Tips For Renting Medical Equipment

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Renting rather than buying medical equipment can be a very smart choice for clinics and hospitals looking to save on start up costs without sacrificing the quality of their medical devices. After all, doctors and nurses depend on the reliability and precision of their medical instruments in order to provide the best quality care for their patients. If you’re thinking of renting medical equipment for your hospital or clinic, here are a few tips to consider so that you make sure you get the best deal possible, in terms of both costs and product quality.

Ask for references

One of the best ways to start your search for a reputable medical equipment lender is to ask for recommendations from professionals in your field. Other doctors and clinics who’ve dealt with third-party medical equipment providers are the best qualified to give you information on which rental companies are trustworthy and reliable and which ones are not.

Research various leasing companies

In the same way you would shop around when looking for a lender, it’s a good idea to shop around with various medical equipment rental companies before making a final decision. Do your research on each company to make sure it is reputable and trustworthy. The internet is a good place to look for customer reviews and comments to see if a company has a good standing history.

Watch out for hidden fees

It’s not uncommon for rental companies to include premium insurance fees on their leasing agreements without telling you about them. Other hidden fees to look out for include administration fees and maintenance. Go over your leasing agreement carefully to make sure nothing is overlooked and don’t be afraid to ask questions. If you can, look for rental companies that offer free maintenance and training on how to use new equipment properly.

Choosing the best lease option for you

Before starting the process of leasing a piece of medical equipment, it’s a good idea to do some background research on the different types of leasing options and determine which one is the right one for you. There are two main ways of renting medical equipment, “True Lease” and “Fair Market Value Lease”.

A True Lease is also known as an operating lease. In this option, your payments remain the same throughout the duration of the lease. When the lease comes to an end, you simply return the equipment. A cleaning fee might be charged at the end of the lease. A Fair Market Value lease is the medical equipment version of “rent to buy” leasing option. Borrowers can choose to purchase the medical equipment once the lease is over for a price to be determined by the current market value of the medical device.