Financing Options for Purchasing or Leasing an MRI System for Your Practice

November 14, 2017 | Categories: MRI Machine | Author: Resonant Healthcare Imaging Solutions | 0

If you’ve decided that it’s time for your facility to acquire a new MRI system, you’ve probably already spent a good chunk of time considering how your facility is going to pay for it. Unless your facility is prepared to pay for the equipment outright, you will need to explore financing options.

Medical equipment financing is complicated, but your facility can start the process by zeroing in on a few pieces of critical information. First, your facility needs to have an idea of how much it wants to spend on a new MRI system and how much, if any, cash is available for a down payment. Then, your facility needs to figure out what specific MRI system would best meet its needs. Finally, your facility needs to decide whether it would prefer to buy or lease MRI equipment.

Purchasing MRI Equipment

For facilities that are looking to purchase MRI equipment, there are several financing options available, including:

1. Non-financing (cash): This option typically is only a reality for large, high-volume imaging centers that are profitable, financially stable, and have funds set aside for equipment acquisition. Imaging facilities may use income from operations, bonds, investments, or charitable donations to finance an MRI purchase. If your facility is thinking about buying an MRI system outright, you should shop around to be sure you are getting the best deal.
2. Vendor financing: Not all MRI equipment vendors offer financing, but some do.
3. Third-party or bank financing: Some MRI vendors do not offer in-house financing and refer interested facilities to third-party financing companies. Banks may also offer financing for medical equipment.

Leasing MRI Equipment

There are many options for leasing MRI equipment, and leases can usually be customized to fit the needs of your facility. It’s important to remember that when your facility leases MRI equipment, it does not own the equipment when the lease is up. However, your facility may be able to include a buy-out option to purchase the equipment for fair market value or for a fixed amount (such as $1) when the term of the lease expires.

If your facility plans to lease MRI equipment, it is important that you review the lease agreement carefully and have a clear understanding of the terms. The length of the lease and the size of the down payment, as well as any buy-out, termination, extension, or repair / maintenance clauses, will affect your facility’s monthly payment and overall cost.

Other considerations

Here are a few other important things to remember:

• Your facility’s creditworthiness will determine your interest rates and whether you qualify for financing at all. Generally, the newer and smaller your facility is and the more negative financial events your facility has had, the more difficult it will be to get financing. Just like with other types of loans, a higher risk to the lender will mean higher interest rates and payments for your facility, as well as a higher overall cost. Keep in mind that although a serious financial problem such as bankruptcy or foreclosure will affect your facility’s creditworthiness, it may not necessarily disqualify you if your lender is willing to accept a larger-than-normal down payment, a cosigner, or some other form of collateral.
• Most MRI equipment loans and leases have a five-year term. However, you may be able to negotiate a different term to accommodate your facility’s needs.
• Pay attention to overall costs. When reviewing financing options for MRI equipment, your facility should look beyond the monthly payment and consider the overall cost of the equipment during the term of the financing arrangement.

Because financing an MRI equipment acquisition can be as complicated as choosing the right system, many facilities hire an MRI acquisition consultant to help them find the financing option that is the best fit. If you are financing a purchase, your MRI acquisition consultant will help you to get the right MRI equipment for the best price. For facilities that are looking to lease MRI equipment, your MRI acquisition consultant will help you to negotiate a lease with terms that meet your facility’s needs.

If your facility is ready to acquire and finance new MRI equipment, our MRI specialists can help you find the best arrangement for your unique circumstances. For more information or to schedule a conversation with one of our MRI experts, call 877.938.5665 or contact us.

Contact Resonant Healthcare Imaging Solutions

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