Medical Equipment Financing

You may be a doctor, physician or business owner who wishes to revamp her/ his existing medical facility or set up a brand new one from scratch. In either case, Medical Equipment Loans or Medical Equipment Finance would be a great way to fund your equipment purchase and set up costs. These loans are available for almost types of medical equipment whether new or refurbished. So how can this form of financing be beneficial for you? Read further and find out...

What is medical equipment financing?

Financing of medical equipment by NBFC's and Financial Institutions (FI's) enables medical practitioners or medical and health related institutions to easily acquire the latest medical equipment and pay for them in easy instalments over a predetermined loan tenure. This form of fianncing is hugely advantagious for medical institutions, some of the key benefits are:

1. Enables expense planning: Enables institutions to plan their costs and be better prepared for the future

2. Maintains cash flow, preserves capital: As one won't pay the whole amount upfront, it allows for saving capital to provide for other needs.

3. Minimizes high up-front costs: Helps institutions save high up-front costs as a significant part of the up-front cost is covered by the financing.

4. Latest medical care & treatment: Allows medical institutions to offer the best, most advanced medical care.

5. Comprehensive solution: it includes all types of costs, such as delivery, set up, establishment, etc.

6. Facilitates innovation & advancement: Enables medical providers to engage in research and be at par with the best.

7. Boosts profitability: Facilitates for higher revenue and the firm can offer more services to a higher number of patients, thereby aiding in increasing  the organization's revenue base and profits.

These are just some of the reasons for going ahead with purchase of medical equipment through financing.

Eligibility & documentation requirements

For any NBFC or Financial Institution, before disbursing the loan, they check if you are eligible and have sufficient repayment capacity. For this, they require the following documentation:

1. Credit ratings: Credit Score and/ or credit ratings
2. Financial history: audited financial statements, bank statements, IT return, etc
3. Experience or business vintage: Years of employment or business operations
4. KYC: Individual or key persons, dependent upon entity type
5. Government Approvals/ Certificates: Which may be required to set up a medical facility
6. Company's registration certificates, company constitution, etc.

Popular or commonly financed medical equipment

The services that you offer at your medical facility, largely largely depend upon the infrastructure and medical equipment that you have. If you wish to offer world class services, then you have to invest in good quality medical equipment. The most popular equipment types to be financed are:

1. Cath-Labs
2. CT/MRI Scanners
3. Ultrasound
4. Colour Doppler
5. X-Ray Machines
6. Dental Chairs
7. C-Arms and much more

Whether you are a start-up, public/ private entity, trust, etc. offering world-class services will help you build strong credibility among patients and within the community. For this you would be required to purchase the best medical equipment that will enable you to offer high-quality services. If you have limited finances, then it is time you look at medical equipment financing. There are several NBFC's like Hero FinCorp, that are more than willing to assist you in buying equipment and setting up your medical facility. Choose the equipment based on your practice, and set up the best possible medical facility.