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A photo of medical equipment leased by National Leasing

5 reasons to lease your medical equipment

Peter Cyr

By: , Medical Equipment Account Manager in Ontario

Medical equipment is advancing rapidly.

New technology improves the quality of life for your patients and enables you to work faster and smarter.  But because medical equipment developments happen quickly, cost is an issue. How can you keep up with new equipment so you can practice your best medicine? Leasing – and here’s why.

1. Regularly update your equipment

Consistently upgrading high-value equipment through purchasing requires significant cash outlays, which can restrict cash flow. With leasing, equipment upgrades don’t burden your finances. You can structure the end of your lease to coincide with regular equipment upgrades. Rather than large cash investments every few years, you’ll trade up your obsolete equipment and continue with a monthly payment on a new lease for your upgraded equipment.

2. Work faster

New equipment enables you to accomplish more in less time. Technological improvements like automation cut inefficiency so you’ll have more time for patients and may even earn an opportunity to recharge. Considering nearly half of all doctors work more than 50 hours per week, you deserve your much-needed down time.

3. Make medical equipment more affordable for your practice

Equipment for your practice is costly. Medical imaging equipment like a CT scan can cost anywhere from $65,000-$450,000 depending on model, and common equipment like a digital x-ray system costs upward of $80,000. Financing leverages your buying power like buying can’t. Often the revenue from one treatment / test per day can easily cover the entire lease payment.

Look at financing through a month-by-month perspective. Your monthly payments cost only a fraction of the total cost of your equipment. Because your equipment will increase efficiency, it will produce revenue instantly, offsetting your monthly cost and increasing profit. If you purchase, you’ll make a significant upfront investment and then try recouping that cost over the long term of your equipment’s useful life.

4. Write-off your payments as a tax expense

With leasing, you have the option to write off your payments as a tax expense rather than claim your equipment’s depreciation over the equipment’s useful life. Before making any equipment acquisition, always talk to your accountant to learn about your best tax option.

5. Structure payments to match your revenue

Financing’s flexibility means you can tailor your payments to match your cash flow. Most leasing companies have different payment structures. In National Leasing’s case, we can structure your payments monthly, seasonally, bi-annually or annually. There are also step-up or step-down payments available so you can increase or decrease payments along with your practice’s varying revenue.

Finance your medical equipment

Leasing is a great solution to overcome the financial challenges of acquiring new medical equipment. Regularly upgrade your technology, tailor payments to match your practice’s revenue and potentially write off payments as a tax expense so you can work more efficiently and practice your best medicine.

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