Medical Equipment

7 Things to Keep in Mind Before Buying Medical Equipment

June 29, 2022 • 7270 views

While completing the purchase of medical equipment, it is important to have a fair idea about their applications and capacities. As these types of machinery involve heavy capital, there should be next to little scope to get the estimations wrong. In this blog, you will know the things that are indispensable to take into account while investing in new medical equipment. Read on! 

7 Factors to Consider Before Buying Medical Equipment in India

Below are the seven factors to consider before buying a Medical Equipment in India:

1. Financing Options for Medical Equipment

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:

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. 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 the 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 Medical 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.

As independent biomedical technicians examine all medical equipment, they can determine the quality of the equipment or the manufacturer, making their view neutral. They are not compensated by any manufacturers.

Also Read: Benefits of Buying Healthcare Equipments

4. Warranty of Medical 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 may arise during the first 30-90 days. The support you receive after purchase and installation will affect your satisfaction with your purchase, and it may 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

Quality is crucial when purchasing medical equipment. Obtaining an online Medical Equipment Loan is not enough; understanding the equipment's functionality is essential. Obtain a manual for future reference. Read user guides and analyse space allocation for each instrument. Also, including electrical and plumbing aspects in the design process is crucial.

7. Inspection of Delivery and Installation Process

Before purchasing medical equipment, ensure proper handling measures. In addition, make sure to choose a provider with on-site services for a fast and hassle-free delivery.

As a responsible business owner, also you should keep funds aside for unexpected expenses and test the equipment's functionality before taking possession. If the equipment breaks down, replace it with the right one. Install new equipment correctly and consider technical support for a smooth transition.

Also Read: Top 5 Medical Equipment All Hospitals Need

How to Apply for a Medical Equipment Loan?

It will hardly take a few minutes to opt for a Medical Equipment Loan from Poonawalla Fincorp. Ensure to follow these steps:

  • Step 1: Click on the ‘Apply Now’ present on your screen.
  • Step 2: Fill out the loan application form online.
  • Step 3: Attach the necessary soft copies of personal and business documents.

Upon verification, the loan amount is disbursed to your bank account.

To Conclude

It can be hard to execute the purchase of medical equipment only with personal savings. Therefore, different lenders now offer loans at affordable interest rates. These offers are not only favourable but also one avail them easily sitting at home. For the best rates, get in touch with Poonawalla Fincorp today!

Frequently Asked Questions

  • How to take care of medical equipment?

The equipment needs to be cleaned as per the instructions given in their manuals. Also, regular servicing is necessary to avoid hefty replacement costs. Finally, for complex problems, it is always recommended to ask for professional support.

  • What is a good rate for an equipment loan?

The typical range for a medical equipment loan varies between 9.99% and 11.99%. Also, when you apply for such a loan from Poonawalla Fincorp you can leverage extremely low loan processing charges.

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Medical Equiment Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply

poonawalla fincorp team

Poonawalla Fincorp Team

Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.

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