier to gain access to the best equipment.
Another advantage to leasing medical equipment is that the equipment won’t become a burden when it’s no longer adequate. “Planned obsolescence” of technology is just as relevant in the medical community as it is elsewhere. Leasing prevents obsolete machinery from turning into a healthcare provider’s problem.
- Healthcare industry organizations can better manage cash flow and working capital.
Healthcare organizations often run on tight budgets. Financing advanced medical healthcare equipment limits the loss of working capital. It’s very dangerous to be short on cash. A financing contract reduces the risks associated with overspending.
With the money saved, providers can earmark funds in other areas, such as payroll, training, or infrastructure. Equipment financing is a great choice, especially for organizations focused on potential growth.
- Medical equipment financing decisions can be made faster.
The days of waiting weeks for approval on financing applications are over. Today, forward-looking lenders make the process as quick as possible. This eliminates another barrier to getting equipment like software, machinery, and tools.
Just how fast can healthcare clients receive a response? Equipment financing decisions can take less than two days. The quicker an organization gets approved, the quicker it can gain access to needed equipment.
PEAC Solutions: Providing Leaders With Financing for Medical Equipment
At PEAC Solutions, we understand that healthcare industry leaders want to do their best to remain at the forefront of the medical field. That’s why we’ve helped many medical clients finance the equipment they need, such as exam furniture, dental implant equipment, and automated patient and pharmacy platforms, among other things.
Leaders who are looking to buy medical equipment should consider financing. It’s a smart solution that provides organizations with what they need so that they can continue treating patients. Fill out an application today to get started.
PEAC Solutions is a DBA of Marlin Leasing Corporation.