Medical Equipment

7 Things to keep in mind before buying medical equipment

June 29, 2022 • 219 views

In terms of revenue and employment, healthcare is now the country's most important industry. Hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment are all part of the Indian healthcare industry. To meet the demands of the expanding market, medical equipment demand is predicted to skyrocket. As a doctor who runs his or her practice, the most up-to-date medical equipment can significantly boost your productivity, capacity, and processes. However, obtaining these technologies necessitates a large financial investment, which most medical professionals lack. An online Medical Equipment Loan can help you in these situations. However, before making a purchase decision, bear in mind the following considerations.

1.    Financing options:

Medical equipment is expensive, so looking into financing options is a good idea. By taking out a Medical Equipment Loan, you can free up funds for working capital and other day-to-day expenses. Poonawalla Fincorp offers an online Medical Equipment Loan which is divided into four categories:
a) Loan for Doctor
b) Loan for Hospital
c) Loan for Dentist
d) Loans for Laboratory
For easy payment terms and flexible tenure that could reduce the overall cost of equipment, you can apply for Medical Equipment Loan offered by Poonawalla Fincorp. When the cost of healthcare equipment exceeds an individual's budget, an online Medical Equipment Loan can save the day by making the purchases easier.

2.    Get to know your dealers:

With so many manufacturers and dealers in the healthcare industry, it's difficult to tell the difference between real and fake products, especially because the majority of transactions are made online. You can learn about manufacturers and their equipment through networking with others who are knowledgeable about healthcare equipment or contacting a biomedical service provider. To obtain quality and most advanced products, a thorough search of well-certified, quality merchants with extensive experience in selling medical equipment that fulfils medical requirements is essential. 

3.    Quality of equipment:

In the medical field, quality is crucial, especially when your business model relies on it for success and accuracy. The ultimate quality of a product is determined by ISO certification.  External certification bodies, not the corporation or the manufacturer, perform ISO certification and give independent assurance of competence. Because they service all medical equipment, independent biomedical technicians may often attest to the quality of the equipment or the manufacturer, making their view neutral because they are not compensated by any manufacturers. High-standard products tend to be expensive, but if you avail of an online Medical Equipment loan, you wouldn’t have to compromise on quality. 

4.    Warranty of equipment:

Checking the warranty agreements offered before purchasing medical equipment is an important element to consider. Choose a comprehensive warranty that covers everything from the equipment's installation to its maintenance. In the event of a breakdown in the machinery/equipment, the warranty will shield you from expensive servicing costs. The extra costs for these warranties are certainly worth it. In this way, when you do apply for a Medical Equipment Loan, you can earmark the excess funds for purposes other than servicing equipment.

5.    After-sales service:

Regardless of the medical equipment's quality, there's a chance that a problem might arise during the first 30-90 days. The support you receive after purchase and installation will affect your satisfaction with your purchase, and it might range from a simple adjustment to a major component replacement. Always get a written warranty and fill out and submit any warranty cards that the supplier or manufacturer sends you. The best method to ensure seamless operations is to have quick response times, clinical assistance, and emergency phone numbers.

6.    Functionality and spatial accommodation of the equipment:

When it comes to purchasing medical equipment, quality should always come first. Suppose you obtained an online Medical Equipment Loan and purchased the best medical products, is that sufficient? Is Grade A quality equipment any good if you have no understanding of how it works and everyone claims it's exceedingly difficult to use? For the most part, knowing and understanding the equipment's functionality should be simple, but if it isn't, make sure you obtain training and a manual for future reference. Anyone considering purchasing equipment must read the user guide to ensure that the equipment functions as expected and is easy to understand. An in-depth analysis of where to place medical equipment and how much space to allocate to each instrument or apparatus would help while designing the spaces. The electrical and plumbing connections should also be included in the exercise.

7.    Inspection of delivery and installation process:

Before making a purchasing decision, you should carefully study the equipment delivery process. During the delivery stage, proper handling of medical equipment is critical. To ensure a speedy and hassle-free delivery process, choose a provider who offers direct-to-site services. Many sellers charge a steep price for packaging and delivery. It’s always better and safer to get the seller to deliver the products since they will be well-versed with the logistics. If you apply for a Medical Equipment loan, keep some funds aside for some unexpected or unallocated expenses. Test and confirm the functionality of the new medical equipment before taking possession of the equipment. Do not sign any documents until you have verified that the device meets the seller's specifications. If the equipment breaks down, make sure it can be replaced with the right one. It is important to install new equipment correctly to guarantee a smooth transition to new procedures. You should also consider technical support, as you may require it at some point.

To conclude

Ultimately, the most important thing you can give your patients is access to the best possible care, diagnosis, and treatment. In the long run, taking proper financial decisions for your practice can pay off significantly. Medical equipment that is upgraded and maintained regularly ensures that the workflow in a medical facility runs smoothly. You have a variety of online Medical Equipment Loan options to help you achieve that goal. Before applying for a Medical Equipment Loan, consult with your supplier, financial advisor, accountant, and others. Choose the smart solution, negotiate the rates, and acquire credit that will enable you to meet the healthcare industry's high growth expectations.

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