What are the benefits of medical equipment leasing & financing?

The global market of medical devices is growing exponentially since the last few years. It is forecasted to increase from 2018 to 2023 at a CAGR of 4.5%. Of the many factors that contribute to this growth, two major ones include technological development and healthcare expenditure. The impact of emerging trends of technology brought a considerable change in the medical technology scenario. However, getting one’s medical practice equipped with the best technology involves a lot of expenditure. It is on this note that various reputed financial institutions offer the best medical equipment financing. This helps healthcare practitioners mitigate the stress on their budget. Technologically upgraded equipment and machinery can be beneficial for both doctors and the patients. Benefits of advanced medical equipment Installing the latest medical devices can bring multiple benefits. Accurate diagnosis – Technologically advanced medical equipment are far more efficient and accurate in diagnosing patients. It leads to enhanced treatment and faster recovery time. The low cost incurred – Most of the modern medical equipment are expensive to buy/lease. However, they use less energy as compared to the volume of work done by them. It lowers electricity consumption. Thus, it has a positive impact on the financial health of your medical services. Swift service – It is essential that your clinic caters to more people at a time effortlessly. With the technologically advanced medical devices saving time, serving multiple patients becomes easier. Hence, it is a good investment for your business. However, medical professionals must know how to choose the right medical equipment for their purposes. As a doctor, you can now opt for customised loans from financial institutions and enjoy many benefits of medical equipment leasing and financing. Advantages of medical device leasing and financing Although vital for healthcare centres and clinics, medical equipment are usually quite costly and often need to be imported. This calls for the need for medical device lease and finance. Various reputed NBFCs like Bajaj Finserv take into account the various benefits, and therefore, offer affordable doctor loan interest rate along with easy repayment facilities. Equipment leasing from a reputed lender can benefit a borrower in the following ways: Maintenance expenses are covered: One of the best advantages of leasing expensive medical equipment is that the leasing company is responsible for the maintenance of the device. Built-in cycle management: Leasing of medical equipment grants a borrower the luxury to either upgrade his old machinery or replace a broken or faulty one. Control of cash: As compared to buying equipment, leasing the same requires much less amount. Additionally, medical practitioners can always utilise the extra fund to invest in building infrastructure, hiring skilled employees, leasing/renting out a new site for a clinic, refurbishing their workspace, etc. Moreover, leading financial institutions ensure that the process to apply for this loan is made simple. They also ask for easy-to-meet eligibility criteria for doctor loan and simple documentation requirements. How can an applicant qualify for medical equipment financing? An applicant needs to possess certain years of experience as per his/her degree to qualify for medical equipment finance. For example: 2 years for MBBS 5 years for dentists 6 years for Ayurveda and homoeopathic doctors, etc. What are the other features one can enjoy? Availing the Medical Equipment Loan from a reputable lender like Bajaj Finserv enables one to enjoy the following features. 100% hassle-free financing Higher loan amount of up to Rs. 30 Lakh Attractive rates of interest Online access to your loan account Prepay the loan with zero charges Fast processing and money in the bank within 24 hours Convenient repayment tenor Besides, opting for the Flexi Loan facility helps doctors grow their clinic in many ways with more flexibility. Hence, with the best medical equipment leasing and financing, doctors can afford expensive advanced equipment easily and ensure better treatments to patients.