It should be obvious by now that we’re going to encourage you to seek out equipment financing for your medical practice. Knowing that, we’ll skip the preamble.
Instead, we’re going to move right to the point today. If you’re going to lease equipment using a company like Direct Capital or your favorite financing firm, you need to know that there is a situation in which the funding can get hung up.
According to Direct Capital’s own Elizabeth Luekens, high-tech medical and dental equipment such as lasers are becoming more and more popular among practitioners. They allow for better diagnostics and better treatment, and that matters a great deal.
One thing you may not be aware of, however, is that increasingly manufacturers will not deliver these machines to you without training on how to use them. This makes quite a bit of sense, given that these are insanely complex machines that every doctor should be well-trained on before they start using them. It also poses a unique challenge.
You see, the vast majority of financing companies will not release funds until a piece of equipment has been delivered. Normally this is a minor inconvenience at worst, but in the case of this advanced medical equipment, it’s a legitimate problem.
Before you lease, you need to know that the financing will not come through until you’ve had the training and the delivery has taken place. For this reason, it’s an excellent idea to have the manufacturer run through the training program with you well-ahead of time. It’s also a good idea to sock away enough cash to be able to make a first payment if things do get delayed.
We highly recommend talking to your financing provider and to the equipment vendor so you can determine whether this is the case. The last thing you want is to be caught without your equipment and without your financing and needing to make a payment.
Tell us about your last equipment financing experience!
Photo credit to iStock