At present, the medical technology is growing at a fast rate with many new equipment and new features being introduced in to the market. In order to remain afloat in this dynamic field, medical practitioners have to invest in the most advanced and specialised facilities. However, it is more costly and rather cumbersome to acquire and fully furnish a health facility as a result of the expensive and obsolete nature of these tools. To ease, this expenditure, many institutions and individuals prefer medical device rentals.
The services of practicing tools can be accessed by either buying or through a rental agreement. It is therefore important to closely analyze the financial and non-financial aspects of both alternatives. One can buy almost any equipment desired, as long as it is within reach and at his disposal. However, equipment for rent may be limited, but the following are often available; MRI machines, computers, surgical systems, imaging and diagnostic facilities, X-ray and ultrasound machines among others.
The analysis of any potential investment begins with an evaluation of non-financial aspects, followed by the financial implication. This is particularly the case for investments that do not generate revenue directly and thus the non-financial considerations of such investments way more heavily on your decision.
Non-financial analysis entails ascertaining whether the investment fits with the overall strategy, goals and imperatives of the business. For instance, a business whose strategy an focus is in attracting younger patients then updating the waiting room by adding a play area proves more strategic and in line the business plan. This is opposed to buying or renting a flexible sigmoid scope, though renting the scope would financially be beneficial for the business.
The analysis also considers the pros and cons of the particular investment and the alternative opportunities worth investing in. When considering a particular investment, it is important to put in mind the other avenues you could use the money. Ensure to invest in the most profitable opportunity. If the conclusions obtained from a non-financial evaluation supports investing in new device, then conduct an inclusive financial analysis of the project.
Information gathering is the preliminary step of financial analysis. Collect pertinent information necessary in reaching an informed decision. Shop around for various rental deals and purchase options. Pay attention to close variations such as lease rates, service schedules, and tax implications among others. The data are most important for the calculation of the incremental cash flow, a more dimensional approach that considers the additional revenues and expenses incurred as a result of the project.
Further the examination by evaluating the data with an analysis of break-even points, net present value and payback period. This enables you to know the short term and long term financial implications. In addition, you are acquainted with the payback period of the item.
The decision process in acquiring a new medical implement can only be simplified by prior planning and examining the available alternatives. The secret is in securing a venture that is not only beneficial to the practice in the short run, but also in the long run.
The services of practicing tools can be accessed by either buying or through a rental agreement. It is therefore important to closely analyze the financial and non-financial aspects of both alternatives. One can buy almost any equipment desired, as long as it is within reach and at his disposal. However, equipment for rent may be limited, but the following are often available; MRI machines, computers, surgical systems, imaging and diagnostic facilities, X-ray and ultrasound machines among others.
The analysis of any potential investment begins with an evaluation of non-financial aspects, followed by the financial implication. This is particularly the case for investments that do not generate revenue directly and thus the non-financial considerations of such investments way more heavily on your decision.
Non-financial analysis entails ascertaining whether the investment fits with the overall strategy, goals and imperatives of the business. For instance, a business whose strategy an focus is in attracting younger patients then updating the waiting room by adding a play area proves more strategic and in line the business plan. This is opposed to buying or renting a flexible sigmoid scope, though renting the scope would financially be beneficial for the business.
The analysis also considers the pros and cons of the particular investment and the alternative opportunities worth investing in. When considering a particular investment, it is important to put in mind the other avenues you could use the money. Ensure to invest in the most profitable opportunity. If the conclusions obtained from a non-financial evaluation supports investing in new device, then conduct an inclusive financial analysis of the project.
Information gathering is the preliminary step of financial analysis. Collect pertinent information necessary in reaching an informed decision. Shop around for various rental deals and purchase options. Pay attention to close variations such as lease rates, service schedules, and tax implications among others. The data are most important for the calculation of the incremental cash flow, a more dimensional approach that considers the additional revenues and expenses incurred as a result of the project.
Further the examination by evaluating the data with an analysis of break-even points, net present value and payback period. This enables you to know the short term and long term financial implications. In addition, you are acquainted with the payback period of the item.
The decision process in acquiring a new medical implement can only be simplified by prior planning and examining the available alternatives. The secret is in securing a venture that is not only beneficial to the practice in the short run, but also in the long run.
