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Making Big Purchases Using Medical Equipment Financing Any medical practice knows how important it is to be working with high functioning and current medical equipment. From veterinary clinics, to outpatient surgery centers, there are expensive imaging equipment, and other medical equipment, that are necessary for function. There is definitely a challenging component for smaller medical clinics to have medical equipment that is cutting edge, with how often new high-ticket items come available. Through the use of medical equipment financing, you can ease some of the financial burden and stay up to date with all the things that your practice needs. Medical equipment financing is, in general, very easy to obtain. Make sure you are speaking with a real, certified financial institution, and other than that, the process is laid out for you. Medical financing companies base their payment plans off of information that you will give them on an application, so it will be tailored to your clinic specifically. Each payment plan is different, but usually there is a reasonable payment first that is larger, and then most months following are one flat rate. Medical equipment financing companies are more flexible than other lending companies, so as long as your practice is doing well and needs the equipment, you should have little problems obtaining a good financing plan. If your field of practice is evolving often, medical equipment financing is perfect for your place of business. In many cases, medical equipment financing companies give you the option to regularly update your equipment as new machines come onto the market, and in some cases this is written into all of the leases. Even if your equipment doesn’t need upgraded, and simply needs maintained, worked on, or to receive a few upgrades, medical equipment financing companies give you the option to include these fees in your monthly payment plan. Because medical fields move so quickly when it comes to medical equipment, this is a way to stay on top of things without being overtaken financially.
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There are significant tax benefits to choosing medical equipment financing as the path for your big practice purchases. Technically the equipment belongs to the financing company, and your clinic is paying to use it, so it counts as a tax write off. These “operational cost” tax breaks can be great for your medical practice. Rarely do people consider this added plus.
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If keeping your practice current and highly functional is proving to be more of a struggle than you originally anticipated, consider looking into medical equipment financing. Working with a great financing company, you can find a payment plan that works well for you and helps your equipment stay current, while offering tax breaks for your practice. With so many benefits, it is extremely worthwhile to take a few minutes to talk to a medical equipment financing company to see what they can offer you.