Wednesday, November 18, 2015

3 Great Ways to Find Savings in Your Medical Equipment Lease

Do you often feel like you're getting taken advantage of when sitting across the table from a medical equipment leasing company? Are there any other ways to save on the monthly payments other than lowering the interest rate or extending the duration of the lease? 

Many leasing companies are very amenable to finding creative ways for your hospital to save money on a medical equipment deal...that is...if you know where to look and what to ask.

Here are three ways you might be able to save before entering into your next medical equipment lease:

1. Reduce the Overall Purchase Price of the Equipment - Many times hospitals are so focused on the monthly payment or interest rate of the leasing deal that they often overlook the actual purchase price of the equipment.  Make sure to benchmark the purchase price of the equipment against what other hospitals pay before you even think about the structure of the lease.

2. "Trade In" Equipment to Buy Down the Lease - Leasing companies often work with many other vendors who can provide cash for equipment you no longer need.  If you have equipment you are looking to sell, offer it to your leasing company as a way to buy down the initial payment of the lease.  It doesn't even have to be the same manufacturer or even type of product you are about to lease.

3. Understand the True Market Value of Your Equipment at End of Lease - Don't get stuck at the end of the lease with an overinflated buyout.  Leasing companies are known to charge a higher price for a lease buyout as a way to make a higher profit on the deal.  Make sure to fully evaluate the true market value of the equipment if and when you decide to purchase at the end of the lease term.

Have you had success of your own when handling medical equipment lease buyouts? What was your strategy?

Leave us a comment to share your success!

If you have any questions about saving money on equipment leases or if you want to test drive Miga's Benchmarking 2.0 solution, Equipment Value Management System® (EVMS), please contact us at 866-511-MIGA (6442) or by email.

1 comment:

Miga Solutions said...

Check it out: Our client was able to realize a 58% ($524,000) reduction in the buyout of a leased CT scanner by using the EVMS Estimate of Resale Value. Armed with the knowledge of what identical equipment has sold for in the market, our client was able to negotiate from a position of strength and achieved savings of $524,000 compared to the original buyout price quoted by the lease company.