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Practice tip of the week: Equipment financing

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Your weekly dose of wisdom from the Physicians Practice experts.

lightbulb doodle © Matias - stock.adobe.com

lightbulb doodle © Matias - stock.adobe.com

With all the useful information available on Physicians Practice, it is easy to become overwhelmed.

With this in mind, the tip of the week is a chance to reflect on some of the wisdom found all across the site. In the March 2023 story on funding the purchase of new medical equipment, Justin Tabone writes:

Though these (payment) arrangements may be structured differently depending on the practice’s objective regarding ownership or use, there are a number of options available to help your practice acquire new technology.

Deferred payment structure. This option requires no payment for the first three to six months, followed by standard payments for the remaining term.

“Token-payment” program. This plan allows a practice to pay a nominal monthly payment for a short period (around 6 to 12 months) before standard payments begin.

“Step-up” structure. This plan generally includes a deferral period, followed by minimum payments for up to a year (often 1 percent of the equipment cost), before standard payments begin.

Click here to read the rest of the article and be sure to check back next week for another Tip of the Week!

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