The key to building a successful business goes beyond having a great product or service. The right tools whether in the form of software, equipment, or processes are essential to driving the success and growth of your business. Choosing and investing in the right tools can save time, reduce costs, enhance productivity, and create a competitive advantage in today’s fast-paced market.
QUESTIONS TO CONSIDER
What equipment do we need to operate efficiently?
Operating an infusion center efficiently requires a well-coordinated setup of medical, administrative, and facility equipment. The type of infusion pumps your facility needs depends on the services you offer, the volume of patients, and medication complexity.
Should we rent rent or buy equipment?
Whether to rent or buy infusion equipment depends on your financial position, growth plans, patient volume, and regulatory requirements.
Renting
Renting medical equipment allows you to meet the varying needs of your practice while maintaining flexibility to shift inventory demands as your patient census fluctuates.
Leasing
If you’re ready to own your equipment but can’t afford to pay for it upfront, an operating or capital lease may be the best fit for you.
Purchasing
Purchasing medical equipment allows you to avoid monthly payments, with a one-time payment up front. You will have total control of your equipment, benefitting from tax benefits and financial freedom.
What are the costs and benefits of each option?
Renting Medical Equipment
Renting medical equipment is a flexible option for your growing practice. Renting allows you to meet the varying needs of your practice while maintaining flexibility to shift inventory demands as your patient census fluctuates.
Short-Term Rental
With a short-term rental, you can keep pumps anywhere from a few days to a few weeks, depending on the duration of patient therapy or an increase in patient volume.
Long-Term Rental
Long-term rentals offer an affordable solution in cases where demand is consistent but on hand cash is low. Renting allows you to access the latest technology without the financial burden of ownership.
Benefits
- Avoid upfront costs and additional preventive maintenance fees
- Option to upgrade or switch equipment
- Ability to shift inventory demands as patient census fluctuates
- Not responsible for maintenance and repairs
Costs
- More expensive in the long run
- Availability may be limited during high demand
- Recurring rental fees
Leasing Medical Equipment
If you’re ready to own your equipment but can’t afford to pay for it upfront, either lease option is a great fit.
Operating Lease
An operating lease allows you to use the asset for a period of time shorter than its useful life, with no intent of ownership or purchase.
Benefits
- Lower monthly payments
- Lower risk
- Tax benefits
- Not responsible for maintenance and repairs
Costs
- Committed to payment and equipment for length of lease
- Payments typically build no equity
- Buy at market price at lease end
- Cannot depreciate asset
Capital Lease
With a capital lease you assume many of the risks and rewards of owning the asset, even though legal ownership may not transfer.
Benefits
- Tax benefits
- Build ownership over time
- $1 payment at end of lease
Costs
- Higher monthly payments
- Higher risk
- No option to upgrade equipment
Purchasing Medical Equipment
At Right Way Medical we skip the fine print and hidden fees, fostering relationships built on trust and transparency to transform your inventory and advance your practice. We understand that cost is a daunting barrier when it comes to obtaining the medical equipment you need. That’s why we’re here to make financing a smooth, feasible, and efficient process. We’re determined to help you secure the right device, at the right price.
Benefits
- Financial freedom
- Tax benefits
- Can depreciate asset
- Total control of your equipment
Costs
- 100% of payment required up front
- Responsible for maintenance and repairs
How will we manage IT support and equipment maintenance?
Right Track is our advanced equipment tracking system crafted to keep you in control. Engineered to minimize human error and maximize compliance, this user-friendly software eliminates the headaches of inaccurate tracking and inefficient management. With Right Track, you’ll have a clear, comprehensive view of your assets, streamlining inventory and ensuring you’re always prepared.
Track your assets
Navigate your devices effortlessly and access the information you need without any barriers. Whether with a patient, in biomed, or transferred to an additional branch, you know where your equipment is and where it’s been.
House Maintenance and Compliance Records
Meet HIPPA and preventative maintenance requirements by having full visibility to repair records and upcoming service approvals.
Manage billing and reporting
Billing begins from the moment each asset is scanned out to your patient until it’s received in. Our device utilization features help you allocate inventory, reduce redundant rental costs and accelerate device turnover.
NATIONAL INFUSION CENTER ASSOCIATION
“We infuse positive change to unlock the future of healthcare”
The National Infusion Center Association (NICA) is an independent, non-profit organization committed to protecting and supporting non-hospital infusion centers so they can deliver high quality care to vulnerable populations who depend on it. As an industry partner, Right Way Medical supports their mission to be the nation’s voice for infusion centers that offer a safe, more affordable alternative to hospital care settings.
As a proud member of the National Infusion Center Association, Right Way Medical pursues ongoing community engagement and industry partnerships. We are proud to work with an organization that advocates for higher standards of excellence, uncompromised quality and safety, and equitable access to life-changing infusion medications for those who need it most. That’s why we look forward to the education and interactive opportunities that NICA has to offer at their annual conferences.
READY TO KICKSTART YOUR BUSINESS?
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