Purchasing medical equipment is an investment. High-quality equipment guarantees better patient safety and increases patient satisfaction by offering superior treatment. The downside of old equipment, even it is in decent shape, is that it can result in misdiagnoses, inaccurate results and a host of other problems. It’s clear that the better equipment you purchase, the more reliable you are as a doctor. But, purchasing equipment shouldn’t be a hasty decision. It requires considering several factors like costs, maintenance and necessity. Getting equipment without considering these factors can result in money down the drain.

Here are some things to consider before you purchase equipment for your firm:

Check If The Equipment Is Absolutely Necessary:

Before going ahead with a purchase, it is important to determine whether a purchase of new equipment is essential for your practice and how much use you will get out of it. Otherwise, you are just wasting money. List down the benefits you will derive from the purchase and how significantly could it impact your revenue. Also, understand what percentage of your patients could it be useful to or how will it help in acquiring new patients. If you anticipate needing more than one unit of certain equipment, for example an ultrasound machine, don’t forget to factor in this requirement.

Do A Cost Analysis Of What Is More Economical:

Rather than hurrying ahead with an expensive purchase, it is important to scrutinise other alternatives. You can also consider leasing equipment if this works out to be more economical. If the cost of leasing and purchasing is almost the same, the latter makes for a better investment. Also take a look at whether you can upgrade or repair existing machinery and calculate how much that will cost you.

Compare The Cost:

Before purchasing equipment, research the market thoroughly and factor in all the various brands offering the equipment. List the prices and choose the brand(s) that offer several features at a low cost. This way you can make the best use of your finances, and can ensure that the money spent is a good investment.

Examine Productivity And The Value:

The output of the equipment should be worth the price spent on it. So, review the various features of the equipment before purchasing it and get an estimate of the machinery’s resale value, power consumption and associated costs.

Read Reviews And Testimonials:

Reviews and testimonials provide valuable information and experiences of other buyers with regards to a piece of equipment. This helps you in making an informed decision as you don’t make the same mistakes as others. Reviews can also help you understand which features take prominence over others when it comes to actually using it. This will help you determine the true value of the equipment.

Calculate The Cost Of Servicing And Maintenance:

Associated costs such as cleaning and maintenance of machinery should also be tacked on to its MRP. In some cases, the servicing of equipment may also require you to have contracts with external agencies. So, don’t forget to do a deep-dive and calculate these costs in advance. Not only will this help you select the best equipment, it will also allow you to align your purchases with your financial capacity.

After you’ve carefully considered all of these factors, you can finance the purchase with a convenient loan customised for doctors. Dipping into your working capital isn’t always the best idea, especially if it stands to jeopardise everyday operations.

A Business Loan for Doctors by Bajaj Finserv is a value-for-money offering. It has benefits such as nominal interest rates, online account access, pre-approved offers, and a high loan limit.

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