December 1, 2020
Medical Equipment Financing For Australian Medical Practices

WORKS By: MHF FINANCE

MHF Business Finance

One of the major dreams of medical practitioners is to have a medical practice center setup. This is to enable them to be self-employ and offer excellent services to their patients.

However, before setting up your center, you need to take into consideration the cost of equipment acquisition, administrative works, operational costs, and many others.

Most of the medical equipment today is known to be expensive. Hence, this poses a major challenge for medical practitioners, medical start-ups and health in general.

However, this has been solved by using medical equipment financing.

medical equipment finance

What is Medical Equipment Financing

Medical equipment financing is the acquisition of medical equipment using installment payment. This allows you to get your medical equipment without outspending all your funds. 

With this, you will be able to start your medical business and generate funds to keep up with its growth. 

Before now, banks are the major provider of medical equipment finance for businesses. However, most of them do not meet up the requirements of the banks.

To save them, other small business lenders have come on board to assist businesses with medical equipment financing

How To Know If You Are Qualified For Medical Equipment Financing Support

To get medical equipment financing for your business, it is important to meet certain criteria including

  • DHMS
  • Bachelor of Dental Surgery or Master of Dental Surgery
  • Bachelor of Medicine; Bachelor of Surgery
  • Bachelor of Homoeopathic Medicine and Surgery
  • Doctor of Medicine

You should note however that the requirements vary from one lender to another. But, each of the lenders will ask for one of the above requirements.

Other requirements include credit and financial history check, at least five years of total work experience, and three years of experience in your current work position

What To Do Before Seeking Medical Equipment Financing

As important as medical equipment financing is, it is important to take note of factors like

Expansion

Before reaching out to lenders for medical equipment financing, it is important to postulate the effect of the equipment on the business. Will it increase revenue or decrease it? If it will increase it, then you should make the move. If otherwise, look out for another revenue-generating equipment to finance.

This is because revenue is the oxygen of your business. It is either you are growing or you are declining and this can be because of the type of medical equipment you seek for.

Financing

Financing is a great factor to consider before seeking medical equipment financing. You are qualified for the financing of medical equipment if you have a successful operating history of at least three years.

Why You Should Finance Your Medical Equipment

Medical equipment is expensive. This, therefore, leaves most companies with outdated equipment, which in turn affects the overall productivity.

These are some of the reasons why you should finance your medical equipment to reduce the cost

Proper and Improved Budgeting

Companies that help in medical equipment financing allow you to make payments in installments over a certain period. This, therefore, allows you to plan your budget properly to know which amount goes to the payment of the equipment finances and which amount goes back to your business as an investment. 

Exceptional and Excellent Medical Practice

The main aim of any medical organization is to provide excellent service to their customers. With outdated equipment, this is not achievable. However, with the help of medical equipment financing, you get access to up to date equipment, thereby improving your service delivery.

Reduced Costs

When you finance your medical equipment, lenders will also offer to work on your equipment in case there is a need for any repair or upgrade. This implies that you do not have to worry about the cost of maintenance as the company will take care of it.

Also, when you have old equipment, most of the medical equipment financing companies will offer to buy them when you apply for finance. This can also reduce your costs drastically. 

Bundling

Most lenders will also agree to take care of all costs related to medical equipment. Therefore, you can bundle all the related costs into a single solution. Also, this implies that if you choose to get rid of the equipment, the medical equipment finance company will also take care of that.

How To Find The Best Medical Equipment Financing Company In Australia

When it comes to choosing a financing company for your medical business, you need to do a thorough investigation of your chosen company. You can look out for

  • Past works
  • Reviews from friends and families
  • Recommendation from a financial specialist

It is not that all of the available medical equipment financing companies are not up to the task. However, some of them are going to take advantage of you, most especially if you don’t have the right knowledge about them

Talk To A Financial Specialist

At MHF, we help you organize measures that can be employed in financing your medical equipment for your health facility. All we do is to offer you the most honest financial advice on the type of medical financing options you should go for.

Having a team of highly qualified financial specialists, we have the best advice for your financial situation.

 Medical equipment financing is very important for the improvement of services delivered by modern medical business. In addition to excellent service delivery, it also helps them to reduce costs drastically. 

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