Rent vs. Buy: An ideal decision for medical equipments
Acquisition of medical equipment can be a complicated process. To decide whether you need to buy or rent the medical equipment is not as simple as deciding to rent or buy a home. You gut instinct may not be the ideal method of making the decision either. Majority of us prefer to own things like clothes, land, car and house. For this reason, taking some time and research in considering whether it is the right decision to buy or rent medical equipment is crucial. Let us consider some of the factors that can help us in making the decision.
Always remember that technology changes quite swiftly. So, when making the decision to buy or rent medical equipment, you need to consider this factor. Research about the medical equipment which you are planning to rent or purchase! Find information whether the medical equipment technology is advancing and the technology is going to change in the near future or not. If you discover that the technology is on the verge to get advanced and developed in the next few years, it will be a waste of money to purchase the equipment. Instead, you can rent it from a credible store or company.
Duration for which you require the medical equipment
If you want the equipment for long period of time, say at least 5 to 10 years, it is feasible to purchase the medical equipment. You will surely not want to waste your money on paying the rent when it will be better to purchase the equipment. But if you want the equipment for just few months or a year or two, it is recommended to rent it, especially if the medical equipment is costly.
Availability of credit
Whether or not to rent or purchase the medical equipment also depends on the availability of credit. If the medical equipment is quite costly and you are not able to arrange the money, it is better to rent it. Additionally, when taking the loan you also need to consider whether or not you will be able to pay the interest.
Customer demand for the medical equipment
Furthermore, you need to consider the volume of customers and their demand for the piece of medical equipment. If there are sufficient numbers of patients who demand for the medical equipment, you can justify the acquisition of the equipment. But if the number of patients is low, it is advisable to rent the medical equipment!
Consider the aforementioned factors when deciding whether to rent or buy medical equipments!