If you’ve decided that it’s time for your facility to obtain a replacement MRI system, you’ve probably already spent an honest chunk of your time considering how your facility is going to get it. Unless your facility is ready to buy the equipment outright, you will need to explore MRI financing options.
Medical equipment financing is complicated, but your facility can start the progression by zeroing in on a couple of pieces of critical information. First, your facility should have a good idea of what amount it wants to spend on a replacement MRI system and how much, if any, cash may be available for a deposit. Then, your facility must find out what specific MRI system would best meet its needs. Finally, your facility must decide whether it might prefer to buy or lease MRI equipment.
Leasing MRI Equipment
There are many options for leasing MRI equipment, and leases can usually be customized to suit the requirements of your facility. It’s important to keep in mind that when your facility leases MRI equipment, it doesn’t own the equipment when the lease is up. However, your facility could also be ready to include a buy-out choice to purchase the equipment for a fair market price or for a hard and fast amount when the lease expires.
If your facility plans to lease MRI equipment, it’s important that you simply review the lease agreement carefully and have a transparent discussion and understanding of the terms. The length of the lease and therefore the size of the deposit, also as any buy-out, termination, extension, or repair/maintenance clauses, will affect your facility’s monthly payment and overall cost.
Purchasing MRI Equipment
There are different options available for those looking to directly purchase MRI equipment.
Vendor financing: This is not something that is always available but it does not hurt to check.
Third-party or bank financing: Some MRI vendors don’t offer in-house financing and refer interested facilities to third-party financing companies. Banks can also offer financing for medical equipment.
Non-financing (cash): this option is usually only a reality for giant, high-volume imaging centers that are profitable, financially stable, and have funds put aside for equipment acquisition. Imaging facilities may use cash from operations, investments, bonds, or charitable donations to finance an MRI purchase. If your facility has the option of buying an MRI system outright, you ought to go searching to make certain you’re getting the best deal.
There are other things to keep in mind during the process of purchasing or financing MRI equipment:
Whether or not you qualify for financing is significantly determined by the credit worthiness of your business. Generally, the newer and smaller your facility is, and therefore the less financial income your facility has had, the harder it’ll be to obtain financing. A bit like other sorts of loans, a higher risk to the lender will mean higher interest rates and payments for your facility. Remember that although a significant financial problem like bankruptcy or foreclosure will affect your facility’s creditworthiness, it’s going to not necessarily disqualify you if your lender is willing to simply accept a larger-than-normal deposit, a cosigner, or another sort of collateral.
It is pretty typical for leases to have around a 5-year loan term. However, you need to be ready to negotiate a special term to accommodate your facility’s needs. Pay attention to overall costs. There is much more to consider when it comes to cost besides the monthly lease payment. Other costs such as utilities, repairs, and space are other important considerations.
Because financing an MRI equipment acquisition is often as complicated as choosing the proper system, many facilities need an outside company like Zena Financial to assist them in finding the financing option that’s the simplest fit. If you’re financing a sale, your outside company will assist you to obtain the proper MRI equipment for the best price. For facilities that are looking to lease MRI equipment, we will assist you to negotiate a lease with terms that meet your facility’s needs.
If your facility is prepared to accumulate and finance new MRI equipment, we can assist you to find the best arrangement for your unique circumstances. For more information or to schedule a conversation with us, reach out here.