Medical Equipment Leasing: What’s Best For Your Practice?

As medical technology continues to improve, it’s crucial that your practice stays on the ball with equipment ongoing developments. Out-of-date equipment could make it a challenge to execute your job to the highest degree, potentially lower patient confidence in your abilities, and may even increase your chance of making a mistake that leads to a costly malpractice suit. Conversely, constantly buying new equipment outright can be very costly when using the current businesses cash flow to do so. If you’re not ready to buy outright, medical equipment leasing and medical equipment loans could help you pay for these upgrades in a more budget-friendly way with flexible payment terms. These two types of small business equipment financing so you can decide which approach makes sense for your practice…

Medical Equipment Leasing vs. Loans

The difference between medical equipment leasing and medical equipment loans comes down to financing. With a loan, you’re borrowing money to buy the medical equipment yourself, but once you’ve paid it off, you own the asset 100% free and clear.

A lease is more like a long-term rental. The financing company owns the equipment, but your practice gets to use it during the lease in exchange for a monthly payment. At the end of the lease, you could buy…