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In 2018, the market size of medical equipment industry was $5 billion, accounting for a compounded growth rate of 17% YoY. This burgeoning rate is mainly due to growth in technologies and the invention of modern equipment.
Medical organisations across India are regularly improving their equipment through medical equipment financing in India. At the basis of technological advancements and upgrade of services offered are the required finances.
It is essential to remain relevant in a continually improving market and also maintain the productive capacity of your venture.
Several financial institutions offer medical equipment financing in India, which allows you to avoid any financial dent affecting the profitability of your organisation.
Regardless, before you decide to purchase medical equipment for your organisation, you should take into consideration a few factors which directly impact your financial status.
Tips on medical equipment purchase through healthcare finance
Purchasing medical equipment not only determines your sustenance amongst your competitors but also ascertains quality service to your patients.
However, specific parameters should be kept in mind regarding such purchases, such as –
- Check your inventory
You should check your equipment inventory to determine which of them require upgrades and replacements. Checking on the available pointers is crucial if you run a mid-sized organisation or a polyclinic, as healthcare demands a wide range of medical gear.
Once you have prepared a list of equipment you need to purchase, you can reach an approximate monetary figure you will need to facilitate such expenses. You can approach several financial institutions who offer medical equipment financing in India to fund such hefty purchases.
Reputed lenders such as Bajaj Finserv provide Loans for Doctors to medical practitioners as financial assistance to meet such expenses at attractive interest rates.
They also provide pre-approved offers on loans, making the process easier and hassle-free. These offers apply on a wide range of credit facilities such as professional loans, business loans, personal loans, home loans, etc.
Choose an ideal vendor
Conduct thorough research of the market to determine which vendor would suit your quality standards, financial capacity, and also post-purchase expectations, at reasonable prices.
While selecting a vendor, the following points must be carefully analysed –
- Go through the websites of various vendors to check their collection of equipment and the prices they have tagged on individual products. Instead of purchasing from a single seller, you can consider acquiring different products through healthcare finance from separate vendors to ensure cost-effectiveness.
- You should also take into account the brands of your equipment and their reviews on individual websites. Study their specifications and employ your best judgement. For instance, there are several parameters you should consider before buying a defibrillator, such as efficacy, brand reputation, etc.
- Consider the post-sale services of individual vendors. It is a crucial aspect, as electronic equipment malfunctions can be frequent. Henceforth, you should opt for a vendor who provides satisfactory after-sales services. This research should also constitute the respective seller’s support staff who will be handling the services and their technical know-how regarding such products.
- Some vendors provide a demo of specific equipment before finalising the purchase. You should look for such sellers. It is how doctors ensure that they are buying the right medical equipment.
Additionally, you should look to make room for new equipment for your healthcare setup and mould your existing infrastructure to enable changes efficiently. Henceforth, medical equipment financing in India can be utilised for expansion purposes as well along with the purchase of state-of-the-art machinery.