How Much Does it Cost to Lease Medical Equipment?
Healthcare Equipment Rental Prices
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Leasing medical equipment is not just for startups that are short on cash. Medical equipment becomes outdated in just a few years. Because of this, leasing equipment rather than buying is a great way to maintain a state of the art facility.
With a medical equipment lease you pay only the amount the equipment is expected to depreciate while it’s in your hands. A typical lease lasts anywhere between one to five years. When the lease ends you can trade in the equipment for a new model.
Clinics, doctor’s offices, and hospitals all lease healthcare equipment. Such equipment includes the following:
- Diagnostic equipment
- Medical imaging equipment
- Medical lab equipment
- Medical office equipment
- Surgery equipment
- MRI machines
- EMR Software
- Ultrasound machines
- Surgery tables
The Cost of Leasing Healthcare Equipment
The cost of leasing medical equipment depends on the type of equipment you need, its cost, and your credit score.
A standard rate for leasing business equipment is $40 to $60 per month for every $1,000 purchased. At this rate a $10,000 machine will cost you $400 to $600 per month while a $50,000 machine will run $2,000 to $3,000 per month.
Many medical equipment financiers and financial websites offer online payment calculators to help you estimate the total cost of an equipment lease:
- According to Tiger Leasing, a $100,000 piece of equipment can be leased for $9,177 per month for a 12-month term, $3,327 per month for a 36-month term and $2,173 per month for a 60-month term.
- Also according to Tiger Leasing, a $500,000 piece of equipment can be leased for $45,423 per month for 12 months, $16,480 per month for 36 months and $10,661 per month for 60 months.
- Insight Financial Services has a formula on its website that can be used to determine whether leasing or buying is more economical. According to the site, a $1 million piece of equipment can be leased for 36 months for $27,950 per month. That figure assumes a 10% interest rate.
Healthcare Equipment Leasing Options
Medical equipment leases are available for equipment ranging in price from a few thousand dollars to several million. In addition to ensuring that you always have the most modern equipment, leasing instead helps conserve cash for other expenditures. Lease payments are also tax deductible.
Medical equipment leasing companies offer both new and used medical equipment. Most leasing terms are 12 to 60 months, but some companies will go up to 84 months.
Some companies offer 100% financing with no down payment required. Some even include “soft costs” like shipping, installation and training in the monthly lease payment. Others require a down payment, security deposits, and the first and last month’s lease payments upfront.
With some companies, flexible payment options are available. They include deferred payments, seasonal payment fluctuations or step up or step down payment plans. For a nominal fee, usually about $100 to $200, you can include an option to buy the equipment when your lease expires.