Common Misconceptions About Leasing Medical Devices

Does your facility need new equipment or devices, but you’re struggling with your finances? Don’t worry. The solution could be as easy as leasing or renting from a reliable vendor. Before letting the misconceptions deter you from taking this route, look at these debunked myths first.

Leasing Is Much More Expensive Long-Term

It’s easy to assume that a lease agreement binds you to a long-term financial dance. And while you will pay for the device over time, you will not pay abundantly more than its value.

Paying cash upfront can hinder a facility’s ability to spend wisely in the short term. Partner with a reputable vendor to understand interest rates and how to create a flexible payment arrangement that works for your facility.

The Application Process Is Challenging

Many tend to avoid lease agreements because they assume the application process is challenging, daunting, and lengthy. It’s essential to note that the application process will vary based on vendor and is relatively simple.

Often these agreements do not impact creditworthiness, and the information needed and gathered during the application process will benefit your ability to lease now and in the future.

Leases Only Work for Large Purchases

Facilities often avoid leasing medical devices because of the misconception that they can only lease expensive or large pieces of equipment. In reality, leasing is a viable financial solution for all medical devices and equipment that might take a toll on your organization’s budget.

Often, there are no maximums or minimums when it comes to equipment leasing. Whether your facility is new or old, leasing is a viable solution for staying within budget.

There Are No Ownership Options Available

Making small payments on devices over time leads to the idea that only limited ownership options are available, if at all. This is far from true. Vendors often want you to own the equipment outright to balance out their inventory demands.

So, when a lease agreement ends, the option to own it is on the table, along with the potential for a new lease agreement. Establishing and utilizing these trusted partnerships gives your business the upper hand when you need to access reliable technology. This is one of the many advantages of leasing or renting medical equipment.

Understandably, your business must aim to spend its hard-earned money wisely. But when it comes to acquiring devices and equipment, one of the most innovative things you can do is lease or rent them. Hopefully, debunking these common misconceptions has clarified how to tackle your next medical device purchase.