Rent Medical Equipment has become an increasingly popular alternative among hospitals and smaller clinics for purchasing medical equipment outright. Sometimes, a piece of medical equipment is only needed for a certain period of time, and purchasing it would simply not be worth the amount of use it will yield. Renting can also be a money-saving strategy for medical practices that are just starting up and need to produce as much income as possible. There are also some tax benefits to renting medical equipment vs. buying it. And finally, it’s worth considering that a lot of high-technology devices become obsolete within a few years, as new and improved models emerge, forcing doctors to replace the old devices regardless of how much money they spent acquiring them.
The lump sum of a purchased piece of equipment can sometimes be listed in your tax returns as a general operating expense. If you lease the medical equipment, you can do the same thing with each rental payment. Depending on how much these payments are and what your tax bracket is, renting can sometimes result in better tax benefits.
Staying Within Your Budget
For a lot of medical practices just starting out, sticking to a strict budget is crucial. Renting medical equipment instead of buying it is one route that allows clinics to get the most out of their available financial resources without going over their budget limit. The rented assets will start generating returns right away, returns that will offset the rental costs, and keep your medical practice financially above water.
Preventing Against Obsolescence
As technology advances ever-more rapidly, it’s not unusual for a piece of medical equipment to become obsolete before it can start generating enough revenue to pay for its original purchase price. Any business or financial adviser will tell you that you should always match the productive life-span of an asset with the liability incurred by purchasing that asset. When renting or leasing the equipment, you can often set up a payment plan that matches the useful lifespan of the device you’re renting with the payments you’ll be making while you’re actually using the device to generate revenue. If a new, more high tech device enters the market and the old one you were renting becomes obsolete, you can switch to the new device without losing the money you would have spent had you purchased the old device originally.
If you’re looking for more information or think you will need Medical Equipment Rental, please visit the Soma Technology site.