Common Misconceptions About Leasing Medical Supplies

Updated on July 14, 2022
Common Misconceptions About Leasing Medical Supplies

As new problems emerge in the healthcare industry, budgets are experiencing a significant burden. Many administrators of all levels in an organization are looking at the best ways to update their technology without increasing financial stress. Medical supply and equipment leasing is a long-term solution but its misconceptions tend to turn facilities away.

Medical Supply Leasing Is More Expensive in the Long Run

The upfront cost of buying medical supplies is a heavy expense, and many do not have the budget allocations to make these investments. There is a misconception about a lease being more expensive over an extended period; however, this arrangement takes the initial cost and spreads it out over time.

You Can’t Own the Equipment at the End of the Lease

Depending on how long a facility takes to pay off a device, they can decide to return the equipment in exchange for a new piece of technology or own the device outright. These flexible options enable a facility to maintain an up-to-date practice while keeping their budget at the forefront.

A Facility Cannot Lease Multiple Items at Once

Leasing multiple pieces of equipment at one time is possible. Build a strong relationship with a reliable vendor and maintain an open line of credit. If, for some reason, the vendor does not have the piece of equipment you need, seek out an alternative vendor who offers multi-device financing. These options do not impact a facility’s line of credit.

The Application Process Is Long and Difficult for Facilities

Depending on the partnership, some application processes can be daunting for administrators. But it’s essential to remember that this process is critical to the leasing agreement, and once you build a strong partnership, it becomes easier to acquire new supplies in the future. Not every application is a fiasco.

Leases Favor Large Purchases

An advantage to medical equipment financing is that the process does not discriminate against a business’s status or age. Old or new, all healthcare facilities can look to lease their supplies. In fact, newer practices benefit the most because their budget allocations tend to be smaller until there is enough capital.

No doubt, some of these misconceptions about leasing medical supplies can deter a facility. But it’s essential to consider all options and always speak to multiple vendors before saying no altogether. Leasing is an affordable way to offer patients the latest technology!