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What to Know When Looking to Buy Medical Equipment When looking to buy medical equipment, there are some tips you should keep in mind. To begin, it’s important to determine whether you would like to actually purchase the equipment or lease. You can know whether to lease or buy based on your budget. When you decide to purchase medical equipment, keep the following in mind: Choose the Right Equipment Financing Sometimes, you may think that paying for the medical equipment in cash is a prudent move. However, your working capital may substantially reduce when you purchase the equipment in cash. To ensure your working capital stays intact, consider getting equipment financing. Before you can be approved for medical equipment financing, there are various requirements to be met. For example, you may have to provide copies of your Profit and Loss statements for the past years. All lenders will also require your practice to be registered and have the capability of paying back the financing.
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It is important to do your research well to find a good financing company. Go online and find out how much interest rate you will be charged should you decide to apply for a loan from a specific lender. Other things you should check include how much you qualify for, term of the loan and other charges. You can find the right financing to apply for by comparing the options offered by different lenders.
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Consider the Warranty When evaluating the specific medical equipment to purchase, inquire about warranty. It is important to ensure the warranty offered for the equipment you want to purchase is reasonable. Warranty is mainly an indication of the quality of a product. Depending on the type of equipment you are buying, the warranty may range from one month to a lifetime. Generally, quality equipment come with longer warranties. When the equipment you get has a warranty, you will be spared from extra repair costs that may come about due to potential breakdowns. Generally, the warranty is usually included in the purchase price. Know the warranty options available for the equipment you want to purchase. Go through the vendor’s contract before you buy any medical equipment. If an equipment comes with warranty, it is better to buy it even if it is expensive. Equipment Storage You should have some space where the equipment you will be buying will be stored. Consider the unique requirements of your medical practice. For example, will you need to carry out additional electrical wiring or plumbing? To find the right medical equipment to buy, it is crucial to carry out research. The above are three things you should consider when purchasing medical equipment.