5 Medical Equipment Financing Tips for Dental Practices
There’s one central element keeping medically associated practices afloat – and that’s patient satisfaction. In order to accomplish and maintain this crucial level of contentment, your business must provide compassion, quality service and the most up-to-date technology. The latter of the bunch is a large bargaining point that influences the opinion of current and prospective patients. These necessary amenities will undoubtedly benefit your business due to the enhanced services you’ll be able to offer.
Deciding to follow through with obtaining cutting-edge medical equipment for a dental practice can be a costly investment however. It’s understandable that economic repercussions are quite daunting, but choosing to lease equipment rather than outright buy them is a viable option for any practice. If your practice is in need of new equipment, consider small business funding from a trustworthy provider. Before blindly accepting any financial support terms, be sure to take precaution and plan accordingly. Here are five tips to follow while pursuing dental equipment financing opportunities.
Dental Equipment Financing Advice
The following medical equipment financing tips will discuss what dental practices should be aware of while exploring and finalizing a financial support deal.
1. Understand What the Financial Support Entails
When creating your plan of action to receive medical equipment through partnered funding, it’s important to understand what to expect throughout the lifetime of the financial-aid. While some businesses may opt to pay outright cash so they’ll have no required owed finances, these liquid assets are removed straight from the capital of the practice – further reducing funds that could be allocated elsewhere. Remember that small business funding will also accrue interest and gradually increase the final cost.
2. Allocate Space for New Dental Equipment
Adding new equipment through a lease is exciting, but don’t let anticipation cloud your priorities. Prepare for installation while you’re waiting for the delivery. Making sure you have allocated space for the new tech. Pre-determining where you’ll store and use this equipment will eliminate headaches in the future, especially if renovations will be necessary. Leasing the purchase of your new product will allow for funds to be readily available if building or office changes are needed.
3. Inspect the Equipment Before Installation
This tip is a little less financial oriented than the rest, however no less important. Be sure to inspect and test the new piece of equipment upon delivery. Most brand new equipment will properly function, but there are always random instances of inefficiency due to a potential mechanical issue. Avoid any hiccups or malfunctions by thoroughly inspecting the equipment before signing off on any papers.
4. Explore Warranty Options
While closing in on a deal for a new dental equipment financing plan, search for any available warranty options. These plans will expedite service costs and cover your equipment assets during any hardware or operational complications. Don’t forget to ask if warranty possibilities are included in the funding or available as a separate entity. It’s wise to know the details instead of getting surprised by additional fees.
5. Credit Scores Aren’t Everything
A practices’ credit score and credit history do have major weight in the decision for a lender to provide financial funding, but know that it’s not the end all be all. Some providers consider more than these two factors and look deeper into the business itself. These other requirements of consideration include details such as proof of business ownership, at least $10,000 in monthly revenue, a credit score of at least 520 and have been operating for at least 12 months.
Complete Medical Equipment Financing Support
Not every business will be able to financially support the monumental decision of taking on expensive pieces of medical equipment – and that’s why Lendr is here to help. The financial funding you’ll receive with Lendr will provide flexible support and encompass your business goals for streamlined efficiency. We can create a growth plan that’s both competitively aggressive and cost-friendly so no self-sacrifice will be needed. Choosing Lendr as a financial provider will offer a large amount of small business funding variables for you to choose from.