We all pour our heart and soul into our personal businesses. Your medical practice is both a personal and challenging endeavor. However, when we put the pieces together prudently it can be very rewarding. Medical equipment is often an excellent investment and the perfect solution for the treatment of your patients. If you work in the medical field, you know how crucial up-to-date equipment is. Whether you are just starting your practice or you are simply looking to update your equipment, it is a substantial investment that has the potential to deplete the funds in your business bank account. Having new equipment can provide a solution, yield a substantial investment return and medical equipment financing has gained in popularity for good reason. You can acquire the newest equipment to grow your business at a low monthly cost instead of paying a huge amount all at once.
It is often a wise approach to hold on to your own cash to maintain liquidity for other needs. Match the duration of funding to the useful life that the equipment will be in service. Under no circumstance would you want to finance the equipment longer than its useful life. Why? You would not want to have a monthly expense associated with a piece of equipment that is no longer in service generating revenue. Can I finance it for a shorter period than its useful life? Short answer yes, depending on your available cash and unique circumstances for your business.
Several of the biggest benefits derived from equipment financing
- Lower payments – Lower payments are not only easier on your bank account but they help you sleep at night by enabling you to hold onto your cash and you’ll be able to upgrade your equipment more easily when you need to.
- Matched funding – It is generally wise to acquire equipment with financing options matched to the useful life of the acquired equipment.
- Build your practice faster – There are several ways that financing new medical equipment can help build your practice faster. Having new equipment can help you increase your efficiency and effectiveness thereby allowing you to get more done. Sorting through these issues with a specialist can be a wonderful way for you to make the best decision for yourself.
- Build your business credit – Building your business credit is imperative and financing your new medical equipment can help you establish business credit. With good business credit you will be able to get financing more quickly and easily and having good business credit will provide you with better repayment options. When you finance your new medical equipment and make payments on time, your business credit will improve.
If you are considering investing in equipment and you’d like some advice from one of our dedicated customer service advocates, please or give us a call or make application so that we can walk you through your optionality. Hippo Lending has very competitive rates.
Hippo Lending represents the convergence of medicine and finance. While we may not be saving lives, the underlying principles of the Hippocratic Oath closely align with our values: a commitment to service and treating our customers as people, not just a loan. We ensure privacy and always act from a position of unity and humility.
Hippo Lending is an originator and servicer of commercial loans to medical professionals. We provide these services to match lenders with medical professionals. Upon completion, Hippo Lending facilitates commitments between borrowers and lenders.
