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Whether to buy or lease expensive medical equipment

Investing in expensive medical equipment is one of the major decisions hospital administrators have to make. The decision can affect the cash flow of your business. Hospitals can either purchase the equipment or lease it. The decision depends on various factors, and these are discussed below.

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Leasing the equipment

When thinking of leasing equipment, you must find out the length of the lease period; whether the lease period can cover the life of the equipment; and how much it would cost you if you decided to buy the equipment after the lease period is over.

Short-term leases

These are appropriate when the technology is expensive, and there is a chance that it may change often. For example, imaging and lab equipment have short life spans in terms of technology. In this type of leases, you don’t have to buy the equipment at the end of the lease period.

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Lease-to-own contracts

This is a suitable option for equipments having a longer lifespan. So, you don’t have to purchase the equipment right away. So, you don’t need to pay any amount upfront. At the end of the leasing period, you must pay a fixed amount to buy the equipment.

Daily rentals

There are equipments that you don’t need to use very frequently. You can rent them on a daily basis. If you need the equipment for five days a week, then this option won’t be appropriate.

Choose these leasing options carefully depending on your need, type of equipment and budget. Don’t take the decision hastily as it might significantly affect your business.

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Buying the equipment

Whether to buy equipment or not depends on the frequency of its use. Once you decide to buy, you must check the interest rates. You must then decide how long it might take for new technology to replace the existing one.
Before making the decision of whether to lease or buy expensive medical equipment, the owner of the clinic or hospital must discuss the issue with a financial officer.

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Top 5 most expensive medical equipments in the world

Medical equipments can be very expensive. That’s why you won’t find all hospitals having certain equipment. People get admitted to expensive hospitals so that they can get access to the best doctors and facilities there. Here are five most expensive medical equipments.

Particle Accelerators

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This machine costs more than $100 million. This machine uses proton therapy that is used to treat cancer. This therapy is better than the traditional chemotherapy as it can treat some rare cancers that the traditional chemotherapy cannot cure.

CAT Scanners

cat-scanners

These machines look like a huge doughnut. These are digital imaging equipment that cost $2.7 million. It delivers 150 images of body organs per second. This machine is faster than MRI. While MRI takes a long time to diagnose, with a CAT scanner, the diagnosis will be made in just five minutes.

Magnetic Resonance Imaging (MRI)

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MRI uses high-field magnets for imaging patients. It costs about $2.3 million. You can find some machines that cost roughly $1 million. Common MRIs are for head, brain, spine and neck. It takes about 30 minutes to complete the procedure. There is no radiation risk with MRI.

Robot Surgical Machines

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This machine will cost $2.3 million. However, it will reduce the patient’s health care costs. It is a less invasive surgical procedure. Less damage occurs to tissues and organs. So, patients recover faster, thus reducing their medical bills.

3-D Mammography machines

mammo

It uses three-dimensional imaging. It costs about $760,000. This machine increases the chances of breast cancer detection. So, breast cancers can be detected at an earlier stage and can be fully treated.

The good hospitals are investing in these machines to attract patients. Many cannot afford to buy the new machines, so they depend on buying the used ones from auctions.