Buy Medical Equipments

Benefits of Buying Healthcare Equipments

August 21, 2022 • 4094 views

Life is filled with choices and among them, one of the myriads of choices doctors have to face is whether to buy or lease medical equipment. For hospitals and other healthcare facilities, medical equipment is one of the biggest expenditure items. Not only does it require a significant outlay to buy, but maintenance and cleaning costs all add up along with repairs when equipment gets damaged.

As medical technology continues to improve, healthcare providers must keep up with these developments. However, healthcare professionals have to constantly juggle the buying versus leasing questions. Both options have their advantages and disadvantages.

Buying medical equipment is a more serviceable option for certain equipment that has longer life cycles and needs less maintenance. Many Professional loans for doctors, such as Medical Equipment Loans could help you to upgrade in a more budget-friendly way.

Comparison Between Buying And Leasing Healthcare Equipment

Aspect

Buying

Leasing

Upfront cost

High

Low

Ownership

With the buyer

With the owner

Modifications

Possible

The owner may or may not allow

Restrictions on usage

None

The owner may impose certain restrictions on usage

Sell off

Possible to sell-off once the utility is over, for some financial consideration

Not possible

Agreement

Not bound by any agreement, since the individual (or company) has bought the equipment

The individual (or company) leasing the equipment is bound by certain conditions mentioned in the agreement, related to usage, modification, surrender, etc.

Raising funds against the asset

Since you own the asset, you may keep the asset as collateral and raise funds against the same

Since you do not own the asset, you cannot raise funds against the same (with some exceptions)

Responsibility of maintenance

Rests with the owner

Is at the mercy of the owner for maintenance and repairs

Newness

The equipment is guaranteed to be new

You may have to deal with a used or slightly old and inefficient equipment

 

Poonawalla Fincorp provides two loan products to medical practitioners for taking their practice higher. One is a Professional Loan for Doctors while the other is a Medical Equipment Loan. Both these products are tailor-made to offer the best-in-class features and benefits to medical practitioners with competitive interest rates. Upgrading to high-quality medical equipment can be a costly affair. So to help you provide the greatest treatment for your patients, we offer Medical Equipment Loan with the best interest rates in the industry.

Loans are available to doctors not only for the latest medical technology acquisition and adoption but also for the establishment and expansion of their clinics. Doctors may also use Medical Equipment Loans in the following ways:

  • To acquire new machinery
  • To buy office supplies or other hospital improvements
  • To update the clinic's equipment
  • To invest in cutting-edge tools for delivering optimal care 
  • Enhancing and modernising operational systems
  • To bring in top-notch laboratory equipment

At Poonawalla Fincorp, we value innovation and think that, when applied properly, technology can contribute to the creation of a better world. With our faith in technology and our commitment to giving our clients the greatest financial products and services that may fully realise their potential, we offer a Professional Loan designed exclusively to meet the needs of medical professionals. 

The decision to lease or buy equipment is ultimately determined by your budget, how quickly the equipment will be replaced by a newer version, and the value of outsourcing services such as cleaning, maintenance, and testing. 

Many types of equipment can become valuable assets if you can afford to buy them outright. However, if purchasing puts your facility under strain or puts it at risk for any of the reasons mentioned in this article, you may want to consider leasing.

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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