Get the Medical Equipment You Need
If you’re looking for durable medical equipment financing, you must keep in mind of criteria for your equipment. Durable medical equipment is defined, in part, as any piece of medical equipment prescribed to someone by a physician for use in the patient’s home for therapeutic benefits, due to a medical condition or illness.
It must meet these criteria:
- Can be reused over and over
- Used for only medical purposes
- Must be used for a specific condition (medical)
- Primarily used in the patient’s own home
- Will last for at least three consecutive years
Most insurance companies will pay for or reimburse for this type of equipment if the criteria are met. Also if the equipment provided does not serve any significant non-medical purposes such as air conditioners, air filtration or humidifiers.
As our population continues to increase and life spans get longer, this type of equipment is becoming more necessary than ever before. Many patients are choosing to receive much of their care as possible within their own homes instead of in a facility. Durable medical equipment can make that much more possible for them.
If you are a company that provides this service and are in need of better or more equipment to offer but has limited cash on hand, it is certainly possible to obtain financing in order to upgrade or grow your inventory.
Why Some Companies Choose To Lease
The fact is, in this economy, the cost of this kind of equipment is steadily rising. For this reason, many are now choosing to lease or rent these items from reputable and reliable companies that offer that option.
Many hospitals and long-term care facilities will choose to lease durable medical equipment, as opposed to buying it outright, in order to hold on to the capital that they do have, while still having access to the latest equipment. They might also choose to lease until they have the opportunity to upgrade to the newest equipment throughout their entire facility as opposed to buying it one piece at a time.
If you choose to lease out your inventory in situations such as these, you might find yourself in need of more or better equipment, and that is where financing can come into play.
Types of Durable Medical Equipment – For The Home
There are many types of medical equipment that fall under this category, including, but certainly not limited to:
- Wheelchairs and Scooters, for either long or short-term illnesses.
- Crutches and Canes
- Blood Glucose Monitors
- Commode Chairs
- Hospital Beds
- Continuous Passive Motion (CPM) Machines
- Infusion Pumps and Associated Supplies
- Oxygen Equipment
- Patient Lifts
- Continuous Positive Air Pressure (CPAP) Devices and Accessories
- Suction Pumps
- Traction Equipment
- Bili Blankets and Lights
Of course, these are all equipment pieces that have the primary function of serving a patient who is undergoing treatment in their own home. Additionally, they are all pieces that can be prescribed by a primary physician, although some of them can be purchased outright by anyone. In the latter situation, insurance companies usually will not pay for nor reimburse for the equipment.
Types of Durable Medical Equipment – For Facilities
As previously stated, some facilities choose to lease this type of equipment as well. Not only does it allow them to keep a good portion of their capital and keep them from taking out an extra line of credit, it can also them to keep their services cost effective for patients as well.
Durable medical equipment in the facility must provide high quality, meaningful care to the patient while also meeting the rigorous demands of quality and effectiveness for caregivers and clinicians as well. Finally, it has to be durable enough to use on an almost constant basis.
Some of the equipment included for use in facilities includes, but not limited to:
- Exam Tables
- Exam Stools
- Side Chairs
- Instrument Stands
- Wall systems/Diagnostic Tools
- Transport Chairs
- IV Poles
- Bathroom Equipment
- Patient Lifts
- Oxygen, Tubing, and Supplies
- Special lighting
- Special waste receptacles for biohazard waste
- Even veterinarians qualify for financing and business loans!
Some Special Considerations
As a provider of durable medical equipment, you should seek to familiarize yourself with the products that you sell. Being ready to respond to complaints, questions and queries for help in setting up the equipment can all be advantageous.
You might want to keep contact information at hand for all the manufacturers of the equipment you sell. This way, if a question arises that you are not comfortable giving an answer for, you will quickly be able to contact someone who can either answer that question for you or quickly refer you to someone who can.
It is also your responsibility to see that all of the equipment you sell, lease or rent out is in top working condition. Should it begin to fail in any way, then it is definitely time to replace that piece with a new or quality refurbished item. However, instead of replacing one piece at a time, it is probably more beneficial to wait until you have to replace several at one time. You will then be able to announce that you have “new inventory” that you are offering.
Replacing several pieces at a time, especially if they are large and expensive pieces, can seem like a huge endeavor. However, we can help you get the financing you need in a variety of different ways.
Also, holding on to your cash on hand can be important for many different reasons, including payroll, utility bills and so much more. However, it should not hold you up and keep you from offering the best medical equipment to those you serve in this area. It is as important for your business as it is to the people who need it.
Contact First Capital for Durable Medical Equipment Financing
You may think that you will not qualify if your credit is less than perfect, but this is not always the case. Call us today at 888-565-6692 and we will help you figure out exactly what you need.We can also help find the best way to attain it, all while keeping your capital, collateral, and payments to as minimal an amount as possible. Pre-qualify for your loan online today!
Durable Medical Equipment Financing | First Capital Business Financing, USA