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Bringing the latest OCT system to equip an opticians - With £25,000 in Asset Funding

Published on 9th August 2019 - Last update on 17th March 2020

If you are running an opticians’ practice, you will need to make substantial investments in your retail area - and even more in your consulting room - to surpass your competitors.

The quality of the care you provide your patients will depend on your diagnostic equipment, and the latest systems can be a major investment - an OCT system alone could start at £20,000, and the costs will keep increasing with every option you add.

Fortunately, there are ways to provide the equipment you need and spread the cost too. Asset Finance can be the most effective way for opticians like yourself to get the equipment you need for your practice. 

The challenge

We recently helped a recently qualified ophthalmologist find a range of funding.

She had taken over a long-established practice serving a growing town in Cambridgeshire. Her new practice had a list of established patients, and she felt that there was scope to grow the business as new development swelled the town’s population.

However, providing a modern practice requires sophisticated diagnostic equipment. This particular practice had not had any new equipment in twenty years. 

“It’s not enough to use an eyechart - you need an autorefractor, an ophthalmoscope and a tonometer. Retinal imaging is becoming more important too.”

She needed to compete with the franchise chains which are setting the pace in the optical industry, by offering high technology diagnostic systems in every branch. It meant that she would need to re-equip to offer the level of care she wanted to provide - and which her patients were starting to expect. 

Not having the right equipment can put a practice at a disadvantage - and even put customers' eyesight at risk.

The new owner was determined to provide the highest standards of care and drew up a list of what she needed. 

“I had stretched myself buying the practice, and I could not afford to buy all the equipment I needed to provide the level of care I wanted right away - although that would be what I would want in an ideal world. First on the list was an OCT system.”

Optical Coherence Tomography (OCT) is a non-invasive diagnostic instrument that allows the retina to be examined. It has the ability to detect developing problems in the structure of the eye prior to any symptoms being present by the patient. It is completely painless and can be performed with no discomfort, even with nervous patients. Many opticians are now making OCT a standard part of their diagnostic routine.

She contacted a number of equipment suppliers. They were able to provide the equipment she needed and, by offering finance, seemed to put the system she wanted within reach.

But she had some concerns. Dealers and suppliers may offer finance to help them secure a sale, but costs may be high compared with a lender. You could pay much less overall, and enjoy terms that are better suited for you and your business.

The optician turned to us at Rangewell for expert help in finding a better deal on finance. She was thinking about an additional loan, despite the fact that she already had several outstanding loan agreements. 

The solution

We looked at what the suppliers were offering and realised that an Asset Finance deal would be the simplest way to provide the equipment needed.

There are several types of Asset Finance, including Hire Purchase, which is simply a way of spreading the cost of buying over up to five years.

But there are many lenders who can provide this kind of funding and, with large sums at stake, getting the most competitive rates can be vital. 

How we helped

We looked at the finance providers who specialised in the opticians' sector and sourced a number of quotes. One of these suppliers was able to provide the finance required at just 8% over 5 years. 

Our optician client was able to take delivery straight away. Her new equipment is already helping provide the quality of care she intended.

At Rangewell, we help opticians find better answers to their funding needs. Asset Finance, Commercial Mortgages, or any other kind of finance - our experts will find the most appropriate solutions while our network of contacts and our unique online tool let us find the most cost-effective rates. If you need help sourcing the most appropriate and affordable funding options for your optician business, find out more about Finance for Opticians now and also check out our Opticians Directory - from opticians equipment suppliers to legal support and more.

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Richard Mitchell

Richard Mitchell

Content writer
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