How to Finance Medical Equipment in Your Medical Facility

Despite the tremendous changes in the medical industry where new tools and equipment have been brought into play, infusion pumps remain reliable and very important in surgical processes. This equipment has been in use since the early 1960s, which is a clear illustration of its importance in infusing nutrients and medication to patients. However, very few medical facilities have been able to finance medical equipment, such as IV infusion pumps.

To finance medical equipment and other consumables, most of the hospitals have been forced to dig deep into their cash reserves. The trick has not always worked, which explains why many hospitals don’t have infusion systems. If you own a medical facility and you are wondering how to finance medical equipment such as an infusion system and other consumables, here are some proven strategies that you can incorporate.

1. Equipment Rental

Hospital equipment rentals is a traditional method that many medical facilities have been using to finance medical equipment. If you have a feeling that you cannot assemble sufficient funds to finance medical equipment through cash purchases, hospital equipment rental gives you a simple alternative. In this strategy, you don’t need to have enough money in your bank account. All you need to do is to guarantee the equipment manufacturer that you will be able to honor monthly rental payments so that you can continue to use the equipment.

2. Equipment Leases

Hospital equipment leasing is one of the most used equipment financing strategies in hospitals today. Leasing makes sense because equipment manufacturers are willing to lease their infusion systems at affordable lease amounts. Lease agreements are essential because they charge affordable monthly lease amounts as compared to what you will be required to pay as monthly loan installments. Facilities with sufficient funds prefer equipment leases so that they can return the equipment at the end of the lease period and avoid having an obsolete machine on their hands.

3. Equipment Hire Purchase

You can finance medical equipment through hire purchase program, which is very similar to equipment leasing. The program requires that you pay an agreed sum of money each month until you meet the total value of the equipment in an agreed period. Hire purchase is different from equipment leasing because you will have ownership of the equipment at the end of the repayment period. However, if you purchase IV pump equipment through hire purchase program, you will pay a higher amount as compared to a person who bought on cash.

4. Buy Used Medical Equipment

Every hospital facility needs medical equipment to continue delivering services to the patients. However, financing medical equipment is not an easy undertaking. Most of the strategies used to get infusion pumps for sale may be out of options to many medical facilities. Buying used medical equipment seems odd, but it could deliver unexpected services to a facility. Some hospitals dispose old medical equipment, which are not fully worn-out, after two years. If you own a medical facility and you’re wondering how to get medical equipment, buying used equipment saves you thousands of dollars.

5. Hospital Equipment Loans

Financing for medical equipment has become a common undertaking in the mainstream financial sector. Thousands of banks and other financial lenders are willing to provide loans for medical equipment at affordable costs. Due to the influx of banks giving equipment loans to medical facilities, interest on loans has significantly declined making it possible for hospitals to acquire equipment loan from nearby lending facilities. If you are interested in getting hospital equipment to advance your services, you need to go to the nearest bank and present your needs.

For you to sustain your medical facility, you need to have the best medical equipment around. Your customers will continue to seek services from you if you are willing to go an extra mile and provide the needed medical equipment. Without ready cash at bank, equipment loans, leasing, rentals, and hire purchase are probable equipment financing strategies that you can incorporate.

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