As the COVID-19 virus continues to spread throughout the country, an increasing number of healthcare providers are relying on telehealth to keep both staff and patients safe. Using a secure telehealth platform, providers can evaluate, diagnose, and treat a variety of chronic and acute conditions and assess patients-- all at a safe distance to determine whether additional intervention is required.
While telehealth offers numerous benefits, many providers find it difficult to justify the initial investment. Unfortunately, providers that do not adopt telehealth by the end of the year will quickly fall behind their competition. Many providers already offer virtual appointments and most patients prefer the convenience and accessibility that telehealth offers. In fact, a study conducted in April 2020 found that practitioners expect more than 20% of their patient interaction to happen via telehealth after the pandemic ends.
Organizations that wish to offer telehealth services but are concerned about the financial investment can benefit from equipment leasing or financing. These options provide a flexible solution for both new and established businesses. Telehealth leasing conserves capital and optimizes cash flow while telehealth financing allows organizations to spread the cost of telehealth equipment over time.
What is Leasing?
Leasing allows healthcare providers to try out telehealth equipment without purchasing it. Typically, medical equipment leases last between three to five years. After the initial lease term, the provider has the option to refinance, purchase the equipment, or extend the lease. The provider only pays for a portion of the asset, not the entire cost. This makes leasing an ideal option for providers that wish to see whether telehealth will benefit their practice.
Leasing provides significant benefits to businesses in the healthcare industry. In addition to providing a trial run, leasing ensures the provider has access to up-to-date telehealth equipment and software without having to invest in new solutions. Leasing can also help organizations better manage their cashflow.
What is Financing?
Financing allows healthcare organizations to spread the cost of new equipment over time. Instead of the provider paying up-front for telehealth equipment and software, healthcare organizations make regular, manageable payments. This gives the provider time to learn and realize the advantages of telehealth, without a lot of upfront costs.
Benefits of Telehealth Financing and Leasing
Leasing and financing together offer many benefits. For organizations in the healthcare industry, leasing and financing make obtaining advanced medical equipment possible. In addition to making telehealth equipment and technology more accessible, leasing and financing allow providers to conserve capital and better manage cash flow. This could prove especially beneficial during uncertain times.
Telehealth leasing and financing allow providers to acquire new technology and equipment, without the large up-front expense. This allows providers to evolve with changing expectations and maintain a competitive edge in their industry.
Investing in telehealth increases opportunities for revenue. When healthcare organizations take advantage of leasing or financing, the equipment pays for itself and increases the chance of positive cashflow. Additionally, financing allows healthcare organizations to take advantage of affordable payments and take depreciation to lower their tax bill.
Let’s Talk Interactive provides leasing and financing options for its telehealth solutions for businesses in the healthcare industry. Please contact us for more information about our leasing and financing programs.