Medical Equipment: How Practices Are Meeting Demands without Going Broke
The demands being placed on healthcare practices continue to rise. People are getting older. Advances in diagnoses and treatments are happening every day and what was once cutting-edge equipment is now becoming outdated. In order to keep pace with these demands, practices of all sizes need affordable medical equipment solutions.
The High Price of Purchasing Medical Equipment
Healthcare practices try to offer their patients the very best service. Part of the success of any practice is having the right equipment on the premises. However, the cash outlay to purchase new equipment can place a major strain on finances. As medical equipment depreciates or becomes outdated, practices take a hit on the after-market value, so upgrades and replacements are very cost-prohibitive. Fortunately, there is a way to get access to the latest and best medical equipment without breaking the bank.
Leasing Medical Equipment
Instead of paying a high upfront cost for equipment, medical professionals are switching to leasing options. By leasing equipment, practices of all sizes can get the machines and tools they need without taking a big chunk out of their budgets. Leasing provides equipment, computers, furniture, beds, and more all at a low monthly cost. Additionally, as new medical devices and equipment become available, practices can “trade up” to the latest models. Best of all, leasing options are debt-free. Practices no longer have to take out loans to acquire the expensive equipment they need. Medical professionals can offer patients the best, safest and most efficient care while saving money in the process.
Taxes and Leasing Agreements
As things stand, the IRS allows for deductions on owned equipment up to a certain point. After a few years, depreciation no longer offers any tax benefits. On the other hand, leasing offers continuous tax advantages to medical practices. Since the leased equipment is not owned, there are no depreciation calculations necessary. Practices can claim deductions up to $500,000 every year, which can add up quickly depending on the size of the practice and the type of equipment used.
Wise Commercial Capital provides equipment leasing solutions to healthcare practices of all shapes and sizes. From small private practices to large healthcare centers, and even veterinary clinics, we offer leasing solutions which can be tailored to fit your needs without blowing your budget. Contact our offices today to learn more about leasing medical equipment for your practice.