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Medical Equipment Finance Update

With the start of the COVID-19 vaccine roll-out in Australia, it’s timely to update on the availability of finance for the acquisition of medical equipment. Contrary to what some may think, Jade Equipment Finance is not solely involved in providing finance for heavy construction equipment, plant and machinery and yellow goods. We provide finance solutions for the full range of business equipment requirements across just about every industry sector. We’re not only involved in the rough and tough stuff but the delicate, sensitive devices and equipment used in the health and medical sector.

With the COVID-19 pandemic, the importance of specialist medical equipment has been in sharp focus. Initially with the need for ICU and respirator equipment and now with the requirements of the Pfizer vaccine for sub-zero temperature storage equipment and the other specialist equipment and facilities required for the Astra Zeneca and other vaccines. If your practice or facility is considering applying to be a provider of a specialist vaccine roll-out and requires new equipment to make that possible, our consultants can work with you regarding finance.

Medical practitioners and therapists may have also needed to upgrade their IT capabilities with new equipment in order to provide telehealth services to patients, especially mental health services during lockdowns. With some telehealth services purported to be continuing beyond the pandemic requirements, these needs may be ongoing. IT and computer equipment is also an area that we finance.

These are just a few examples of the type of equipment acquisitions that Jade could assist with finance solutions for medical practices and facilities. But our finance services extend to a vast range of equipment required by many practices, providers and medical services facilities.

Equipment Options

Jade can provide cost-effective medical equipment finance for the purchase of much of the equipment required by a medical practice. Not just the specialist equipment required for diagnosis and treatment but also the general office and treatment room equipment.

  • Surgery furniture
  • Patient treatment beds and specialist chairs
  • Specialist carts and storage cabinets and equipment
  • Diagnostic and scanning equipment
  • Treatment equipment – optical, dental, physiotherapy, oncology, radiology and others
  • Rehab equipment
  • Specialist refrigeration equipment for the safe storage of vaccines and other medicines
  • IT hardware and software
  • CCTV and security equipment

Types of Medical Practices Eligible

All types of medical business structures are welcome to utilise our expert finance services to handle their equipment finance requirements:-

  • Practices and facilities
  • GPs surgeries and sole trader therapists
  • Physiotherapists, chiropractors, osteopaths, psychologists, psychiatrists, dieticians and occupational therapist
  • Radiology, imaging, oncology, pathology, diagnostic and sample collection facilities.
  • Vaccine provider facilities
  • Skin clinics
  • Audio laboratories
  • Optometrists and ophthalmologists
  • Rehabilitation facilities
  • Pharmacies
  • Dental surgeries

The business structure can be a partnership, sole trader, SME or corporate entity.

Loan Types Available

There are four main types of finance facilities available for the purchase of medical equipment.

  • Chattel Mortgage – a very popular form of finance as it suits many business set-ups that use the cash accounting method. Referred to simply as Equipment Loan by many banks and some lenders. Most suitable form of finance for businesses seeking to take advantage of accelerated asset depreciation tax measures such as Instant Asset Write-Off and temporary full expensing.
  • Equipment Leasing – an off-balance sheet finance facility which best suits businesses that use the accruals method of accounting.
  • Rent-to-Own – an attractive option for many business set-ups which can be structured to suit key financial objectives.
  • Commercial Hire Purchase – not a short term rental/hire, this is a finance facility where the borrower ends up owning the equipment.

The differences between these finance facilities relate to the accounting method used, how and when GST and tax deductions are realised, ownership of the equipment over the term of the finance, balance sheet entry and the interest rate.

While the variations in interest rates is an important consideration, the overall benefit to individual businesses of specific loan types should be considered. Medical practice operators are advised to refer to their CFO or accountant for advice as to which loan type will best work for their facility.

While differences do exist, when arranged through Jade, all these finance products can be secured with a fixed interest rate, fixed loan term, fixed balloon/residual and that all results in a fixed monthly repayment. Fixed finance elements which can provide much-needed certainty over the loan term for medical practices.

Working with Jade

Working with Jade Equipment Finance as your lender provides many time-saving and cost-saving benefits to our customers. As we are accredited with multiple lenders, we have more choices to source cheaper and more flexible finance than most individual business operators can easily source on their own.

In addition, we have the professional-level access to specialist lenders that is not readily available directly to businesses. Our specialist lenders can be more flexible when it comes to negotiating interest rates and structuring loan terms and conditions to suit the borrower.

To discuss your medical equipment finance requirements contact Jade Equipment Finance on 1300 000 003 for an obligation-free conversation.

DISCLAIMER: THIS ARTICLE IS PREPARED AND POSTED WITH THE INTENTION OF PROVIDING GENERAL INFORMATION AND NOT WITH THE INTENTION THAT IT BE THE ONLY SOURCE OF INFORMATIONON WHICH TO MAKE FINANCIAL DECISIONS. THOSE REQUIRING FINANCIAL ADVICE AROUND THEIR INDIVIDUAL SITUATIONS SHOULD REFER TO A FINANCIAL ADVISOR. NO LIABILITY IS ACCEPT FOR ANY MISREPRESENTATIONS OR ERRORS IN THE CONTACT AS SOURCED, IN GOOD FAITH, FROM A RANGE OF SOURCES.

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