See through to the future by leasing medical equipment
It is no secret that technological advances in equipment has radically transformed veterinary medicine for the better in the last two decades. However, I frequently visit large and small animal veterinary clinics, and I am surprised to see the number of practices using old technology like automatic processors and dip tanks. Vets always describe these 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
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The good news is there’s easy solutions to these barriers that will have you seeing straight through to the future with your practice switching to the new technology.
Not only has medical equipment drastically changed in the last 2 decades but so has the training, and often the platforms, on which that training is offered. Many companies now offer online webinars, online self-directed learning, all in addition to the traditional onsite training. This allows your staff to receive the training that they require when it’s convenient to your clinic.
Yes, there is some initial training time upfront, but in the long run you will 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 be able to do more shots at different angles and 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 will 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 the cash flow you have coming in to your clinic. The upfront money you’ve saved can then be put towards other things like hiring new staff, marketing initiatives, continuing education, etc.
Trade-ups and Lease-backs
I’m a technology junkie. I always have to have the latest gadget. The problem is what do I do with the old one? Leasing solves this: At the end of your term you can trade-up to the latest model. Leasing companies can take care of getting rid of the old machine to ensure you always have the latest technology to help your patients. But what if you’ve already bought the latest digital x-ray machine? Now it’s December and you’re taking time to review your books and wishing you could get that lump sum of money back. No problem, leasing companies will buy the equipment from you and lease it back to you.