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Financing Your Practice’s Medical Equipment Any medical practice knows how important it is to be working with high functioning and current medical equipment. Whether your practice is general practice, specialized, or even a dentistry, there are so many working components that make up a comprehensive medical practice. With the fast-paced updating of technology, there is always something new to update or buy, and that cost can really take a toll, especially with smaller practices. Medical equipment financing can be a great answer for this problem for many medical clinics. As far as credit and financing is concerned, medical equipment financing is less challenging to get than other financing. There is little difficulty past finding a good medical financing company, though nowadays it is just a simple internet search away. Medical financing companies base their payment plans off of information that you will give them on an application, so it will be tailored to your clinic specifically. Each payment plan is different, but usually there is a reasonable payment first that is larger, and then most months following are one flat rate. If you have bad credit, don’t necessarily think that you aren’t a candidate, as medical equipment financing companies can be more lenient. If your field of practice is evolving often, medical equipment financing is perfect for your place of business. Many financing companies have put in the leases that you can receive updated equipment of the same type as it is received. If you work in a field with less updates, but your equipment ends up degrading over time, the maintenance and technical calls about your equipment are often included in your medical equipment financing payments. It really adds up monetarily to stay on the cutting edge of medical equipment, but medical equipment financing can ease some of that burden.
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Big ticket items don’t have to be a big clinic drain, they can even get you some tax benefits if you go the route of financing. Since you aren’t counting ownership, and instead you’re counting usage, you can actually be writing off the equipment payments on your taxes. Medical equipment financing payments can be written off on taxes because they are considered a cost of operations. This can be the tipping point for the decision to use medical equipment financing.
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Medical equipment financing can ease the problems that updating your medical equipment can bring to a smaller medical practice. From unforeseen tax write offs, to a regular and predictable payment plan while getting to use the most up to date equipment in your industry, medical equipment financing plans can give you some great opportunities. With so many benefits, it is extremely worthwhile to take a few minutes to talk to a medical equipment financing company to see what they can offer you.