One of the largest investments that service providers make when opening or running a practice is their equipment. It can range from diagnostic equipment to treatment equipment and can balloon quickly into a huge amount when new or specialty items are purchased. Saving on medical equipment does not have to mean patients suffering. Rather, it is proper management, information, and efficiency. Below are five practical tips for doctors to save money on medical equipment, ensuring the practice runs smoothly, is financially sustainable, and is healthy for your patients.
Shop For Refurbished Or Used Equipment
Purchasing refurbished or used medical equipment is one of the very best ways to lower expenses. Many companies sell used equipment. Many of these have been tested and certified to specific safety standards. Often available at a fraction of the price of new, it can make an enormous difference, especially for those in need of outfitting an entire practice.
Make use of Equipment Financing and Leasing.
Instead of buying medical equipment, which often fetches a huge price, on a cash basis, you can look at leasing or financing them. This method has the major advantage of spreading the cost of equipment over time, making it cash-flow-friendly. Leasing makes much sense where equipment might change in two years. When you lease, you avoid the big front-end cost of upgrading to modern technologies at short intervals. Most manufacturers offer flexible leasing terms. Some even make maintenance plans part of the leasing contract. Financing can be helpful when those diagnostic tools and treatment machines get expensive, as you can make use of the latest without breaking into your pocket.
Negotiate with Suppliers and Vendors
Don’t hesitate to negotiate the prices with medical equipment suppliers. Most sellers give discounts especially on big purchases or with long-time tie-ups with them. In negotiation, you might as well get a great price even with the most basic examining tables and more so in specialized equipment. Ask if the vendors have seasonal discounts, deals, or packages that might save you some money. Many times, the list price is not the final price, and it’s always worth asking for a better deal. Building rapport with suppliers can also get you into exclusive deals or early notices on upcoming sales.
Essential Equipment Prioritization
You’ll be tempted to equip your practice with state-of-the-art medical gadgetry. Well, prioritize your spending on whatever equipment you absolutely need. Start with the major equipment that is going to support your daily activities and care of patients, like UMF medical equipment. Identify what affects patients’ outcomes or the efficiency of your practice. You’re not necessarily going to buy all at once, especially if you have a piece of equipment in a later tier of purchases when you find your practice has a greater financial foundation.
Utilize Group Purchasing Organizations
Most healthcare providers do not know that they could join a group purchasing organization with cost savings on medical equipment. GPOs usually gain better prices from vendors through collaboration with several practices or hospitals in making a purchase. Joining a GPO will bring you group-buying power and medical equipment, supplies, and services deals to your practice, which otherwise may not be negotiated individually. Group purchasing comes in handy for the smaller practices since they do not have the power of the large hospitals or healthcare networks. To see if the local medical associations or industry groups offer membership in a GPO, please check with them.
Conclusion
The financial challenges of starting or running a medical practice are many; among these are the costs of medical equipment. Still, there are means like purchasing refurbished equipment and leasing, negotiating with the supplier, focusing on the important equipment, and group purchasing programs that doctors can use to save quite a lot. These tips will keep healthcare service providers in control of their budgets as they ensure quality care. Saving money on medical equipment does not have to mean sacrificing the quality of care and patient outcomes-it’s about being smart with purchasing and offering opportunities for cost savings. Apply these tips in your practice so your practice is as efficient as it can be without overdraft.