The Benefits of Leasing Medical Equipment
10 Minute Read
Ensuring your care facility has the patient handling equipment your service users need, whilst remaining well within an often-stretched budget, is a common challenged that is faced by care homes, special educational needs schools, hospitals, and hospices.
As leading providers of patient handling equipment with 30 years of experience supplying, servicing, and installing equipment, our focus is to best enable care facilities to provide impeccable care to their service users. As a part of this aim, we consistently pass along opportunities for cost savings and industry insights.
Did you know leasing medical equipment is an option for care facilities and can act as a as a viable solution when the funds in the budget are not able to meet the outright purchase cost.
In this article, we will discuss the benefits of leasing medical equipment, what type of medical equipment can be leased, and who can benefit from medical equipment leasing.
What is Medical Equipment Leasing
The leasing of medical equipment is comparable to the process of leasing of other assets. Leasing medical equipment is a credit agreement that enables your business to spread the cost of an asset purchase over a set amount of time. Leasing equipment rather than purchasing equipment upfront, removes your facility’s need to pay for the asset in full upfront. The process of leasing equipment is a streamlined process and is catered to the specific needs of your business’. The most common type of lease is a ‘Lease Purchase’, which means that at the end of the payment term, the equipment belongs to you, not to the leasing company. This is sometimes referred to as Hire Purchase.
The Benefits of Leasing Healthcare Equipment
Financial
The financial benefits that can come with opting into leasing medical equipment is a leading advantage for your care facility. Leasing the equipment allows your facility to have cost certainty through an agreed upon payment plan, which can provide budget stability and the opportunity to forecast costs much more efficiently. Leasing allows you to defer the full cost of the equipment which enables your facility to retain more capital in-house. This capital in turn can be reallocated elsewhere within the facility’s needs. Additionally, when leasing medical equipment, there are tax allowances that can be beneficial to your company.
*Medaco cannot advise on tax related enquiries. You will need to consult with your own tax advisor or accountant.
Equipment
Leasing medical equipment can allow you the opportunity to expand the range of equipment your facility has on site and have access the latest technological advances when it comes to medical equipment. Having access to the latest care equipment helps to eliminate the risks that can come with the costs of maintenance on outdated and/or malfunctioning equipment.
General
Leasing can give you access to the best equipment can help to greatly prioritise staff and service user welfare. This benefit in turn can also help to enhance your business’ reputation.
What Type of Medical Equipment can be Leased?
Currently, across the UK, over 30% of all capital equipment purchased is currently leased, showing that this option is proving to be a popular choice for care facilities. We are often asked “what type of medical equipment can be leased?” Please see the list as follows, but in short anything over the £1000 + VAT mark can be leased
-Assisted Baths / Bath Hoists / Pool Hoists
-Ceiling Hoists
-Couches / Changing Beds / Shower Trolleys
-Mobile Hoists / Stand Aids / Transfer Aids
-Profiling Beds
Browse our Medaco Products Page to see our range of quality care equipment we offer.
Can Medical Equipment Leasing Benefit Your Care Facility?
Capital expenditure management and budget forecasting within often constrained finances, is a difficulty many care facilities face. With asset degradation and asset failure being a reality for care facilities, having a contingency budget in place to mitigate equipment replacement and repair is often a strain on your available resources.
Thankfully, leasing medical equipment is available to companies working throughout the healthcare sector from care homes, to hospitals, to special educational needs schools and hospices.
Have you ever considered how your care facility can benefit from the leasing of medical equipment? Here at Medaco, we can provide a comparison quote of purchasing your equipment upfront, versus leasing the equipment over a specified term that is suited to your facility.
Leasing medical equipment is efficient, affordable and catered to your facility’s needs. Get in touch with Medaco today, we are happy to walk you through the process.
