8 January 2019 - Blog

How to finance your medical equipment at a low cost?

As a medical professional, having access to new, efficient equipment is of utmost importance. However, dental chairs, scanners, ultrasound machines etc. can be very costly, especially if they are equipped with cutting-edge technology.

To benefit from modern equipment that performs well without spending a fortune, consider the various financing options available to you.

How to finance your medical equipment

Here are your options:

Purchasing, which makes you the definitive owner of your equipment, even if it requires a significant initial investment.
Leasing: you lease a product, and at the end of the contract you have a choice between returning it and buying it. This is a practical option if you’re hesitating between purchasing and renting.
Renting, which gives you access to the modern equipment you need, without having to pay a large lump sum. The cost comes in the form of a monthly rental payment. At the end of your leasing contract you can either give the equipment back or set up a new rental agreement.

The advantages of RENTAL SOLUTIONS

Aside from sparing you the substantial initial cost, renting has several other advantages when compared to purchasing, which we will consider below:

The costs (monthly rent) are predictable and fixed, which makes it easier to manage the budget of your medical office, clinic, or hospital.
Maintenance costs and other services can be included in your rental contract.
Renting gives you the option of changing your equipment at the end of your contract, without taking a hit to your finances. This means that you can return a piece of equipment that doesn’t meet your needs or that has become obsolete. Or, another option, you can rent a particular product only for a certain time period, in order to respond to a particular demand.

More efficient medical procedures are possible thanks to equipment that is always up to date.

Be part of progress at a low cost

The main benefit of renting is undoubtedly the possibility of replacing your medical equipment with more modern devices without blowing a hole in your budget. This is especially relevant to the medical sector which constantly undergoes rapid, technological progress. Here are some striking examples of innovation in the industry.

3D printing

The medical field has been quick to realise the many purposes this innovation could possibly serve: today 3D printers are being used to create dental implants, prostheses, airway stents, and even organic tissue (for example, printed skin.) however, This miraculous technology comes at a high cost: while devices for individuals are fairly affordable, professional-level printers cost thousands of euros. Renting, however, allows medical clinics to equip themselves with these printers at a much lower cost, as they only need to pay a monthly rental fee.

Artificial intelligence

Artificial intelligence can help health professionals in their work and even relieve them of some mundane tasks. Artificial intelligence can be found in software that help in diagnoses or in the form of virtual assistants, which can give day-to-day advice to patients suffering from chronic illnesses or send an alert to the doctor. While still rare in the medical field today, this technology is expected to play an increasingly important role in the coming years.

Robotics

In the USA, one in three operations will soon be performed by a robot, according to Les Échos. The surgical profession has already been turned upside down by developments in robotics: robots with multiple arms can assist doctors by holding surgical tools at the ready. Through remote control, a machine can even replace a surgeon’s hands, without being affected by human conditions like trembling hands or fatigue, all while benefiting from greater flexibility.
That being said, human surgeons will always be essential in the operating room: these tools only help them prepare for or simulate operations, or to carry out their movements, but are by no means intended to replace them.

Virtual and augmented reality

These types of technologies can also help medical practitioners as they are very useful for teaching and learning medicine, allowing a virtual immersion in practical cases. Healthcare providers equipped with a 3D screen or virtual reality headset can use software to navigate through three-dimensional images created by medical imaging equipment. This is a new way to easily manipulate extremely complex data to make a diagnosis or prepare for an operation.

The Internet of Things

The Internet of objects or Internet of Things (IoT) refers to the extension of an Internet connection to physical objects, in other words, to connected objects. Although this system doesn’t have much of a place in the medical world yet, this is likely to change in the future. Developers of healthcare technologies are interested in connecting medical equipment to hospitals’ databases and to patient records software, with the aim of improving care. The result? Professionals may need to upgrade their medical equipment to incorporate connected devices. In this case, renting can again ease the transition, financially speaking, for professionals.
These are just a few of the technological improvements in the world of constantly evolving medical equipment. If you intend to keep up with this progress, then you will need to be prepared to renew your equipment regularly. With this in mind, renting will undoubtedly prove to be the financing solution best adapted to your needs.

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