Whether you run an independent clinic or work in a reputed hospital, you may avail a medical equipment loan to buy expensive equipment. The right equipment at the right time can help any medical entity cater to its patients better.
Read on to know the common errors to avoid when buying medical equipment, and how the right loan can help avoid these.
Common Errors to Avoid When Buying Medical Equipment
Not Choosing the Right Equipment
Whether it is oxygen cylinders or defibrillators, wheelchairs or ventilators, knowing the specifics of machines and tools you require, and their quantity is essential. After all, having equipment that remains unused is a waste of funds.
You can go about this by reviewing past records and looking at your total capacity to address patients at any one point in time. Also review the most used equipment and the least used machines. This can help you decide on your budget and the amount of funds required for a medical equipment loan.
Further, it is important to check availability and current prices with your local medical equipment distributor. For example, when buying an X-ray machine, the prices depend on the availability and the latest model. So, comparing prices and knowing what you need the most can help with the decision-making process.
Not Counting the Essential Parameters of Space, Placement and Ambience
An important aspect of planning for medical equipment is to understand what each tool or machine needs to work seamlessly. This may be temperature control, power backup, ramps, lighting, space to fit large machines, and overall structure for carrying in and setting up the equipment. Some machines may also require supported walls or reinforced floors to hold their weight.
Having the right machines is just the starting point. Placing them in the right location that helps the patient’s and medical staff’s accessibility is key. Also, make sure you understand the type of servicing these machines require and their cost. This will help you plan your physician loan amount better.
Not Assessing If the Equipment Needs Upgradation and Maintenance
The latest technology can help doctors save time, provide correct diagnosis, or speed up healing for the patient. Knowing which equipment requires the latest technology can help you plan your purchase better.
During this process, ensure that you know which equipment requires regular upgradation and maintenance. Faulty or outdated equipment can result in errors and may even lead to legal issues. So, make room for the cost towards these measures right at the initial stage of buying, so you are prepared to take care of the equipment over time.
Not Knowing if Training is a Must for Handling Certain Equipment
While installing machines is one aspect, the other is operating it. Some equipment may need specialised handling that requires trained and experienced staff. Make sure you plan for this, as it may result in additional expenditure to hire professional staff or train your existing workforce.
A physician loan can be useful, as you can get funds to hire technical or non-technical staff for this purpose. With the right training, your staff can operate expensive machines in the prescribed manner. This can improve their efficiency and durability.
How to Get Funds to Purchase Needed Equipment
In case you fall short of funds or do not want to dilute your working capital, you can apply for the right loan customised for this purpose. To get a physician loan or medical equipment loan, you must fulfil certain eligibility criteria.
Here’s a look at the general criteria:
- You must be an Indian citizen
- You must have a licence or degree to practice as a healthcare professional and have a certain amount of work experience
- You must be between 25 and 66 years of age
- You must have a credit score of 685 or more
Apart from meeting the eligibility terms, you can get the right loan by checking the following features offered by lenders.
- Maximum loan amount offered: Ensure that the loan covers your cost, so you can buy all the machinery and equipment you need.
- Tenures offered: Since the tenure directly impacts your monthly payments towards the loan, ensure you have enough time to repay. This will help you to ensure your finances are not strained.
- Interest rates: Rates affect the cost at which you borrow, so choosing the most affordable loan helps you repay faster and more easily.
- Collateral required, if any: Risking your assets may not be in your plans, so check if the loan you want to avail requires any assets as security.
- All fees such as part-prepayment, EMI bounce charges, and more: All these allied charges can add to the cost of your loan, so choose the most affordable loan with nominal supplementary charges.
Once you have compared loans from multiple lenders, you can now decide on the ideal medical equipment loan to cover your costs. Make sure you use an EMI calculator to plan repayment and then apply. Today, you can get your physician loan online with minimal documents.