Medical Equipment – A Complete Guide To Renting These Machines

One of the biggest issues that hospital administrators have to deal with is capital conservation. This problem especially affects small private clinics and start up healthcare institutions that are just beginning to get on the feet. These enterprises are heavily dependent on free flowing supply chains and by nature require a large team of professional caregivers to provide treatments that are up to the standards expected. This necessitates a constant flow of funds into the enterprise, making it difficult for the administrators to spare funds for asset acquisition. And without the right medical equipment, doctors cannot provide the right care and treatment to patients.

Financial consultants often advise hospital administrators to go for medical equipment rental. This option allows them to get access to state of the art medical technology without putting an undue strain on their cash flows. There are many factors that influence the decision to go down this route. Some of them may be the cost efficiency, longevity and consistency of the equipment usage, its importance inside the medical clinics or hospitals, etc.

Find different options available

Before you actually go ahead and sign a rental or lease agreement, it would do you well to do some research about the different options available out there. Let us look at the most basic forms of leases out there.

A True Lease or Operating Lease allows your lease payments to stay the same during the life of the contract. You would just return the equipment after the lease comes to an end. Your contract may require you to pay a small cleaning fee at the end of the contract that the leasing company will use to bring the equipment back in shape.

A Fair Market Value Lease offers you an option to buy the equipment at the of your lease contract at the fair market value that is prevalent at the time. This isn't a bad option if you expect to remain using the equipment for a long time. Just make sure to get the fair market value price in a written agreement in your lease contract.

Research about different medical equipment rental companies

You can get referrals about trustworthy rental companies from your market peers as well as from manufacturers of equipment. Look for leasing companies that understand the technological equipment and have a good relationship with manufacturers. Try looking into hospitals and specialized medical equipment suppliers. The internet can also be a good place to find information about the same.

Other factors to look into

As a hospital administrator, you should also look into the aspect of additional personnel and supplies you will need to operate the equipment you are renting out. These aspects will also have a bearing on the overall financial benefit you will be able to derive from medical equipment rental. Some rental companies might include premium insurance in your monthly payment total, while others might charge you an administration fee.

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About The Author

Reese Williams is an expert on the subject of financial management for healthcare institutions. He also likes writing informative articles and blogs, helping SMEs and private clinics in getting the best of technology without drilling a hole in their pockets. He recommends as the best name to trust for any kind of medical equipment rental in Virginia.