Thousands of medical professionals have discovered the financially smart way to provide their clinic, hospital and other care facilities with medical equipment by leasing instead of buying. When professionals purchase equipment, especially life saving medical equipment, they tend to buy top of the line equipment. But there is a problem in this process, with the rapid advancement in medical technology, no one professional can ever own the most up to date technology.
The medical field requires there to be a rapid turn-over rate when it comes to equipment. Today’s advancements are tomorrow’s grandfather technologies. So how does a company or professional assure they have a fast turn-over rate when it comes to equipment? The answer is clear: equipment leasing. Equipment leasing allows professionals and companies to lease equipment without the subconscious thought that they are now stuck with a certain product. Leasing gives the lessee the flexibility to upgrade, add-on, or trade in old equipment.
According to the U.S. Small Business Administration, eight out of 10 American companies lease all or some of their productivity equipment. Opting to lease medical equipment reduces the cost for equipment maintenance, installation and equipment training, because most leasing companies provide the leasor with both. Some leasing companies also provide programs that allow you to return, buy at a discount, or even upgrade your equipment at the end of your lease. Tax breaks are also available when professionals decide to lease. Leasing allows companies to see dollar for dollar write off on leasing payments, which has a higher profitability when compared to owning equipment. When equipment is devalued due to new technology, a loan borrower bears all the risk. Since a lessee has no obligations to own equipment at the end of a lease, all risk of obsolescence is transferred to the leasors.
So that leaves the question: Once you have decided to lease instead of buy, how are you going to attain funding for the lease? Using iBank.com’s Finance Center, companies and professionals can apply and within minutes be connected to eager lenders. iBank.com’s advanced filtering system allows medical professionals to apply for different types of leases that are targeted to fit their needs.
“Medical professionals need to keep their options open when it comes to equipment and leasing is one of their best bets.” said Tom Markel CEO of iBank.com “With the high turn-over rate of technology, iBank.com wants to make sure medical professionals don’t get stuck with obsolete machinery simply because they cannot find funding.”
There is also a high benefit for equipment manufacturers, distributors, vendors and value-added resellers that use iBank.com’s Finance Center. The Finance Center's application process helps stimulate sales by providing equipment financing for their products. In offering their customers a total equipment acquisition solution, vendors are able to differentiate themselves from their competition, increase sales, reduce outstanding receivables, and decrease the sales cycle by eliminating the need for the customer to search for additional financing.
“The timely leads supplied by iBank.com, has led to a big increase in our potential client base in equipment leasing,” said Kreg Pierce of Westland Capital.
Equipment leasing is a clear, smart choice for medical companies and professionals. The leasing industry is a major source of funds for capital investment. In 1998, more than $207 billion worth of equipment was leased nationwide, this trend is increasing. Leasing has gained in popularity due to key factors that differentiate a lease from a loan. Every year a growing number of companies choose to procure new productive equipment through leases rather than loans.
iBank.com is an online small business lending network that provides small businesses with solutions to meet their financial needs. iBank.com’s Finance Center enables businesses to create targeted loan packages and store all business related material in a secured online vault accessible to them worldwide. Examples of business information stored in the Vault include, business plans, management overviews, financial statement, tax returns and credit reports. Then when the user wants to fill out an application, the information is automatically populated by the information already in the database directly into the application. This process reduces paper, faxing and postage charges, speeds up the process and eliminates the hassles of looking for financing.