As you finalize the selection of your CME recall replacement pumps, there is more to consider than the pump itself. Are you planning on renting, leasing, or owning the pump? How are you going to receive training on the device? Who is going to maintain it?
Right Way Medical prides itself in supporting you from the moment you recognize the need for new or additional infusion devices, through the end of that products’ life cycle years later. We consult through the pump selection process, educate and train your team during the pump transition period, and quickly service your equipment to minimize equipment down-time.
After selecting the ideal pump, you need to choose the best financial option for your business. Right Way Medical offers the following financing options, as well as numerous creative applications of them, to create the greatest flexibility while meeting your needs.
Renting
The most flexible financing option is to rent infusion pumps from Right Way Medical. Rental services allow you to avoid the upfront cost of purchasing IV pumps and offers short term options, including daily and monthly rates. This flexibility also allows you to upgrade or adjust their inventory on an as needed basis.
Capital Lease
During a capital lease, you are building equity with each payment. Though the payments are typically higher than renting and an operating lease, you will own the device at the end of the lease term with a $1 residual buyout. A capital lease allows you to claim depreciation on the asset while deducting interest each year during the payment terms, effectively reducing the monthly cost.
Operating Lease
While an operating lease offers a slightly lower monthly payment than rentals based upon the lease term commitment, unlike a capital lease, you do not build equity in the device. At the end of the lease term, you have the option to purchase or upgrade the infusion pump at market price. Though an operating lease offers less risk on the investment, the business cannot depreciate the asset.
Purchasing
You can always purchase infusion pumps from Right Way Medical if that is the best fit for your needs. The primary benefits of purchasing are depreciating your assets and long-term cost of ownership. However, maintenance costs as well as equipment down-time should be considered within that cost of ownership.
Depending on the terms you have chosen from above, biomedical services may or may not be included in your monthly payment, although Right Way Medical does offer extended warranties.
When budgeting for biomed services, it is mutually important to budget for the cost of labor and parts as it is length of time the pump is out of your facility. The faster the turnaround time from your preferred service provider, the faster the pump can generate revenue.
To easily track device usage and location, we recommend tracking all pumps in one software solution. Right Way Medical’s custom software, Right Track, gives you immediate access to data, tracking services, and increases ease of use for facility operators.
These tools only add value if your personnel know how to utilize them correctly. For this reason, RWM is dedicated to building a transition plan and training your staff on the Right Track software, as well as IV pumps, prior to implementing new equipment. With the uncertainty surrounding COVID-19, the Right Way team is adapting training techniques to follow CDC guidelines.
Right Way Medical is committed to providing the ideal customer experience and being your premier all-inclusive partner to efficiently and successfully manage your infusion pumps, disposables, and biomedical services. Contact us today to discuss how we can reduce your stress by streamlining all aspects of the ordering and purchasing process.
About Right Way Medical:
Right Way Medical provides supply, logistic, technology, biomedical, and financing solutions to alternate site, long-term care, and specialty pharmacy healthcare providers through an innovative suite of products and services combined with the highest level of customer service. Founded in 2014, Right Way Medical has become a trusted name in the infusion industry, and focuses every day to continue to earn that trust and provide its customers with the ideal experience in acquiring healthcare related products and service.