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3 Tips to Keep in Mind Before Buying Medical Equipment. When looking to buy medical equipment, there are some tips you should keep in mind. To begin, you should find out whether leasing will be a better option than buying, or vice versa. You can know whether to lease or buy based on your budget. If you will be purchasing the equipment, here are some things to keep in mind. Use Equipment Financing Carefully Paying for the medical equipment in cash may seem like the best option. However, your working capital may substantially reduce when you purchase the equipment in cash. If you want your working capital to remain steady, one option you can go for is applying for medical equipment financing. Before you can be approved for medical equipment financing, there are various requirements to be met. For example, some lenders may want to see your practice’s profit and loss statement for the past one year. All lenders will also require your practice to be registered and have the capability of paying back the financing.
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Researching will help you find a good medical equipment financing company. Use the internet to research the different interest rates charged by medical financing lenders. The fees charged, amount of loan you qualify for and term of the financing are the other things you should check. Compare the financing options available from different lenders to determine which one will be right to apply for.
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Check the Equipment Warranty Before buying any medical equipment, find out about its warranty. You want equipment that come with a reasonable warranty. You can know the quality of a piece of equipment from its warranty. Some equipment may come with as little as one month warranty or as long as a lifetime warranty. Generally, if an equipment comes with a longer warranty, it is likely to be a high quality one. When the equipment you get has a warranty, you will be spared from extra repair costs that may come about due to potential breakdowns. Generally, the warranty is usually included in the purchase price. Know the warranty options available for the equipment you want to purchase. Go through the vendor’s contract before you buy any medical equipment. The high price of equipment with warranty is usually justified. Equipment Storage You should have some space where the equipment you will be buying will be stored. The unique requirements of your medical practice should help you know the best way to store the equipment. For instance, will there be need to keep the equipment under lock and key at your practice? Researching well will enable you determine the right medical equipment for your practice. Follow the three tips above when looking for a new or used medical equipment.