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A 2018 clinical journal article revealed that American hospitals spent about $200 billion on medical devices. This statistic is hardly surprising, given that every medical practice needs the right equipment to operate effectively. You must buy equipment when starting the practice, replacing your current devices, or expanding your business. It makes sense to regularly invest in equipment to keep up with the latest technology in your field. However, medical devices are typically costly, particularly if you always want to upgrade. Therefore, buying new equipment is a significant decision you must consider carefully. Below are some factors to consider before buying equipment for your medical practice.
- Return on investment
It is no secret that some of the best medical equipment comes with heavy price tags that dissuade many practitioners from purchasing them. However, experts advise you to always think long-term and consider the return on investment to guide your buying decision. For instance, you may have to fork out as much as $20,000 to update a piece of equipment. Nevertheless, this updated piece may enable you to conduct twice as many procedures or screenings as your older device. As such, you could potentially treat more patients, increase your billing and rake in higher revenue, and improve your medical practice. Consequently, this expensive equipment is a savvy investment that will help you enjoy steady positive returns in the long run.
- Patient appeal
Many medical practices exist in saturated local markets that are difficult to stand out in. In such an environment, it is vital to capitalize on every opportunity to stand out, including using the right equipment. Indeed, upgrading equipment can guarantee a more memorable patient experience and empower you to increase your capabilities, making your medical practice more attractive in the local area. For example, your dermatological practice can quickly become the talk of the town if you invest in a diode laser epilator for hair removal.
- Necessity
Necessity is one of the first factors to consider when deciding whether to buy equipment for your medical practice. Many pieces of equipment would look good in your office but aren’t necessarily essential to your line of work. For instance, an obstetrician-gynecologist (OB-GYN) practice that caters to many pregnant patients needs an ultrasound machine. However, although the average physician will benefit from this equipment occasionally, they may not necessarily need it. Also, if you run a surgical practice, it would be best to invest in anesthesia equipment since it is crucial to your operations. Therefore, the level of necessity and benefit to you and your patients should always determine whether or not you should buy medical equipment.
- Talent attraction
The Association of American Medical Colleges (AAMC) estimates that America will face a shortage of 54,100 to 139,000 physicians by 2033 due to retiring doctors and older patients, among others. There is also a growing demand for nurses and other medical professionals. Therefore, new professionals in this field will be spoilt for choice when deciding where to work. However, they will be attracted by medical practices with state-of-the-art facilities and devices. As such, investing in advanced medical equipment and technology is an excellent way to attract top talent to your practice since this can be a key deciding factor for potential employees.
Yes, the level of necessity should always be taken into account. After all, medical equipment is not cheap. But sometimes, it’s difficult to determine whether the equipment will end up with your needs without trying it. In that case, I would suggest renting the equipment for a start, trying it out, and deciding if you really need it.