Medical imaging equipment is by no means cheap, and therefore should not be purchased on a whim. Determining what is best for your practice means knowing the difference between leasing medical imaging equipment and purchasing it and how they differ in your business needs.
Looking closely at your situation and what will meet your needs is a good start. Whether you are an established business and feel like buying may make the most sense, or a smaller company whose needs change quite often, Custom X-Ray can help get you the equipment most suitable for you. Taking a step back and researching the benefits of buying and leasing can help you rule out what won’t work for your practice and find what will provide the most effective solution to your everyday needs.
As you may have guessed, leasing is a less-expensive route initially when it comes to the purchase of medical imaging equipment. Leasing allows you to purchase older equipment for a fair price, thus setting you up for newer equipment once that lease is up. If you have less capital, leasing may be a good choice, but it is important to determine all the options. A lease may be a more easily accessible option, not to mention a tax-deductible one.
Leases often do not require any kind of down payment, therefore freeing up your finances from the beginning. The thing you will want to consider when it comes to leasing is that you do not own the equipment. This poses a higher risk for damages and the fact that you will not build any kind of equity in the product. On top of not owning the product outright, a lease requires you to finish your payments even if you stop using the product. You may want to assess your business needs and determine if any major changes within the practice. Examine the possibilities and if a lease makes the most sense for your practice.
Deciding on whether or not to buy your imaging equipment may feel like a more stressful scenario compared to the idea of leasing. Buying this equipment will be a more expensive option, but there are many things to consider. Buying equipment means it’s yours, and you have full ownership. Many tax breaks come with the purchase of medical equipment. These two things alone can make buying feel like the best option. As all equipment depreciates over time, certain tax incentives still make it worthwhile to buy.
If you are a larger, well-established practice, buying may make the most sense for the simple fact that your equipment will serve you for as long as possible. You may be leary of getting stuck with old equipment and the higher cost to buy, but determine your practice’s needs and go from there. Custom X-Ray can help you with your purchasing needs, whether you choose to lease or buy.