Business

5 Practical Reasons to Rent Medical Equipment

If you need specialized medical equipment and don’t have the money to buy it, renting can be a great solution. Renting will allow you to use it whenever you need it without having to pay for it month-to-month. It also makes it more flexible, making it less expensive than buying and more affordable. Moreover, it can be covered by Medicare. Check out, medical equipment hire near me.

Less expensive than paying month-to-month

If you’re a small urgent care or practice with limited funding, renting medical equipment can save you thousands of dollars. Purchasing and setting up an x-ray room can cost $75,000 or more, a staggering sum for a small practice. But if you lease the same equipment for five years, the monthly payments can come to less than $1,400. This way, your family can make the best decision for its medical care needs.

Rentals medical equipments in Hialeah Florida My Health Solutions

Many rental locations offer a variety of equipment. Some of these companies rent to patients directly, while others rent to nonprofit organizations, rehab facilities, and other entities. In some cases, family caregivers can rent equipment on behalf of the patient.

More flexible than buying

If you’re on a tight budget, renting medical equipment can save you money and give you greater flexibility as your health changes. In addition, you can take advantage of the latest technology while paying less per unit. You can also find medical equipment rentals at discounted rates through local non-profit organizations. If you’re on a budget, you may even be able to find free rentals from organizations such as the Eldercare Locator.

Medical equipment is one of the largest expenditure items for healthcare facilities. The upfront cost is substantial, and the ongoing costs of maintenance are significant. This makes leasing a more attractive option for operators. Some suppliers even offer generous lease terms and other perks to help their customers make better use of their equipment. Regardless of the benefits of leasing, the purchase of equipment may be the better option for some facilities.

Cost-effective

Renting medical equipment is an excellent option when medical facilities are in need of equipment that is not readily available in the hospital. This option is particularly valuable for at-risk patient types, where it is difficult to predict demand. By renting specialty equipment, hospitals can ensure they have the beds, therapy surfaces, and other equipment they need to reduce the length of a patient’s stay and maximize reimbursement.

Medical equipment can be expensive, especially if it’s used regularly. While renting is cheaper, it doesn’t offer the flexibility and convenience of owning equipment. You will need to keep in mind that the costs of maintenance and repair can make purchasing equipment less affordable than renting. It’s important to choose a reputable manufacturer or provider for medical equipment.

Medicare-coverage

When renting medical equipment, Medicare will cover 80 percent of the cost. Secondary insurers will cover the remaining 20 percent. Support Surfaces, oxygen equipment, and wheelchairs are some of the items that Medicare covers. While some of these items are only covered for a month, others may need to be purchased if the individual needs them for longer than a few months.

Some suppliers will charge up to 15 percent more than what Medicare allows. This is a risk the patient faces if they don’t get Medicare assignment. In this case, the patient may be responsible for the difference. However, Medicare also lets the beneficiary spread out his or her coinsurance costs by paying a small portion up front. The equipment will be covered for up to 36 months and will come with service and maintenance. If you choose to pay more than what Medicare covers, it is important to ask about a rental contract before signing anything.

Leasing makes sense

Leasing medical equipment is a great way for small hospitals or practices to save money on upfront equipment purchases. In addition, leasing can make financial sense for hospitals that are trying to manage cash flow or allocate liquid resources. The terms for a medical equipment lease are flexible and can range from three to five years.

One of the biggest benefits of leasing is that a practice doesn’t have to put a large cash down payment up front. This can be particularly helpful if a practice is tight on cash, and would prefer to hold onto that money for other expenses or working capital. Leasing allows a practice to replace outdated medical equipment with cutting-edge equipment, without the hassle of unloading and disposing of old equipment.