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Whether starting your own healthcare facility or overseeing an established hospital, the purchase of medical supplies and equipment is a decision that will come up frequently. If you are in the process of deciding whether to buy or rent medical supplies and equipment, read on to see how this decision can benefit you as a business owner.

Keep On Trend

Medicine is a field that is constantly evolving in order to provide the best care for patients. When renting new equipment, a hospital can try out new equipment to see if it’s truly something they want to invest in for their facility. If the equipment is not a good match, with renting, it can be returned to the company without the hassle and without a loss for the hospital.

Most leasing agreements also offer credit for trade-in equipment or discounts on additional leases. Since the manufacturer takes the old equipment back, a hospital can upgrade without worrying about selling the old equipment first. By having constant access to updated equipment, a business can provide patients with state-of-the-line diagnostics and treatment, which increases patient service and satisfaction.

Keep on Budget

Hospitals and healthcare facilities have many areas that need financial backing, and leasing equipment can free up money to redistribute to other areas. Equipment rentals tend to have better options when it comes to financing, including a fixed percentage rate, and depending on the company, rentals can be 100% financed. This financing can cover everything from installation to training the staff on the equipment. Renting also has the extra benefit of being tax deductible for businesses as long as certain criteria are met when filing taxes.

When renting medical supplies and equipment, a hospital can purchase equipment for a short period of time, based on their needs and preferences, without the financial strain of generating returns to recover the debt.