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National Leasing mascot, Phil, in a veterinary office

The 4 barriers to upgrading your veterinary equipment and how to overcome them

Daniel Zitnansky

By: , Account Manager

It’s no secret that technological advances in equipment have radically transformed veterinary medicine for the better in the last two decades.

However, I frequently visit large and small animal veterinary clinics and I'm surprised to see the number of practices using old technology like automatic processors and dip tanks.

Vets always describe four barriers to switching over to new technology:

  1. The time it takes to learn new technology
  2. Losing revenue in an area that’s already profitable
  3. The upfront cost of purchasing new equipment
  4. The hassle of constantly upgrading equipment

Overcoming Barriers

The good news is there are easy solutions to these barriers. With new veterinary equipment technology, your clinic will look to the future.

Training

Not only has veterinary equipment drastically changed in the last two decades but so has the training. Training platforms have changed, too. Many companies now offer online webinars and online self-directed learning in addition to the traditional onsite training. This allows your staff to receive the training they require when it’s convenient to your clinic.

Think Long Term

Yes, there's some initial training time upfront, but in the long run you’ll be saving time, money and practicing better medicine. For example, it can take 20 minutes to develop an x-ray using dip tanks and the cost of film has doubled over the past several years. With digital, you can do more than one x-ray in a matter of minutes, and it doesn’t cost you anything in materials. You’ll capture more shots at different angles. This equals better medicine.

Balance Your Balance Sheet

Sticker shock can be fierce when it comes to purchasing new equipment. Plus, new equipment may get put on the asset side of your balance sheet, which may hurt come tax time. Leasing your equipment can turn this asset into an expense. Instead of one large upfront cost, you’ll have low monthly costs, and you may be able to claim this as a business expense come tax time – always defer to your accountant for more information.

A low monthly payment will also better match your clinic’s cash flow. The upfront money you’ve saved can then be put towards other things like hiring new staff, marketing initiatives, or other opportunities.

Trade-ups and Lease-backs

I’m a technology junkie. I always need to have the latest gadget. The problem is what do I do with the old one? Leasing solves this.

  1. At the end of your term you can trade-up to the latest model. We take care of the old machine to ensure you always have the latest technology to help your patients.
  2. You’ve gone ahead and bought the latest digital x-ray machine, but now it’s nearing year end. You’re taking time to review your books and wishing you could get that lump sum of money back. No problem. We’ll buy back the equipment from you and lease it back in what’s called a sale-leaseback.
     

Graphic outlining benefits of new veterinary equipment
 

So What Should You Do?

Investing in new technology is always a difficult decision. You’ll face challenges in the short term, but the benefits in the long term are powerful.

Get new equipment, provide the right training tools so your employees can use the equipment, and choose a financing option that matches your cash flow.

You’re not just upgrading your equipment; you’re practicing better medicine.

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