Healthcare Equipment Financing

Healthcare equipment financing plays a crucial role in ensuring medical facilities have access to the necessary equipment and technology to provide quality patient care. Healthcare equipment, such as MRI machines, X-ray machines, surgical tools, and patient monitoring systems, can be expensive. Therefore, healthcare facilities often rely on financing options from banks like Customers Bank to acquire the necessary equipment.

Customers Commercial Finance is a leading provider of equipment financing to businesses of all sizes across the nation. With over $22 billion in assets, we offer a full array of choices for transaction sizes ranging from $250K to $50MM and terms of 3 to 10 years with fixed and floating rate options. The loans can generally be used to purchase new or used equipment.

Benefits of Healthcare Financing

One key benefit of healthcare equipment financing is that it relieves providers from the financial burden of making a large upfront payment for expensive medical equipment. Instead, they can spread out the cost over time through financing, preserving their cash flow and allocating their working capital towards other critical areas of their operations. This not only allows them to maintain a healthy balance sheet but also ensures they can access the latest medical technology, thereby enhancing the quality of patient care.

Healthcare equipment financing also empowers healthcare providers with the flexibility to upgrade their equipment as technology advances. In the rapidly evolving field of healthcare, new and improved equipment is constantly being introduced. By opting for equipment financing, providers can avoid being stuck with outdated or obsolete equipment. Instead, they can upgrade or replace their existing equipment with more advanced and efficient models without significant financial burdens, ensuring they can deliver the best possible care to their patients using state-of-the-art technology.

Overall, healthcare equipment financing is a valuable tool for healthcare providers looking to invest in essential medical equipment without straining their finances. By spreading out the cost over time and taking advantage of flexible payment options, healthcare organizations can acquire the necessary equipment while preserving their working capital. Additionally, the ability to upgrade equipment as technology advances ensures that healthcare providers can deliver optimal care to their patients. With the added benefit of tax advantages, healthcare equipment financing is a sensible and strategic choice for healthcare organizations seeking financial assistance in acquiring and maintaining essential medical equipment.

Loan Options

Here are a few popular options for healthcare equipment financing:

• SBA 7(a) Loans: Designed for both new ventures and existing small businesses, the Small Business Administration (SBA) loans can be short- or long-term and typically come with low interest rates. Various loan options are available, so it is recommended to consult with a specialist from Customers Bank’s SBA loan department to determine the most suitable loan for your business.
• Equipment Loans: If a vendor is unwilling to provide financing for your equipment or you believe that better terms may be available elsewhere, Customers Bank offers equipment loans that can be a suitable solution. These loans generally come with fixed interest rates and repayment periods ranging from three to seven years. Depending on your creditworthiness, loan amounts can vary from $25,000 to $5 million.

The Bottom Line

Using loans for healthcare equipment financing is common. Many profitable businesses with healthy cash flows continue to choose commercial equipment loans to meet their growth needs. At Customers Bank, we understand the importance of finding the right financing solution for your business. That’s why one of our experienced equipment financing experts would be delighted to help you navigate the options and find the best fit for your needs.