In your healthcare journey, the decision to acquire medical equipment holds great significance. As you explore your options, the choice between leasing and purchasing becomes a pivotal factor. Each path has its advantages and considerations, impacting your facility's efficiency, financial stability, and access to cutting-edge technology. Here are the financial benefits of both leasing and purchasing.
Leasing
Leasing of medical equipment is like renting or borrowing medical devices or machines for a specific period instead of buying them. Instead of paying the full price upfront, you make regular payments (monthly or yearly) to the equipment owner (leasing company) for the temporary use of the equipment. Leasing allows healthcare facilities to have access to modern and expensive medical equipment without the need for a large upfront investment. At the end of the lease term, you can either return the equipment, renew the lease, or sometimes even purchase the equipment at a discounted price.
Benefits of leasing medical equipment:
- Lower initial costs: Leasing requires minimal upfront costs compared to purchasing, making it more accessible for smaller healthcare facilities with limited budgets.
- Up-to-date Technology: Leasing allows you to use the latest medical equipment without the worry of equipment becoming outdated or obsolete, as you can upgrade to newer models at the end of the lease term.
- Flexibility: Leasing offers more flexibility as it enables you to test the equipment before committing to a full purchase. It also allows for easy equipment replacement or upgrades as your healthcare needs change.
- Maintenance and support: Many lease agreements include maintenance and support services, ensuring that the equipment remains in good working condition and minimising downtime.
Purchasing
Purchasing of medical equipment means to buy the tools and machines that are used by doctors, nurses, and other healthcare professionals to diagnose, treat, and care for patients. These medical devices can include things like X-ray machines, stethoscopes, ultrasound scanners, and even hospital beds. When hospitals or clinics need these items, they buy them from companies that specialise in selling medical equipment. Having the right medical equipment is important for providing good healthcare and helping patients get better.
Benefits of purchasing medical equipment:
- Long-term ownership: Purchasing medical equipment means you own the equipment outright. It becomes an asset for your healthcare facility, and you do not have to worry about returning it at the end of a lease.
- Cost savings: In the long run, purchasing can be more cost-effective than leasing. Once the equipment is paid off, there are no ongoing payments, which can save money over time compared to continuous lease payments.
- Customisation: Purchasing allows you to choose the specific equipment that best suits your needs and preferences. You can invest in high-quality and tailored solutions for your healthcare practice.
Given the rapidly evolving nature of the medical industry, leasing medical equipment may seem to be the more prudent choice as businesses aim to remain up to date with evolving medical technologies without experiencing the financial burden of purchasing equipment outright.
However, owning equipment outright is the obvious benefit of purchasing it. While it requires a larger upfront investment, designed maintenance protocols may elongate the equipment’s life span, eliminating the hassle of making periodic payments attached to leased or rented equipment.
A business owner's choice between both options should be carefully considered when planning to acquire medical equipment. Bajaj Finance offers medical equipment financing with personalised deals, to help you make the right choice for your healthcare business.
