Medical Equipment Financing

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Borrow As Needed

Our medical equipment financing acts as an on-demand extension of your cash flow.

Flexible & Renewable

We provide same-day renewals and early pay off discounts for reduced interest.

Pay Only if Used

Get the entire amount needed in one-shot or use as needed. Secured options available.

Why seek financing for medical equipment

Being one of the top industries for funding, the medical field has a never ending use for cash flow. Medical offices seek funding for medical equipment because of the high costs, but also because of the speed at which technology is developing and rendering former equipment outdated. In order to stay competitive with the best service, medical offices must update their equipment regularly; it’s used for diagnosing and treating their patients. This can be done for leasing or purchasing, but both options require medical equipment financing.

The medical industry encompasses a variety of offices like private specialty practices, dentists, physicians and optometrists, as well as entire hospitals or even a large network of hospitals. Because the healthcare industry is a necessity and not a luxury, doctors have a generally stable revenue flow (insurance hold ups aside) and a need for costly equipment purchases, making medical businesses ideal candidates for finance companies to provide medical equipment financing to.

Medical Equipment Financing: It’s simple!

Fast Results

It takes just 5 minutes to fill out your application and just a few hours to get offers!

Flexible Terms

We help you compare your options with ease and always work to get you the most favorable terms.

Expert Support

Our advisors will make sure that the product you have chosen will suit your business needs best.

Qualifying for medical equipment financing

The medical industry encompasses a variety of offices like private specialty practices, dentists, physicians and optometrists, as well as entire hospitals or even a large network of hospitals. Because the healthcare industry is a necessity and not a luxury, doctors have a generally stable revenue flow (insurance hold ups aside) and a need for costly equipment purchases, making medical businesses ideal candidates for finance companies to provide medical equipment financing to.

Here’s how to qualify:

  • 3+ months in business
  • $110K+ annual revenue
  • 550+ credit score

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Several reasons medical offices are seeking funding are:

  • Modern research creates constant tech innovations for equipment, and sometimes updates are government mandated.
  • High overhead costs of purchasing equipment strain cash flow and an additional influx is needed to balance multiple operational needs.
  • Banks are time-consuming and slow, which doesn’t fit the busy schedules of doctors.
  • Insurance reimbursement can cause indefinite waiting and is unreliable when investing in growth.
  • Every state has its own medical practice and financial laws, which can cause inter-state delays and other legal needs.

A major challenge with funding a healthcare practice is the doctor not having time to discuss the logistics, as doctors have limited availability and need to prioritize patient care. In healthcare, patients should always come first, which is why the industry needs streamlined cash flow solutions to avoid delays in funding that could end up affecting patients. Even if a bank funds a doctor’s private practice, the lengthy process of waiting for paperwork and conducting interviews can mean months go by before the medical loan is actually distributed. This lengthy process simply does not work for today’s fast paced operations. With quick, 24-hour funding, it’s no wonder medical professionals are seeking online lenders for their medical equipment financing.

Why medical equipment financing is hard to get

The hardest reason medical offices can’t acquire debt to grow their business? They already have too much debt. It then becomes a stagnant situation when a business cannot afford to obtain equipment that would increase profit and enable them to pay off debt faster. Since banks heavily rely on credit scores for awarding loans, doctors are ironically stuck unable to secure additional working capital.

Managing accounts payable and receivable is tricky, especially when dealing with numerous insurance companies. As orchestrating a balance of cash flow can be unpredictable and out of the doctor’s control, this can appear on paper as a risk to fund or loan to, when really it is not. An injection of stable cash flow can give medical business owners a secure financial projection and stable growth outlook, a luxury not many industries are afforded.

While business is consistent, cash flow issues commonly occur in the medical industry from delayed insurance processing. This puts an even bigger strain on the massive costs of purchasing medical equipment. Even though healthcare providers see high numbers come in, they also see high numbers go out for a large number of reasons, and the balance of cash can often switch on short notice.

Where to get medical equipment funding

Many money providers will want to provide funding for a medical office, but they might not have the resources to provide the large amount needed. Thankfully, the age of online lending has provided a variety of options to fund your medical business. Below are several of the more common options, however getting creative with how you find alternative financing is always an option as well.

Small business loan

Small business loans can come from many providers such as a bank, credit union or the Small Business Administration. Loans have government restrictions and strict funding guidelines so they can be hard to qualify for, but the interest rates are lower than most other options and some cash flows prefer longer terms up to 10 years. If you opt for a credit union, you will need to be a member to use their products. Once you are a member, you can access the credit union’s unique rates and terms that suit your cash flow needs, not to mention making deposits and changes can easily be done locally.

Line of credit

Think of a line of credit like a credit card, except with larger amounts. A business line of credit can provide revolving credit for your business to use. A funder gives you a set amount to spend and you only spend what you need, meaning you only pay interest on what you use, nothing more. This is great for businesses who have fluctuating cash flow needs and prefer more term flexibility than what a loan can offer.

Merchant cash advance

Within the merchant cash advance sector of finance there are different types of funding such as debt consolidation, reverse consolidation, credit card splits or standard funding for the purchase of future receivables. Alternative funding has higher rates and shorter terms, but has more relaxed qualifications which allows for business owners rejected by banks to gain access to working capital.

Grants

Grants do not require any money to be paid back and are awarded for use towards a specific project or as a reward for a niche achievement. While many companies would love this “free money, they are very competitive to apply to and typically are not large amounts. For research focused practices or ones very involved in the community, this might be an excellent option to apply for.

Business credit card

If a line of credit seems like too much for your small business, you can get a business credit card. This still provides working capital to help with growth or coasting over gaps. As long as you pay off what you spend, fees and interest will be minimal.

Common uses of medical equipment financing

With so many needs, the list of uses for additional working capital are seemingly endless for doctors. Just like patients change daily, so do the practice’s or hospital’s needs. The most popular reasons we hear a need for medical funding at New York Tribeca Group are listed below.

Common Uses of Funding:

  • New or updated equipment  by purchasing or leasing
  • Certifications and trainings for staff hires
  • Financing growth while insurance reimbursement is delayed
  • Expanding to new offices or more locations
  • Buyout a business partner or purchase a stake in a second or third practice
  • Consolidating previous business loans, funding debts and investments
  • Remodel and refurnish reception and waiting areas

Medical businesses are unique in that they have extremely high overhead expenses while also operating on large profit margins. The profession is a vital job for communities, and doctors take care to ensure they have the necessary supplies and equipment to bring their patients the highest level of care. Despite the industry’s unique set of challenges, funders enjoy working with medical companies and helping them achieve their growth goals together.

Got some questions?

Medical equipment financing is a loan that’s used for medical equipment expenses. Whether it’s to rent or lease, this financing will allow you to grow your medical business in the best way for you.

The equipment itself can be used as collateral if necessary for your loan term agreement. 

No. Being a certified doctor or medical expert isn’t required to receive financing for medical equipment but your business does need to qualify to be in the medical field.

Some businesses include:

  • Dental 
  • Hospitals
  • Physical Therapy
  • Drug Treatment

As long as your business is listed under medical services then you should qualify.  

A medical equipment loan is a business term loan that is specifically for medical equipment. 

Choosing to finance with this option will allow you to purchase all the equipment necessary. You can stay updated with the latest while saving money. 

There have been more pros than cons when it comes to medical equipment financing. Many business owners rely heavily on making sure they’re up to date with their technology.

This allows them to make their patients and customers feel more comfortable not to mention it is tax deductible.

Fill out our online application or give us a call and speak to one of our representatives who can help guide you through it. It’s that simple!

Be sure to have these numbers on hand when applying, you’ll need them: 

  • Annual/Monthly Revenue
  • Length in Business
  • Credit Score

Meeting minimal requirements still gives you a likely chance. 

We prefer that your business has been running for a good amount of time, a year and beyond is recommended. Every lender provides different qualifications for their business. 

A good credit score is important but it is not the major key to making or breaking your approval rate for a line of credit. A healthy business is vital because it gives the overall summary of how your operations have been running. 

A helpful tip:look into seeing whether purchasing or leasing your equipment is better for you. This will help determine how much you’ll need to finance.

Get started now. Have working capital today.

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