The Benefits of Financing Your Medical Equipment Carts
By The Altus Team
Published Jan 24, 2023
| Updated May 02, 2023
Medical equipment financing increases access to the equipment your facility needs on your timeline. Financing is a simple way for hospitals of all sizes and resource levels to acquire quality equipment and improve patient care without being stopped by budget constraints.
The benefits of financing medical equipment carts are more than getting the carts on your timeline. Read more to learn all the benefits of financing medical equipment carts and how doing so can optimize every aspect of your healthcare facility.
1. Gain Access to New Equipment
The medical equipment cart industry is constantly innovating and evolving. As a result, new equipment regularly becomes available, rendering old models outdated or obsolete. Regardless of your facility or equipment strategy, having the best equipment is crucial to your employees.
Equipment financing offers a way to gain access to new equipment while overcoming any internal budget constraints. It can easily allow any year to be a refresh year by letting you break down a lump sum cost into smaller, scheduled, affordable payments. This process allows for low monthly payments instead of spending one large lump sum, so you can gain access to new equipment without draining your resources.
2. Purchase Medical Carts When They're Needed
Financing gives your facility breathing room regarding equipment budgets and resource allocation. For example, traditional cart purchases require hospitals to pay upfront and in full. For many healthcare facilities, this is not only impractical but also impossible. In addition, this method of purchasing workstations on wheels puts significant strain on hospitals and ultimately prevents them from buying the carts they need when they're needed.
Financing options allow you to bring new medical equipment carts on your timeline. Then, instead of postponing purchases, you can work to find the best payment schedule to pay what is allowed in the current budget. This way, your hospital never has to worry about not having enough workstations for the staff.
3. Upgrade Your Medical Cart Equipment Choices
Every purchase decision in your hospital must align with budget and cost-control strategies. Unfortunately, new medical equipment cart purchases are out of the question for many healthcare facilities. As a result, they have to give up certain features on their workstations they would otherwise deem necessary or even choose a cheaper, lower-quality cart.
However, your medical equipment carts play a significant role in day-to-day operations. Opting for cheaper carts translates into lower-quality equipment, affecting workflows and the end user's experience. By financing, you open up a chance to upgrade your carts and improve your facility in several ways.
Some of those benefits include:
Decrease Probability of Error
Staff relies on medical carts for various tasks throughout their shifts, including patient charting, medication distribution, and other responsibilities that directly affect patient health and outcomes.
When choosing your medical equipment carts, you need pieces designed with built-in security that protect the user, the patient, and the hospital. Medicine dispensing carts, for example, should have locking mechanisms that prevent confusion regarding administration. In addition, carts with alarms and personalized logins avoid user error, keeping all parties safe.
Financing options empower practices to invest in high-security carts that promote safety for everyone on the floor.
Decrease Workplace Injury Rates
Nurses and providers spend a significant portion of their shift at a computer or mobile workstation. Reviewing and inputting data in patient charts consumes hours of worktime every day, with one study finding PCPs spend more than half their workdays performing EHR tasks. The importance of ergonomically designed carts can't be overstated.
Financing medical carts make safe, ergonomically-designed carts affordable for hospitals and practices that want to prioritize staff health and reduce workplace injury.
Reduce Time Wasted on Cart Maintenance and Repair
When you choose a cheaply made medical equipment cart, you might pay less upfront, but the maintenance and repair costs will far outweigh any initial savings.
Financing your medical equipment carts allows you to choose durable, quality carts that will last. In addition, purchasing carts designed for hospital mobility improves usability while reducing cart maintenance and repair time.
4. Protect Cashflow
Opting to finance your medical equipment carts gives greater control over your hospital's finances and protects or increases cashflow. For example, instead of allocating a significant level of your working capital for medical equipment carts, monthly payments can be made instead to allow the purchase of computers on wheels needed now.
Paying for equipment over time allows you to maintain cash flow. Keeping capital free allows for consistent revenue streams for both day-to-day and long-term operations. Financing medical equipment carts preserve cash flow while outfitting your facility with the needed equipment.
5. Improve Patient Care with Industry Standard Carts
The ultimate priority of your hospital is to provide exceptional patient care. Every component of your facility, including medical equipment carts, helps work toward that end.
Investing in your medical cart fleet provides innumerable benefits to your facility and patients. Take advantage of financing options to get the carts you need without deviating from your planned budget. Medical equipment cart financing enables you to have equipment that empowers nurses to offer the highest level of care and improve patient satisfaction.
Financing and Improved Healthcare Practices
Whether you're looking to purchase a new fleet of workstations for the first time or to upgrade, financing is the ideal avenue to buy the latest, most innovative, and most effective workstations.
Finding suitable carts for your facility is essential to streamlining workflows and improving patient care. Altus sets the standard for medical equipment carts, delivering carts that meet your practice's unique needs. Contact us to learn more about our workstation financing options and how they can benefit your hospital.