Medical Equipment: When to Rent VS Buy

When it comes to obtaining medical equipment for your facility, it’s important that you decide whether you would rather rent or buy. Not only are there financial aspects to consider, but whatever route you decide to go will have some sort of impact on your patients and staff members. Continue reading to learn what’s best for your institution! 

When to Rent: 

According to the statistics, a majority of medical equipment is leased or financed rather than bought. Why is this such a popular choice for consumers? Read below to find out. 

1. It’s a short-term piece of equipment. 

Is the equipment you’re considering purchasing something your institution won't use regularly or long-term? If so, renting the product could be a better financial decision. If you realize you don’t use as many of these rented machines as you thought, you can alter the quantity of products you rent to match instead of buying more than you need. 

2. You don’t want to worry about repairs. 

The company you rent from often takes care of equipment repairs that you’d otherwise have to pay for yourself if you owned the equipment. Not having to worry about these repairs could end up saving you big bucks down the line. 

3. The piece of equipment is constantly being upgraded to new versions. 

Renting allows you to exchange the equipment for the latest and greatest technology, so you won’t have to worry about your product becoming outdated. If this product is something that is continuously evolving over the years, you may realize that buying the equipment could be a financial mistake long-term. 

When to Buy: 

Just as buying a house is a better long-term investment than renting is, the same goes for buying medical equipment. Below we’ll explain when you should buy rather than rent. 

1. You’ll need this staple piece of equipment frequently and long-term. 

It makes perfect sense to rent a piece of equipment that isn’t used often and is for short-term use. On the other hand, if this is a product that will last you long-term and is something you’ll use frequently in your institution, it might be smarter to make the full investment. 

2. Repairs are worth the investment. 

It’s important to consider what repairs will need to be made over the product’s lifespan. Take into consideration how much the equipment costs to purchase and how much common repairs are. If repairs are rare and not as pricey compared to the price of rentals, buying it might be the choice for you. 

3. It’s a timeless piece of equipment. 

If the medical equipment you’re looking for doesn’t need to constantly be upgraded during its lifetime, it’s a good idea to consider buying rather than renting. Some equipment needs to be rotated every few years and replaced by upgraded technology, but some things are standard and don’t change as much over the years. 

We proudly offer products available for both purchase and rent and have the reliable experience to help you make the right decision for your business. If you are still debating on whether to rent or buy your medical equipment, feel free to contact us and we’d be happy to assist you in the decision.