Tips for Financing Medical Equipment
If you are a dentist, doctor, vet, physical therapist, chiropractor, or work in the healthcare field in any capacity, you understand better than anyone how important medical equipment is. You use your equipment every single day, and without it, your practice wouldn’t be able to run at all. Equipment is a central part of your healthcare organization and contributes heavily to the patient’s experience in your office.
However, there are times when you need to purchase new equipment – and it can come at a hefty price tag. Whether your equipment stopped working properly, you need to upgrade your technology, or you’re starting a new practice, there will come a time when you need to invest in new equipment.
According to Doctorly, healthcare professionals who own their practices spend upwards of $65,000 on equipment and furniture to get their practices started. This isn’t a small amount, and it can greatly affect your cash flow potential in the long run. At Hippo Lending, we noticed that this was a major issue for professionals looking to start new practices or simply upgrade their equipment, which is why we set out to solve the problem through medical equipment financing.
There are many different benefits to financing medical equipment, including lower payments, better cash flow, newer technology, and an improved patient experience. However, not all financing companies are created equal. It’s critical to do your research and abide by professional advice before you start the financing process. As industry experts, here are a few of our best tips and suggestions for financing new healthcare equipment no matter which field you practice in.
- Make sure you understand the terms
If you are not careful, loan companies can take advantage of you with the loan terms. Transparency is critical when it comes to financing, and you could end up in a less-than-ideal situation if you fail to read the contract and get clarity where you’re not quite sure about certain aspects of the agreement.
If there are sections you don’t understand or parts that are unclear in the agreement, don’t be afraid to ask for clarification. If the company is unwilling to provide that clarification, ask for some time so you can take it to an expert and have them explain everything to you. It’s better to be safe than sorry, so make sure you completely understand the contract before you sign anything. At Hippo Lending, we pride ourselves on being upfront and transparent with our clients – we would never hide something in a contract that would hurt you in the long run.
- Know what equipment you need
Before you start the financing process, determine exactly what equipment you’re going to need. If you’re just starting your own practice, you’ll most likely need everything – so do your research and decide what that looks like for you. If you just need to update a few pieces of equipment, find out what you want to replace them with so you know how much you need to spend. Knowing your budget before you get into the financing process will help you get exactly what you need without ending up with too much or too little.
Once you know which pieces of equipment you will be purchasing, talk with your loan officer to customize the financing options to best suit your needs. There are many different options to choose from when it comes to loan terms, so our financial experts will help you get exactly what you need.
- Go with a trusted medical equipment financing institution
This is our most critical piece of advice – if you don’t listen to anything else in this blog post, listen to this. Going with a trusted medical equipment financing institution will save you time, money, and headaches, and it will set your business on the path to growth. There are many medical financing companies out there who simply want your business and don’t care about your needs. After helping countless healthcare practitioners with their financing needs, we have seen firsthand how working with these institutions can be detrimental to your success in the long run.
Talk to fellow practitioners, read reviews, and do your research so you can get the best outcome. Finding a trustworthy source for medical equipment financing is the best way to grow your practice and set you up on a path toward success. At Hippo Lending, we take your needs into consideration and give you the loan service that will benefit your business and help you grow. We are interested in helping you succeed, and we believe that our services can help you do just that.
Purchasing medical equipment can be intimidating, but it’s an important part of any healthcare practice. Having new technology can make your patient experience better, help you see more patients in a shorter amount of time, and improve your practice overall. It’s a necessity, but you don’t have to sacrifice your cash flow for it. Fill out an application with Hippo Lending today to see what you qualify for and how we can help you.
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.