2 min read
25 May 2021

Purchasing medical equipment is an investment. High-quality equipment guarantees better patient safety and increases patient satisfaction by offering superior treatment. The downside of old equipment, even it is in decent shape, is that it can result in a wrong diagnosis, inaccurate results and many other problems. Your patients will see you as a reliable doctor if you invest in good equipment.

But purchasing equipment shouldn’t be a hasty decision. It requires considering several factors like costs, maintenance and necessity else, it is money down the drain.

Here are some things to consider before you purchase equipment for your firm:

1. Check if the equipment is necessary

Before purchasing, determine whether new equipment is essential for your practice and how much use you will get out of it. List the benefits you will derive from the purchase and how significantly it could impact your revenue. Also, find out how many of your patients it could be useful to or will it help acquire new patients. If you anticipate needing more than one unit of certain equipment, for example, an ultrasound machine, don’t forget to factor in this requirement. If the cost of the equipment exceeds the funds you have, you can opt for external modes of finance like customised loans for doctors.

2. Evaluate other economical options

Rather than rushing into an impulsive purchase, it is important to scrutinise other alternatives. You can also consider leasing equipment if it works out to be more economical. If the cost of leasing and purchasing is almost the same, then the latter makes for a better investment. Also, see whether you can upgrade or repair your existing machinery, and calculate how much that will cost you.

You could finance your equipment requirements with a medical equipment loan and offer your patients superior treatment. Dipping into your working capital isn’t always the best mode of financing, especially if it stands to jeopardise everyday operations.

3. Compare various products

Before purchasing any equipment, research the market thoroughly and consider all the equipment brands. List the prices and choose the brand that offers several features at a low cost. This way, you can make the best use of your finances and ensure that the money spent is a good investment.

Additional read: How loans for doctors help you to offer better healthcare

4. Examine the productivity and value

The output of the equipment should be worth its price. Review the various features of the equipment before purchasing it and get an estimate of the machinery’s resale value, power consumption and associated costs.

5. Read reviews and testimonials

Reviews and testimonials provide valuable information and experiences of other buyers. This can help you make an informed decision. Reviews can also help you understand which features stand out when using the equipment. This will help you determine the true value of the equipment.

6. Calculate the cost of servicing and maintenance

You should add associated machinery costs, such as cleaning and maintenance, to its MRP. Some equipment may also require you to have service contracts with external agencies. So, don’t forget to do a deep-dive and calculate these costs in advance. This helps you select the best equipment and also allow you to align your purchases with your financial capacity.

Additional Read: 3 things to consider before buying a CT scanner

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