Equipment Leasing New York

Equipment Leasing Offers Attractive Options for Medical Practices, but Be ...

/PRNewswire/ -- Advances in medical technology offer many advantages to today's physicians, but equipment is evolving so rapidly that practitioners need to think twice before purchasing it outright. Leasing presents an attractive alternative, but only to those who fully understand both its potential benefits and risks and then leverage that understanding during an informed and productive negotiation, writes edition of Medical Economics , titled, "Leasing Office Equipment Offers Advantages Over Purchasing (Beware of the Fine Print)."

Premature obsolescence is one of the obvious risks of purchasing expensive medical equipment outright, but there can be an immediate financial downside as well. "In financing the purchase through a bank, medical practices typically are forced to pay fees on their lines of credit or to make down payments of 20% to 30% of the loan," Dusch writes in the article. The lack of flexibility in loan terms common among banks lately and widespread use of multiple liens may also curtail a practice's future borrowing options.  

In contrast, organizations that might have trouble qualifying for a bank loan often are able to lease equipment with relative ease. One reason is because leasing companies have considerable security n the equipment itself, Dusch points out. "They (leasing companies) also evaluate prospective deals based on the cash flow of lessees' businesses. Knowing that physicians tend to have steady cash flows, leasing companies offer robust menus of financing options for medical equipment," he writes.

Along with easier access to the latest equipment, Dusch notes that leasing offers other advantages to medical practices, including:

Lease payments are carried on the books as current operating expenses, allowing lessees to show less debt. Because lessors retain title to the equipment, they generally pass the cost savings associated with depreciation and tax benefits along to their customers.   Leasing companies often allow physicians to roll over such "soft costs" as training, service contracts and consumables associated with the leases they sign, keeping these often substantial expenses off their balance sheets. Leasing puts 100% financing within easy reach; even if a security deposit is required, it is usually equal to about one month's rental, far less than the hefty down payments typically required for bank loans.

"Doing a good lease deal is all about conducting a smart negotiation, and in negotiations that saying 'know thy opponent' is as apropos as ever," Dusch advises in the article. "Thus, it helps to know how finance companies are structured." For many physicians, the best option is doing a deal with an equipment manufacturer that offers its own lease financing or with a smaller vendor associated with a large finance company such as General Electric, he adds. While many community banks and independent leasing companies are also in the marketplace, dealing with a larger entity offers physicians the convenience of one-stop shopping. And because larger vendors understand that favorable financing is the key to selling equipment, they tend to be more competitive.

MonitorDaily - News – Eastern Funding Comments on Monitor 100 Ranking

Ranking validates Eastern Funding’s commitment to developing effective lending solutions and to provide business financing.” While speaking on a panel of laundry business experts at a recent Coin Laundry Association event, Grell also added encouragement to business owners and entrepreneurs by saying that there is plenty of business financing and funding available: “Yes, experience helps, it’s a big factor. The second and third stores are always easier to finance … but enthusiasm and passion for the business is huge.”

Headquartered in New York City, Eastern Funding has facilitated loans of more than $500 million since its inception in 1997.

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