Your dental practice requires a lot of sophisticated tools and machines, whether drills, physio dispensers, dental chairs or accessories, dental lasers, handpieces, sterilization, and general equipment. To avoid putting a strain on your savings or working capital you can easily apply for a medical equipment loan for a dentist.
What Is a Medical Equipment Loan Used For?
A loan for medical equipment helps you pay for the cost of purchasing the latest medical equipment and repairing and maintaining existing equipment for your dental clinic. In this way, you can focus on providing quality medical care to your patients without having to worry about money. Given the nature of the medical profession, the purchase or maintenance of medical equipment cannot be postponed due to a lack of funds, which is why medical equipment loans are the best solution.
The whole process of applying for an online medical equipment loan for a dentist is quick and easy. You just have to fill out a form, attach the required documents, and submit it. If you have a good credit score and provide all the required documents, the loan may be approved within a few hours and the money will be credited directly to your bank account!
Medical Equipment Finance, which is part of Healthcare Finance, has been set up to support India’s growing medical equipment demand. It is beneficial for specialist doctors (both general practitioners and specialists), dentists, diagnostic centers, specialized clinics, nursing homes, and small and medium-sized hospitals that participate in specialized diagnostics/health care in radiology,gynecology, cardiology, ophthalmology, etc.
Any health facility, be it a dental clinic, diagnostic center, pathology laboratory, private clinic, or specialized hospital, needs to upgrade or repair equipment from time to time. The latest technological advances are rapidly putting old machines into obsolescence. As a result, this loan gives you the ability to upgrade or refurbish old equipment instead of buying new ones.
Ideally, following equipment is needed in every dental clinic
Now that you know what your clinic needs,see what you need to keep in mind when buying dental equipment.
Plan how and where you are going to install the new equipment
Before you order your new equipment,you must plan its placement. Look at the available space and decide what to go for. Consider whether you need to move other furniture or some equipment to another room. Place an order only when you have made a detailed blueprint. This step is important as it ensures that your clinic is not overcrowded, and the available space is utilized well. This will ensure that your patients and you are comfortable when you perform the process.
Know the shelf life of the appliance before you buy it
Before making any purchase,you need to know the shelf life of a piece of equipment. This will help you decide whether you should buy or rent equipment and ensure that you make a smart decision. Consequently, you will be able to make the best use of the budget that you have set for the equipment purchase.
Train yourself and your employees on how to use the equipment
If you are diversifying into dental implants,you will likely order a new device that has never been used by your employees. Hence hold a training session to educate your employees about equipment use and maintenance. It will minimize any damage to the machine and prevent additional costs. In addition to this,your patients should always feel that there is expert care for them.Untrained, hesitant employees will leave a bad impression and affect repeat visits.
Create a strategy that promotes the use of your new equipment
If you have added dental implants to your list of services or have invested in equipment for pediatric dentistry,you must advertise your new services. This will ensure that your customers are aware of your new offers and will visit you instead of any other dentist. You can use social media or other methods such as patient management software to spread the word. Not only will you be able to attract more patients to your facility,but you will also be able to get a better return on your investment.
You Should Consider taking a business loan instead of using working capital
While your working capital is meant to run your practice, to pay utility bills and stock supplies,it is also used to pay your employees’ salaries. Hence, keep adequate funds available for your working capital requirement and do not use those funds for purchasing new equipment. This way you can repay the loan every month using the equipment you bought to generate income. If you have extra money that you can spare,you can also choose to prepay your loan.
Capital to take care of other expenses of the clinic.
When choosing a business loan,you must look for one that is tailored to the needs of your profession.For example, Poonawalla Fincorp offers a loan for the purchase of medical equipment. With this medical equipment loan,you can avail of funds at an affordable interest rate. Also,you do not need to deposit collateral. It is easy to qualify for this loan and you can apply for it online. You can simply apply for Poonawalla Fincorp Medical Equipment Loan, access the amount you receive instantly, and keep your clinic on the fast track for better profits.
You can show the monthly loan repayments as operating expenses and you can reduce the tax burden. But then you need to consult with an accountant to understand how to do this correctly.
-Extra money to overcome emergencies
You should have the money available in case of emergencies that may arise such as a broken machine. Instead of using business revenue in these emergencies, you can use the funds from Medical Equipment Loan to repair or replace these resources.
Eligibility For a Medical Equipment Loan
The eligibility criteria for a medical equipment loan vary widely from lender to lender. Generally, the following conditions are considered before a medical equipment loan for a dentist is given:
-The key person should be at least 25 years of age at the time of loan application and a maximum of 65 years of ageat loan maturity
-Satisfactory credit and financial history
- A minimum of 1-year post-qualification experience for MBBS, MD, MS and MDS and a minimum of 3-year post-qualification experience for other medical qualifications
What Resources Does It Cover?
Medical Equipment loan is generally available for medical equipment such as dental machinery, ECG machines, MRI Scanners, Ultrasound Scanners, CT Scanners, Color Doppler, Linear Accelerators, Day Camera Mammography, Cath lab, Monograph X-Ray, Ophthalmology, etc. It can also be used to purchase advanced Medical Equipment such as MRI Machines, CT Scans PET CT scans, Cat Labs, Ultrasound Equipment, Color Doppler, Linear Accelerators, etc.
Just Apply Now for a medical equipment loan with Poonawalla Fincorp in one click and take your professional practice to new heights. Poonawalla Fincorp offers Medical Equipment Loans for dentists at attractive rates, with a hassle-free process and with quick disbursal.
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