What To Know Before Leasing X Ray Equipment For Your Practice

Posted by Trust Capital, LLC
3
Jun 13, 2017
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If you wish to start a medical practice and own an x-ray equipment, then there are many ways to go about procuring your x-ray machine. Leasing is one of the most often used ways to obtain the equipment because it offers many benefits to the practitioners, especially those who are just starting out -

Preserve Your Funds: When you are starting your practice, it is normal that you may not have sufficient funds or will have very limited funds. As such, it becomes very important to ensure that you use your capital only when absolutely required and that you preserve it so that you can use in case of emergencies or other unavoidable expenses. This is where a lease becomes very useful. Leasing is the best way to get the x-ray equipment you want, without having to use a large part of your capital. With a lease, you only have to pay a few months of monthly payments in advance and you can easily get the equipment in the workspace.

Latest Equipment: One of the main benefits of a lease is that it allows you to use the latest equipment in your production cycle – a luxury you may not have if you had decided to purchase it outright. When you purchase the equipment, you are tying yourself to the equipment. Until and unless the equipment breaks down, you will be less likely to think about replacing it. The huge investment you made will most likely compel you to use the equipment to the fullest. This means that you will overlook using the latest equipment. But with a lease, you will be able to use the latest equipment with ease. When you think you should replace the current x-ray equipment with a new one, you simply have to end your current lease and take a new lease on the equipment you desire.

Full Funding: When you decide to buy an x-ray equipment, the cost is not only limited to the price of the equipment. You will have to pay for the shipping, taxes, installation etc. Which means that the end cost of acquiring the equipment will be higher than you initially calculate. If you are taking a loan to procure the equipment, then this might become a problem for you because the loan will only cover the cost of the equipment and not the additional expenses that come with it. And if your funds are very scarce, then it may put an immense pressure on you. With a lease, you can easily avoid the problem because a lease will cover all expenses that go into acquiring the equipment.

In addition to the above-mentioned benefits you get by opting for a lease, there is a major drawback you should take into account when you consider leasing – you will never be the owner of the equipment. So all the money you paid during the lease period will just be an expense and not an investment. Plus, all maintenance costs are borne by you during this period. However, you can avoid this drawback if you opt for a lease where you will end up owning the equipment after the lease term ends. But if you only wish to take a lease for the short term, then you should be willing to accept the drawbacks.

Once you have decided that you will procure the x-ray machine by leasing it from a vendor, the next few steps are pretty simple and straightforward. You only need to submit your application to a leasing company, and they will quickly approve the lease if your credentials are okay. Normally you won't have to submit any extra collateral for the lease. The x-ray machine itself will be considered sufficient collateral. Just make sure to ask the leasing company about the repayment options available for the lease. Some companies allow you to defer your payments for a few months, while some may allow you to prepay the lease without having to pay any penalties. If you do your research well, then you will easily find a reputable leasing company who meets your requirements.

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