Published on Aug 10, 2023Updated on Dec 5, 2023
Medical equipment rental is an often-overlooked option for healthcare providers who need the latest technology but want to avoid the high upfront costs of purchasing equipment. From cost savings to tax benefits and equipment upgrades, leasing medical equipment can be a smart financial decision that improves patient care while managing expenses and cash flow more effectively.
Leasing can be a better option than buying medical equipment. This article explains 7 benefits of why this is the case.
Medical equipment is essential for healthcare facilities, but purchasing it outright can be expensive. As a result, many healthcare providers opt to lease medical equipment instead. Leasing medical equipment has many benefits that are often overlooked. We will discuss seven unknown benefits of leasing medical equipment that you should know about.
Leasing medical equipment is often more cost-effective than purchasing it. With a lease, you only pay for the equipment for the duration of the lease, which is typically much shorter than the equipment's useful life. Additionally, leasing medical equipment allows you to avoid the high upfront costs of purchasing equipment. Although you may need a personal loan which can demand for interest to be paid, the overall costs will still sum up to a lesser amount than purchasing the equipment.
Leasing medical equipment can offer tax benefits. Lease payments can be considered operating expenses, making them tax-deductible. Additionally, leased equipment may be eligible for tax depreciation benefits under Section 32 of the Income Tax Act, which states that the leased equipment must be used in the business without being acquired by the owner.
Medical equipment rental allows healthcare providers to upgrade their equipment as needed. At the end of a lease term, healthcare providers can return the equipment and lease newer, more advanced equipment. There are terms and conditions involved, but leasing medical equipment in such a day and age where technology plays a big role in healthcare can prove to be a wise decision. This allows healthcare providers to keep up with the latest technology and improve patient care.
Leasing medical equipment reduces the risk of equipment becoming outdated or obsolete. With a lease, healthcare providers can upgrade equipment as needed, reducing the risk of having outdated or unusable equipment. Additionally, leasing medical equipment can reduce the risk of equipment breakdowns and the associated repair costs.
Medical equipment rental allows healthcare providers to manage their cash flow more effectively. With a lease, payments are spread out over the lease term, making it easier to manage expenses and cash flow. Buying means paying a much higher amount of money for the same equipment. You may also consider taking up easy personal loans to take care of the financial obligations.
Leasing medical equipment allows healthcare providers to acquire equipment quickly. The lease application process is typically faster and less stringent than the process for purchasing equipment outright. This means healthcare providers can get the equipment they need faster, improving patient care.
Leasing medical equipment provides healthcare providers with flexibility. Lease terms can be customized to meet the specific needs of healthcare providers. This means lease payments and lease terms can be adjusted to fit within a healthcare provider's budget and cash flow needs.
To manage your finances, consider taking up a personal loan for leasing medical equipment. The personal loan required documents include identity proofs and address proofs with salary slips. The documentation requirements can vary according to you being self-employed or salaried.
Check if you are eligible for taking up a personal loan for medical equipment leasing through a reliable online eligibility calculator. To get the lowest personal loan rates of interest, ensure that your CIBIL score is above 750 and your income is stable.
In conclusion, leasing medical equipment has many benefits that are often overlooked. From cost savings to tax benefits to equipment upgrades, leasing medical equipment can be a smart financial decision for healthcare providers.
Leasing medical equipment has many benefits, but it still requires funds to cover the lease payments. For healthcare providers who do not have the cash on hand to lease medical equipment, personal loans can be a solution. SMFG India Credit offers the solution of taking up personal loans of up to INR 25 lakhs* at extremely affordable rate repay the loan amount comfortably.
SMFG India Credit provides tenure options of up to 60 months, even. Through a 100% online, paperless application process, funds will be transferred to your account shortly after approval. Check your EMI obligations through our calculator and apply immediately.
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*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.