The practice of medical service requires investment in some of the most sophisticated and rather expensive machines. The individuals and organizations that specialize in this field need the latest tools if they are to realize the best impact, particularly on their patients. Nevertheless, obtaining medical implements is a rather daunting task due to the high costs involved. Also, the tools are often rendered obsolete sooner than expected. It is because of this that many health facilities have resorted to renting medical equipment.
One can rent a wide variety of these instruments. Some of the tools you can rent include surgical implements, MRI machines, EMR software, computers, X-ray and ultrasound machines, imaging and diagnostic instruments, surgery tables among others. However, before embarking on this agreement, it is important to consider some vital factors, as illustrated below.
First and foremost, closely analyze the financial implications of both a buy and rent decision. This is the surest way to enhance the most effective financial decision. It entails the prices of the concerned products across various major manufacturers and dealers while comparing with lease quotes from the medical leasing companies.
In order to undertake a complete financial analysis, ensure to gather all your pertinent financial information into one place. The data is then used to analyze the viability and feasibility of a particular investment. Gathering the data is particularly important as it enables you to identify and estimate the incremental cash flows associated with the investment. Incremental cash flows simply mean the additional expenses and revenues as a result of the investment. This indicates how a single investment will improve the overall performance of your business, as opposed to a mere analysis of whether a particular investment is profitable on its own.
Although many businesses usually stop here, this should not be the case. You should further evaluate the data with other such analyses as break even, payback value and net present value. The long term and short term implications of a given investment can only be evidenced through this evaluation, including the payback period.
However, the cost of renting depends to a great extent on the rate of the lease and the periodic payments. As such, carry out and evaluation of the factors affecting the periodic payments and the lease rate. For example, the period of the lease has a profound impact on the terms and the amount of charges associated. Clearly spell out the duration of your lease.
Before renting, one should also consider the frequency of service (repair) and the type of the lease (capital or operating lease). For maintenance, consider the service schedule; the number of times and how convenient it is. Does it allow on-site servicing or must it be taken in for repair? Capital leases (with capital allowances and residual ownership) are more expensive compared to operating leases (are pure rental agreements).
Simply put, the decision process whether to rent or buy a medical equipment relies more on ascertaining which option will be more beneficial to your practice; the bottom line; evaluate how the investment fits with your general business plan, compare it to alternative opportunities in your practice and determine whether it will be profitable on its own while improving the present and future overall financial performance of your practice.
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