Sageland Financial Group
Why Finance?
Financing medical equipment and taking advantage of tax incentive programs like Section 179 can help you pay off your medical equipment quickly.
Fixed Rates, Direct Lending
Why should you finance your medical equipment?
- Conserve Cash Flow: Financing allows you to preserve your cash flow for other expenses or investments. By financing the equipment, you can spread out the payments over time and avoid a large upfront expense.
- Acquire Up-to-Date Technology: Medical equipment is constantly evolving, and financing allows you to stay current with the latest advancements. Financing enables you to acquire new, state-of-the-art equipment without having to pay for it all at once.
- Utilize Tax Benefits: Depending on your location and the financing option you choose, you may be eligible for tax benefits, such as depreciation, interest deductions, or Section 179 deductions.
- Provide Improved Patient Care: Investing in new medical equipment can lead to better patient outcomes and satisfaction. Upgrading equipment can lead to more efficient diagnosis, treatment, and procedures.
- Gain a Competitive Advantage: Access to modern equipment can give your clinic a competitive edge, attracting more patients and improving your reputation.
Ultimately, financing medical equipment can help your clinic to provide better patient care, improve operational efficiency, and stay competitive in the healthcare industry. It’s essential to carefully evaluate your financing options and choose the one that best fits your budget and needs. Sageland Financial can help you make an informed decision and ensure that your financial strategy is sound.
Equipment Financing Options
What are Your Options?
Personal Savings
One option is to fund the practice with personal savings, which could be used to cover initial expenses such as office space, equipment, and supplies.
Bank Loans
Banks and other financial institutions offer loans to small businesses, including private practices. These loans can be used for start-up costs, working capital, and other business expenses.
Small Business Administration (SBA) Loans
The SBA offers loans to small businesses, including medical practices. These loans often have lower interest rates and longer repayment terms than traditional bank loans.
Practice Loans
Many financial institutions offer loans specifically for healthcare practices. These loans can be used for equipment purchases, expansion, and other practice-related expenses.
Crowdfunding
Crowdfunding platforms like Kickstarter and GoFundMe can be used to raise funds for a private practice. This approach may be particularly useful for practices with a strong community following.
Grants
There are many organizations that offer grants to healthcare practices. These grants can be used for research, community outreach, and other activities that benefit the practice and its patients.
It is important to carefully evaluate each financing option and choose the one that best fits the needs of your practice. Consulting with a financial advisor can also be helpful in determining the most appropriate financing approach.
Deciding on your financing
Lease or Loan?
It’s important to carefully evaluate all of your financing options and choose the one that best fits your needs and budget. When financing capital equipment, you can typically choose between a lease and a loan.
- With a lease, you make monthly payments over a set period of time, and then return the equipment at the end of the lease term.
- With a loan, you borrow a lump sum of money and make monthly payments over a set period of time, and you keep the equipment at the end of the loan term.