Providing the highest standards in dental care through leasingPublished on 23rd May 2019 2019-05-23T11:00:00+00:00
When it comes to choosing a dentist, your clients will always demand the services of a skilled practitioner who can consistently deliver the highest standards in dental care. This means providing a comprehensive dental service that incorporates the latest equipment and technological advancements. Yet although these are rational expectations, living up to such demands isn’t easy, especially when you factor in the overall cost requirement. Even the most well-established dental practice can falter in this area, which only goes to show the importance of exploring what funding opportunities are available for dental equipment. So rather than withdrawing large amounts of cash and pushing your practice into potential financial difficulty, you might want to consider leasing equipment instead. Leasing offers you a cost-effective way of borrowing dental equipment over an agreed term, allowing you to keep up with the latest advancements in your sector, and staying ahead of the competition. If you’re interested in investing in the future of your dental practice, take a closer look at how leasing can help you deliver the highest standards of care to your clients.
Keeping up with the latest dental technology
When people think of dental care they automatically think of teeth cleaning. Although this is a vital service to provide, dental care now involves a wide range of other services too. As well as examination and hygiene sessions, your clients may ask for anything from cosmetic dentistry, veneers, teeth whitening, root canals, braces, Invisalign, dentures, tooth extractions, implants, prosthodontics and inlay and onlay restorations. Plus, with the rapid advancements in dental technology, this enables your practice to explore new techniques that will allow you to diagnose illness and identify signs of infection sooner, and in greater detail. However, such technology tends to be very expensive, giving practices that can afford the cost outlay a distinct advantage. Or so it may seem.
Like any business, you can’t simply aim to be in line with your competitors, your services need to go one step further. What can you give clients that they won’t receive at any other dental practice? Because leasing means that you’re only paying to borrow equipment for an agreed period of time, it enables your practice to constantly upgrade to higher specification models without having to worry about disposing of existing equipment. Besides, a lack of equipment could force you to refer patients to another dental practitioner, resulting in a loss of earnings.
Worried about losing clients to your competitors? Need help ensuring that your dental practice has reliable access to the latest dental technology and equipment? Apply for a Leasing agreement or learn more about how your practice could benefit.
Leasing vs buying
A common question that dental practitioners often ask when seeking equipment often involves whether or not to buy or lease. If the equipment that you desire for your practice doesn’t quickly depreciate in value or become obsolete, then purchasing the item in question might make sense. However, if the opposite is true, then leasing the equipment could be more cost-effective in the long-term. Should you choose to lease dental equipment, here are some of the benefits your practice could take advantage of:
- Fixed Rental Payments: With leasing, you only pay to access equipment over an agreed term, usually up to 5 years. However, if the equipment is particularly expensive, some suppliers may allow the term to be extended to 7 years. These payments are calculated by taking into account the equipment’s current worth and it’s predicted worth once the agreement matures, plus interest. Because payments are fixed, you’re protected in the event that such equipment becomes more popular among dental practitioners and rises in value as a result.
- Upgrade outdated equipment to a higher spec model: allows you to remain competitive and up-to-date with the latest advances in dental technology.
- No to need to worry about disposal: Unlike when you purchase equipment, disposal of outdated equipment is handled by the lessor (the supplier you’re renting the equipment from).
- Tax deductible: When leasing, you may be able to reclaim VAT on a quarterly basis or gain access to other tax benefits (speak with your accountant before applying.)
- Less risk: Because security is taken in the form of the equipment that you’re borrowing, only the equipment that involved is removed should your practice stop making rental payments. No other equipment or aspect of your practice is affected or liable for repossession.
Are you thinking about leasing dental equipment for your practice?
Although making sure that you’re able to provide the highest quality of dental care to your patients is vital, gaining access to the equipment your practice needs to do so can still prove a frustrating endeavour. However, there are many funding opportunities available to your practice that can help. If the equipment you’re hoping to acquire tends to depreciate quickly or is at risk of becoming obsolete as dental technology continues to advance, then leasing might be a cost-effective means of staying ahead of your competitors. All you need to do now is source the most appropriate agreement for your practice.
At Rangewell, we’re an Access to Finance specialist working with over 350 lenders, including those that specialise in the dental sector, to offer you an overview of more than 23,000 business finance products. Our services are free to use and we’ll also guide through the application process. We’re with you every step of the way. So if you’re looking to borrow the latest equipment for you dental practise, apply for a leasing agreement today or find out more with Rangewell.
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