Renting vs. Owning Equipment: Are You Paying Too Much?

When was the last time your facility evaluated how much money you’re spending on rentals versus the relatively low cost of purchasing equipment? At what point does the money you’re spending for the convenience of rentals become large enough to cause you to consider purchasing instead?

Professional Medical has developed a step-by-step process to help your facility identify whether purchasing makes more financial sense than renting.

1.  Begin by identifying all of the rental equipment that you have in your building (concentrators, beds, specialty mattresses, etc.).
2. Determine the length of use of each piece based on resident status. Multiply the monthly rental cost by the estimated length of the resident’s stay and then subtract the cost of purchasing the equipment from this number. This will help you determine whether it makes sense to purchase the equipment.
3. Determine whether equipment can be purchased out of your current budget or whether a payment plan is necessary.

 Once you’ve decided that purchasing is a good fit for your facility, ProMed will be happy to work with your facility to get you the equipment you need in a manner that works with your budget. We’ll also arrange for your staff to be in-serviced on the new equipment!