Buying an Ultrasound Machine

In today’s digital economy, manufacturers of all kinds of medical equipment are responding to the needs of customers by making new financing programs available. If you’re shopping for a new ultrasound and your budget is tight, you might be surprised at how many financing options there are. From leasing to cash-advance loans and everything in between, there are several ways to get an ultrasound without breaking the bank.

Buying an Ultrasound Machine: Pros and Cons to Financing

Ultrasound manufacturers are offering financing options that help their customers with the high cost of new machines. There are a few benefits to financing your next ultrasound with one of these programs. First, you might be able to make monthly payments that you can more easily afford if you have a low-cost financing option. You may also be able to put down a smaller deposit than you would if you paid in cash. However, there are also some drawbacks to financing your next ultrasound. You may have to pay interest on your loan and have to make on-time payments, even if you’re not able to make full payments for some other reason. You may also have to pay a larger down payment than if you are financed with a loan.

Buying an Ultrasound Machine: Fair Market Value Leasing

Fair Market Value Leasing (FMV leasing) for medical equipment is probably the most common type of financing for the purchase of new ultrasound equipment. FMV leasing allows you to lease the equipment for a set amount based on the fair market value (i.e. what another buyer would pay) of the equipment. The lease payment is typically very low and is usually less than what you would pay if you were to buy the equipment by financing with a loan. In some cases, you can even lease the machine with a down payment as low as $0.

Buying an Ultrasound Machine: Installment Purchasing Program (IPP)

An installment purchasing program (IPP) is often offered by ultrasound manufacturers as an alternative to traditional financing. With an IPP, you put down a small deposit and pay the remainder of the equipment cost in monthly installments. You may be able to choose your payment terms and length, which can make the process much more flexible than a loan. You may be required to have good credit to participate in an IPP.

Buying an Ultrasound Machine: Traditional Financing

If you choose to finance your ultrasound with a loan, make sure to compare rates and terms for your various options. You may also be able to find local financing options that could give you lower rates and payments than what you would get from a national lender. If you have good credit, you may be able to find an interest rate as low as a few percent. If you have poor credit or are unable to obtain financing in any other way, you might want to look at cash advance loans. These are unsecured, short-term loans that often come with very high-interest rates. While they carry a high risk of becoming bad debt, they might be your only option if you need to buy a new ultrasound immediately and don’t have the cash.

Buying an Ultrasound Machine: Credit Card Advancement

If you have a credit card with a low or medium credit limit, you might be able to access funds early and use them to pay for a new ultrasound. Credit card companies offer an “advance” feature that lets you withdraw a certain amount of money from your card and repay it over a set period of time. While you’ll have to pay interest on this money, and the interest rate might be fairly high, it might be better than putting yourself in debt with a cash advance from another source. There are other drawbacks to using this method, including the damage to your credit score and the risk of getting caught by your card company

Buying an Ultrasound Machine: Why Finance, When You Can Rent a New Ultrasound?

When you lease equipment, you’re not actually buying it. You’re simply paying to use the equipment for a set amount of time. When that time is up, you return the equipment and owe nothing more. This allows you to consistently switch to new ultrasounds that use the latest technologies without worrying about obsolescence. If you buy the equipment, you could be stuck with an expensive piece of equipment that is no longer HIPAA compliant becasue of an unsupported operating system. You’ll also have to pay for maintenance, repairs, and insurance for the equipment. However, there are disadvantages to renting. Short term rentals come at a premium price. If you are looking for a reasonably priced ultrasound rental, consider companies like Standard Ultrasound. They offer short-term rentals as low as $500 per month.

Buying an Ultrasound Machine: Conclusion

When the time comes to buy your next piece of diagnostic equipment, you may have options other than paying cash. Some manufacturers offer financing options directly through their websites, allowing you to apply for a loan or lease the equipment without going through a third party. You might also be able to apply for financing from your current bank or credit union. No matter which option you choose, be sure to research your options and understand all the terms before signing on the dotted line.

IN NEED OF A NEW ULTRASOUND?

In need of a new ultrasound? Have questions about developing technology and new reimbursements?

Contact Standard Ultrasound and our experienced representatives will help you find the perfect ultrasound for your practice or book a time right now to meet to get your questions answered!

Standard Ultrasound is an exclusive distributor of new and refurbished GE Healthcare Ultrasound equipment.  Whether you are looking for replacement parts, transducers, flexible low-cost ultrasound systems, state-of-the-art emerging technology, or just have some questions; we are here to help provide solutions for all your imaging needs. With the full backing of GE Healthcare's service and support, let Standard Ultrasound help raise your standards today.

 

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