Starting a Medical Equipment Rental Business
Many medical clinics and hospitals that are yet starting have difficulty purchasing equipment outright. That is why many resorts to leasing medical equipment. Do you have a medical distribution business?
Would you like to add another item to your service offerings? Why not try to start a medical equipment rental business?
If you are a medical equipment distributor or medical supplies store, a medical equipment rental option is an ideal addition to your business in order to diversify your services and augment your income. Most startup clinics, and hospitals do not have a lot of financing to buy health monitoring machines upfront. In order to solve that financial constraint they rent out medical equipment. By doing so they are able to finance the “acquisition” of diagnostic machines using their monthly or yearly income. Generally, rent outs for small items can range from 3% to 20% of their value depending on whether they are on lease per day or per month.
Networking for a Medical Equipment Rental Business
In order to run a medical equipment rental business, you must of course have machines for renting out. If you are a medical equipment distributor, it is a given that you already have some of the machines if not all of them. Your other option is to buy operational machines secondhand. Yet another option is to network with other agencies or people who want to have their equipment rented out.
Meanwhile, in order to get access to doctors, clinics, hospitals, nursing homes, healthcare facilities, rehabilitation centers that are looking to rent medical equipment, you must be linked to healthcare organizations or to financial management companies that finances medical equipment rentals.
The Medical Equipment Rental Contract
As a business that rents out medical equipment, you must decide on your leasing options. You can lease out equipment that a lessee can return, can re-lease or can purchase at fair market value at the end of the lease contract. You also have to decide whether you will rent out individual items like wheelchairs of electrocardiogram machines or you will rent out equipment in sets.
Another aspect of the rental business that you must pay great attention to is on the terms of repair and maintenance. Decide whose lookout it is to keep the machines in good working conditions. And since you are entrusting the care and operation of your medical equipment machine to other people, you should have a protection in case the machine malfunctions or got broken, especially if your contract says the repair and maintenance are yours. You must have an insurance to cover the cost of repair or replacement.
Lastly, as a medical equipment rental business, you must keep yourself updated about new technologies in the medical field as well as new state and federal regulations regarding the distribution of medical products.
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