What to Know When Looking to Buy Medical Equipment When you want to purchase medical equipment, there are a number of things to consider. To begin, it’s important to determine whether you would like to actually purchase the equipment or lease. Your budget should guide on you the best option for you. When you decide to purchase medical equipment, keep the following in mind: Choose the Right Equipment Financing Paying for the medical equipment in cash may seem like the best option. However, when you buy in cash, your working capital may be left significantly low. To ensure you keep your practice running, you can get a loan to purchase the equipment. Before you can be approved for medical equipment financing, there are various requirements to be met. For example, you may have to provide copies of your Profit and Loss statements for the past years. Moreover, you should provide your practice’s registration or business license and prove to the lenders that you can pay back the amount of loan you are requesting.
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Researching will help you find a good medical equipment financing company. Go online and find out how much interest rate you will be charged should you decide to apply for a loan from a specific lender. Other things you should check include how much you qualify for, term of the loan and other charges. Comparing the loans from different lenders will help you identify the right one for you.
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Consider the Warranty When evaluating the specific medical equipment to purchase, inquire about warranty. It is important to ensure the warranty offered for the equipment you want to purchase is reasonable. From the warranty offered, you can determine the quality of a piece of equipment. Some equipment may come with as little as one month warranty or as long as a lifetime warranty. Generally, quality equipment come with longer warranties. The best thing about warranties is that they spare you from extra costs you may have incurred if the equipment malfunctions or breaks. Generally, the purchase price is usually inclusive of the warranty. Find out what warranty options apply for the medical equipment you wish to purchase. It is important to read the vendor’s contract before buying the equipment. In most cases, it will be better off paying more for an equipment that comes with warranty. Equipment Space It is important to plan the space where the equipment you wish to buy will be stored and used from. Consider the unique requirements of your medical practice. For example, will you need to carry out some additional plumbing or electrical wiring for the equipment that will be purchased? To find the right medical equipment to buy, it is crucial to carry out research. When looking for a new or used medical equipment for your practice, following the three tips above should be kept in mind.