Benefits of Financing Medical Equipment | Private Practice Solutions
The Benefits of Financing Medical Equipment
Thanks to continual technological advances, medical equipment for aesthetic procedures rapidly changes. As such, if you work as a dermatologist or plastic surgeon or have a medical spa, you must update your equipment often. This allows you to offer your clients and customers the newest procedures and techniques.
As you go to purchase medical equipment, you have a decision to make. You can either purchase the medical equipment outright, finance it, or lease it. Many benefits exist with financing your medical equipment. Here are some of those benefits.
You Maintain Your Working Capital
When you finance your medical equipment, you are able to maintain your working capital.
Think about this like buying a car. When you go to buy a car, you may have $30,000 sitting in a bank account. But if you spend all of that money on a car, that leaves you with nothing left behind to pay your other bills or in case of an emergency. Because of this, most people finance their cars, allowing them to keep their money in the bank. The same is true with financing medical equipment.
When you finance medical equipment, you are able to keep money in your account. This allows you to have money in your account in case of an emergency or in case you have a bad month and don’t make as much as you expected.
You Are Able to Budget More Accurately
Budgeting for medical equipment can be challenging. You don’t know when new equipment will be released and/or when your old equipment may die and leave you in need of a sudden replacement. If you are not planning to purchase medical equipment, having to suddenly spend thousands of dollars on new equipment can be a budget buster.
When you finance medical equipment, you get a bill for the equipment that you pay every month. You know exactly how much you will pay from month to month, allowing you to more accurately budget your expenses for your business.
You May Be Able to Write-Off Interest
One of the lesser known expenses associated with financing medical equipment is that you may be able to write the interest off on your taxes. The laws pertaining to this vary, so you will want to be sure to check with an accountant or a tax professional to see if you may be able to write-off the interest based on the type of business you own, your business income, and the equipment you want to finance.
If you are able, you may be able to write-off some or all of your interest for financing medical equipment. This makes financing affordable and can help your business if you want to reduce your income through tax write-offs.
You Build Up Good Business Credit
The last benefit to financing medical equipment is that financing the equipment can help you to build up good business credit.
Having good business credit is important if you plan on expanding or scaling your business in the future. Banks and lenders will look at your business credit score to decide whether to approve you for a construction loan, large medical equipment purchases, or other large loans. If you do not have established business credit or your credit is poor, you may not be able to get the financing you need in the future.
Financing medical equipment can pay off in the end by showing that you can pay your bills on time and helping you establish good business credit.
Are you ready to purchase new aesthetic-based medical equipment? Then turn to Private Practice Solutions. We have all of the equipment you need, and we offer financing for approved customers. Contact us now to get started.