The importance and impact of medical equipment in the modern world can be seen every day in settings ranging from hospitals and surgery centers to imaging facilities, physician practices, and veterinary clinics. Innovation is a constant as technology and devices play major roles in the diagnosis and treatment of patients at all levels of healthcare.
Indeed, it’s an exciting time as revolutionary advances deliver faster results, greater accuracy, and unprecedented digital connectivity that benefits patients and providers alike. Adding to the excitement of digitalization, which continues to shape the industry, advances such as artificial intelligence, nanotechnology, robotics, and virtual reality/augmented reality (VR/AR)) are being applied today.
Keeping technology up to date is increasingly important in providing better patient care and attracting new patients and healthcare personnel. Digitalization is also helping organizations become more efficient and reduce labor amid critical labor shortages. In more efficient operations, staff can spend more time with patients.
Healthcare organizations face the reality of tighter bank lending standards amid inflation and uncertain economic times. For many, it is crucial to look beyond traditional lending sources. That’s where an independent equipment leasing and finance company such as NFS Leasing can help.
Trusted independent leasing firms with experience and expertise in medical equipment financing can offer creative solutions because they understand the market and the value of the equipment. These partners usually require less paperwork and have shorter processing times, which is advantageous for fast-paced organizations that need to acquire assets quickly.
The ability to purchase a major piece of equipment can dramatically impact a healthcare practice or facility. At times, providers do not have the funding available to upgrade or suddenly replace equipment, and traditional lenders may be less flexible due to rigid credit standards.
Story lenders are even more flexible than most independent lessors. They make credit decisions based not only on financials and asset value but also on the client’s business potential to increase their market, add a new service, or impact their efficiency. A story lender does this by looking beyond the customer’s balance sheet to see the potential and opportunity the new equipment will support.
Story lenders are fast, flexible, and efficient and provide an opportunity for many healthcare organizations seeking to leverage the benefits of equipment financing.
Here are four benefits to financing medical equipment:
Improved Cash Flow
Maximizing cash flow and preserving capital are key benefits of medical equipment financing. While acquiring technology to modernize operations is constantly needed, this is costly, requiring a capital investment that can pose a challenge in an uncertain economy. Even in stable economic times, it is smart to conserve cash.
Compared to traditional lending limitations, story lenders can help companies looking to develop long-term budgeting strategies by creating customized payment solutions and financial structures that enable them to enhance operations while avoiding an upfront cash burden. Leveraging capital in ways to meet their unique needs puts them in a prime position to expand and grow.
Access to the Latest Technology
Staying at the forefront of technology for revenue-producing services is critical, but financial obstacles can get in the way, especially for smaller practices. Medical equipment financing offers a creative approach to acquiring these technologies.
By working with an experienced medical equipment lender or medical technology leasing company, providers can build a plan to acquire, finance, and invest in new equipment as needed.
The healthcare industry is vast and diverse, encompassing everything from private practices to specialty providers. They have unique wants and needs, but many share the challenge of constrained capital budgets and revenue cycle pressures. Flexible financing solutions, such as financing structures that align expenses to revenue, are a must.
That’s where story lenders can make a difference. The flexibility they offer extends beyond traditional payment structures to creative finance solutions. With credit policies that offer a more tailored approach for the individual client, many obstacles associated with traditional lenders can be avoided.
Here’s something else to consider: Tax-oriented leases may produce lower payments since the lessor retains title and depreciation.
Other benefits of medical equipment financing, according to the Equipment Leasing and Finance Association, are well-known to include:
- Reduced upfront costs
- Hedge against inflation
- Obsolescence management and equipment disposal
- Relationships with equipment experts
- Dependable asset management
- Product and service bundling
Story credit lenders pride themselves on digging deeper, unleashing creativity, and finding answers to financing problems. At NFS Leasing, it’s all about empowering businesses.
NFS Leasing equipment financing spans the medical equipment spectrum, including MRI machines, CT scanners, mobile MRI/CT scanners, diagnostic imaging equipment, ultrasound machines, and more. We provide financing for new and used medical, scientific, and laboratory equipment.