Ah, banks. Can't live with them, can't live without them. While your local bank may do a great job of providing working capital for your hospital or imaging center, they will likely look at you with blank stares if you ask about financing refurbished medical imaging equipment like MRI machines, CT scanners, PET/CT, cath/angio labs or C-arms.
Why? Local or national banks are not typically structured to handle refurbished equipment due to fear of the unknown (see "Non-Captives" Financing Refurbished Medical Imaging Equipment?...It is Officially "What's Hot"). The primary reason for this fear? They simply do not know how much your equipment will be worth at the end of the financing term.
As you contemplate the purchase of refurbished imaging equipment, here are three steps to consider when looking for financing options:
1. Work with a financial partner who understands refurbished equipment
Not all financial institutions are created equal. Their ability to finance refurbished equipment depends primarily on an internal group known as the asset management team. This team's ability to understand the value of refurbished equipment during a financing term directly impacts the institution's ability to provide financing. At Block Imaging we regularly answer questions from asset managers about equipment values since they recognize our knowledge of the market.
One of your first questions to a potential financial partner should be "Do you offer financing on refurbished imaging equipment?" If their answer is more complicated than a simple "yes," move on.
2. Find a financial partner who specializes in your credit
The financial world is all about risk management. Different companies have different risk tolerance levels so the key to finding the lowest-cost financing is to work with a partner who specializes in your organization's credit. Don't know what your business credit looks like? There are many resources available online such as Moody’s. If you have a doctor-owned imaging center, your personal credit will be a significant factor in determining how easily you will be financed.
3. Work with a reputable seller of refurbished imaging equipment that provides financing
One of the easiest ways to finance your refurbished imaging equipment is to work with an equipment provider that can provide you with financing options. For example, at Block Imaging we can find the best financing and leasing options for you through our financial partners.
Contact us for quotes on your next medical imaging equipment purchase and we can provide you with sample payment options to finance your equipment.
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