- Sep 01
- 3 min read
Four Ways to Upgrade Your Ultrasound Unit and Your Practice with Ultrasound Machine Financing
Medical equipment is constantly improving and sometimes you may feel like your practice is not where it needs to be because of it. Out-of-date equipment can cause delays in care, misdiagnosis, or increases in cost trying to repair it. If you’re in need of a new ultrasound, there are multiple ultrasound machine financing options that fit every budget.
Like with every financial decision, there are pros and cons to various modes of ultrasound machine financing. We outline a few below.
Buy Your Next Ultrasound with Cash
While not technically financing, one option is to buy an ultrasound outright and start using it right away in the office. This is a great option if you have the total amount of the purchase price available to you, and you don’t have to pay any additional fees on top of the price. Purchasing an ultrasound with cash may qualify your practice for a Section 179 deduction tax write-off. This allows for an immediate expense deduction on purchases of business equipment instead of depreciating that asset over a period of time.
Financing Your Ultrasound Machine
Low finance rates and high returns on assets could make financing a viable option for your next ultrasound. With the ability to start using the unit almost immediately with a short delivery turnaround, you can start making money and increase productivity right away with minimal upfront investment. Once the ultrasound is paid in full, it is yours, keeping long-term costs down. You also have the flexibility for repairs and modifications because you are the owner of the product. Ask us about Practice Builder programs that allow you to defer payments for three months which enables your practice to build reimbursements and revenue before you have to start paying.
Financing your equipment can come with drawbacks such as a higher upfront cost with a potential down payment, replacement of equipment can become costly over time, and maintenance being your sole responsibility. If your practice is established and you know what you will need to thrive, financing may be your best option.
Acquire Your Next Ultrasound with a Fair Market Value Lease
With this ultrasound machine financing option, the financing company owns the equipment, you pay a monthly fee to use it, and then at the end of the 36-60 month lease, you can purchase or return it for a newer, more upgraded model. This is a great option if you are just starting off, and need to integrate ultrasound into your practice, but aren’t quite sure how your practice will grow from it. This way if your business thrives with the ultrasound you’re leasing, you can keep it. If the business is outgrowing that model you are using, you can upgrade to a newer model that suits your needs. Leasing an ultrasound offers lower upfront costs and upgrades to equipment more frequently. Since the financing company owns the ultrasound, they are required to keep it in working order, so they can be responsible for maintenance and repairs.
Ultrasound as a Service (USaaS)
You've undoubtedly heard of SaaS, or Software as a Service. A newer upgrade option that is unique to Standard Ultrasound, is Ultrasound as a Service (USaaS). With this option, you can rent the equipment for 1 year and when there is an upgrade needed, you can connect to the internet for it. There is a low setup and infrastructure cost, you just pay for what you need. The scalability of this model makes it so that you can adapt it to your needs depending on how the business grows. The shared service requires that the security level is the same for everyone across the board, so all users benefit from it.
Think of it as an iPhone upgrade for your ultrasound. The newest software platform arrives for the ultrasound that you are utilizing and it amplifies your business so you want to get it. Normally, you would have to have a service engineer come out to your location and spend time updating your system which causes a shut down of the ultrasound and rescheduling of patients, a loss of money for you. With a the USaaS option, you can hook your ultrasound up to the internet, download the software update directly to the unit, and start using it right away. There's no delay in care, no downed system, and no loss in services. You get frequent automatic updates to keep you working at your highest potential.
GE Health Financial Services products through Standard Ultrasound can help you find the right fit for your next ultrasound.
Want to learn more about ultrasound machine financing options? Feel free to grab some time here to chat!