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Should You Rent Or Own Your Own Physical Therapy Equipment?
Physical therapists are specially trained in the area of physical therapy, which involves intense knowledge of what the body physically needs following an injury, illness or recovery from intense medical treatment. Physical therapy is designed to improve strength and mobility and prevent future injuries from occurring. Physical therapists use a wide variety of equipment to aid patients in recovery, and this equipment is often the largest financial investment that physical therapist offices make.
If you are a physical therapist or are managing a physical therapy office, you may find yourself weighing the pros and cons of renting versus buying your physical therapy equipment. Which option is best for the physical therapist? The truth is that there is no perfect answer in favor of one or the other. Often it can depend on the size of your office and your particular needs as well as the type of equipment you are considering purchasing or renting for your office.
If you are a brand new practice (or physical therapist starting out on your own) just starting out, it may be best to rent your equipment in the beginning. This alleviates the need for a large amount of capital and helps you to avoid the initial high cost for equipment that will surely be in the thousands of dollars. The helps reduce the financial risk of outright equipment purchases.
However, a more established practice may do well to invest in buying their own equipment outright, as long as it is not equipment that may soon be outdated or need regular replacement to keep up with your practice’s needs. In these cases, renting may be a better option.
Renting equipment is an affordable option that can offer easy payment arrangements for equipment that may not be as affordable to you to purchase. It also allows you to try out new types of equipment for an extended period of time prior to buying.
Sometimes you can find programs that offer equipment rental with the purchase to buy at the end of the lease. This may be good option in some circumstances if you are lacking the funds to purchase the equipment outright or are unsure about the equipment and want to try it out but are leaning toward eventually making a purchase.
Just be sure prior to renting any equipment that you are sure of all terms of the rental agreement and contract, as usually you will be required to rent equipment for a specified amount of time and may be charged large fees if you decide you want out of your rental agreement.
Large business leasing and purchasing are tough decisions to make and can greatly impact your practice financially. To make the right decision for your office or practice, consider all factors involved in this type of budgeting decision. You’ll need to take into account the type of equipment you need and how often it will need replaced. You’ll also need to have a clear understanding of the budget of your practice and what type of investments you are able make at this point in time.
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