11 Benefits of Medical Equipment Leasing Programs
If you need equipment for your medical business, you should consider medical equipment leasing. Leasing can be a great way to get the equipment you need at a cost that works for you. Besides the cost, though, you also get many great benefits. Here’s a list of some of them.
1. Easy Asset Management
Because you are simply leasing the equipment, it isn’t really an asset that you have to manage. The leasing company will be responsible for all asset management.
2. Fast Acquisition
Leasing is a rather fast process. It doesn’t require a lot of paperwork or complex processes, and leases are usually approved in a matter of days. So you can get equipment fast.
3. Upgrade Options
When you lease, you can easily upgrade when new models or technology comes out. Just make sure this is something included in your lease terms.
4. Immediate Write-Off
Because the lease is considered an expense, you can write it off right away on your income statement.
5. Easy Expense Account Management
Because you have a set payment schedule with a set amount for each payment, you can more easily track your expenses for equipment.
6. Flexible Terms
A lease is fairly flexible. If you don’t like the model of equipment you have or want to trade it in for something different, it is usually very easy to do so.
7. Simplified Taxes
Managing assets for taxes can be a headache, but with medical equipment leasing your equipment is considered an expense and not an asset. This makes tax time much easier.
8. Customer Service Access
When you lease, you get a customer service force at your fingertips. They can help you with training on the equipment, troubleshooting issues and account management.
9. Easy Option
Leasing is much easier than getting a loan to buy equipment. The process of getting a lease is easier, and you don’t have to jump through hoops to qualify. In addition, you won’t need a large down payment or have to give a bunch of financial documentation.
10. Options for the End of the Lease
Medical equipment leasing usually offers you some options at the end of your lease. You can often buy the equipment if you want, continue the lease or give the equipment back.
11. Complete Financing
One of the best parts of leasing is that you usually get 100 percent financing with no down payment required. This is ideal if you just don’t have the money on hand to make a purchase upfront.