Medical Equipment Financing Guide [2020] Author: Madison Taylor

Medical Equipment Financing Guide [2020]

Last Updated: October 8, 2020

Equipment Financing for Medical Equipment 

Medical Equipment Financing can be an excellent option for any healthcare profession. It can work to enhance your business in many ways.

Patient growth and up to date healthcare equipment are keys to cash flow in the medical arena so that your organization can provide the most state-of-the-art care in a patient-friendly environment. If a patient feels cared for with the best monitoring equipment, in a comfortable environment, and with prompt test results, their feeling of well-being will rise.

That's why many medical professionals turn to medical equipment financing to obtain the tools and resources they need. A medical equipment loan or lease can help you get the diagnostic equipment your business needs for growth and take on new patients.

Here are four reasons for investing in your medical business through medical equipment financing:

  1. The patient experience is essential to any medical facility. Updated equipment will show your patients they are getting the best care available. A patient has confidence in getting the best medical care available to them and promptly.
  2. Stay on top of medical technology. You can update medical equipment without clearing out cash reserves. And offer the latest treatment, testing options, and monitoring equipment.
  3. Your business can save on taxes. Use a section 179 deduction to save on taxes potentially. The savings can be applied toward new or pre-owned equipment. 
  4. And, you can find the medical equipment financing that is right for your business. Let the experienced professionals at ROK Finance be your partner in finding the correct medical equipment financing that works for your healthcare workplace. After our 5-minute loan application online, you'll be connected to an experienced professional who will help you determine the right medical equipment financing for your business.

Interest Rates for Medical Equipment Loans 

The good news about medical equipment financing is that it can be custom tailored for your situation to find the best loan for you. Your ROK Financial Advisor will help find the best options for your practice or organization by shopping your loan to multiple lenders, leaving you with numerous medical equipment leasing options. 

Base qualifications for leasing brokers are usually in the range of these numbers:

  • Six months in business,
  • FICO score over 575,
  • And a quote for the equipment from the vendor.

Whether these numbers are increased or decreased can dramatically open up options when you talk to your ROK Financial Advisor and are discussing leasing or lending options. 

Leasing vs. Buying Medical Equipment 

According to The Research Process, there is a growing inclination in the medical field toward renting or leasing medical equipment rather than buying new. This decline is due primarily to the budgetary constraints in the healthcare arena itself, a lack of on-hand cash reserves to make such purchases.

Leasing medical devices and equipment allows healthcare professionals to access the latest technologies that make your clients feel safe and in a caring environment without having to pay large amounts out of pocket. This allows practices to free up cash flow while still providing top-notch care to patients. 

Can You Finance Used Equipment?

Yes! ROK Financial does provide loans for medical professionals looking for used medical equipment. Indeed, there is a medical equipment leasing industry for that since the machines and devices can be so expensive. 

The equipment's type and condition will dictate the down payment, interest rate, and repayment terms of the medical equipment financing. But that is where the power of ROK Financial works for you. Given the same equipment, we can search for the best terms that work for you and your business. 

Let ROK Financial be Your Partner in Medical Equipment Financing

ROK Financial is the best lender to work with for medical financing. Our fast and easy loan process will put you in touch with a Financial Advisor within 24 hours, and approval can happen in as little as 24 hours. That's how fast your medical organization could be on its way to the next phase of growth.

Working with ROK is fast and easy. And you're in good hands. They will work to find the best medical equipment financing agreement for you. So, apply today

About the Author, Madison Taylor

Madison Taylor is the Brand Ambassador at ROK Financial. She is responsible for raising brand awareness and business relationships with business owners across the country. Madison loves that she plays a small role in getting Business Back To Business Through Simple Business Financing and looks forward to hearing what you think about the blogs she creates!Madison has been working in the financial space for six years, and loves it! When she is not at work, you will find her at home learning a new recipe to test out on her family or going on new adventures with her friends.

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