If you’re a medical professional interested in starting your own practice, then you may have looked into medical equipment finance. Regardless of your specialty, you likely need a substantial amount of medical equipment to practice. Not only that, but medical equipment can go obsolete within a matter of years, so it may not be wise to outright purchase the equipment you need.

When looking into starting a practice, medical equipment finance has many benefits. First, it allows you to keep startup costs lower, and it also allows you to stay on top of the most up-to-date medical equipment out there. Other benefits include attracting new patients, improving patient experience, and even being able to diversify your offerings by having increased profits due to lower expenses.

Beyond this, medical practice administrators should consider the long-term benefits of leasing medical equipment as well. The IRS treats leases as a tax-deductible overhead expense which means medical practices can deduct their lease payments from their income. There are also tax credits for leasing medical equipment that provides disabled patients better access to services. This tax credit can cover up to 50% of the cost of the equipment, so it’s well worth the time to make sure your business is accessible. Finally, while very few banks will allow medical practices to finance 100% of the purchase of a piece of equipment, they usually will fund the entire cost of a lease.

Other things to consider when financing medical equipment are to think about how long the equipment will last, what happens if the device breaks, and support services for maintenance of the equipment.

Financing medical equipment is a great way to cut the costs of starting a medical practice, and there are many benefits to leasing medical equipment. Leasing the equipment will allow your business to attract new patients, increase profits, and stay up-to-date with the latest equipment in your field.