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What to Know When Looking to Buy Medical Equipment There are a number of things you should consider before buying medical equipment. 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 Sometimes, you may think that paying for the medical equipment in cash is a prudent move. However, this can mean reduce working capital that could have been used for other expenses. To ensure your working capital stays intact, consider getting equipment financing. To get qualified for medical equipment financing, there are a number of requirements you will have to meet. For example, some lenders may want to see your practice’s profit and loss statement for the past one year. Apart from this, your practice needs to be registered and capable of paying back the loan.
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It is important to do your research well to find a good 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. 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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Consider the Warranty Inquire about warranty when evaluating different medical equipment. You want equipment that come with a reasonable warranty. Warranty is mainly an indication of the quality of a product. Some equipment may come with as little as one month warranty or as long as a lifetime warranty. In most cases, quality equipment have longer warranties. If the equipment breaks or malfunctions on its own, you will not have to pay extra for repairs or replacement if the warranty is still valid. 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 Space 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 example, will you need to carry out some additional plumbing or electrical wiring for the equipment that will be purchased? Researching well will enable you determine the right medical equipment for your practice. The above are three things you should consider when purchasing medical equipment.