Dental Times - Invest is best!
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18 August 2022
When most aspiring dental clinicians look to the future, they don’t imagine themselves pouring over the practice finances, working out how they can maximise efficiencies, update a temperamental piece of equipment or afford that new ground-breaking piece of kit that promises to improve treatment outcomes. By and large, dental practitioners go into the industry to… well, practise dentistry!

However, as small business owners, the additional responsibilities, such as financial management and keeping on top of regulations and equipment maintenance, can become an unexpected and significant burden to practice principals. As well as keeping the practice viable, they must also have an eye to the future, making sure they invest in the business, keeping it efficient and competitive, and budgeting effectively for those larger financial expenses.

By locking in payments upfront in a payment contract, you avoid the risk of future inflation and with no working capital tied up and a good credit rating

This is where Medifinancial’s asset and equipment finance solutions can significantly alleviate the business stresses of running a dental practice. With flexible and convenient finance solutions, you can afford to keep your practice well-equipped and financially stable long into the future, making your money work hard for you.

Financial security and flexibility
With the help of one of our experienced financial advisers, Medifinancial can put together a solution which enables you to lease or hire-purchase the equipment you require and pay for it over an agreed period of manageable monthly payments. This means you can choose the equipment you want, draw up an affordable way of paying for it, be clear on what you will be paying each month and rest assured that will be no sudden surprises.

Subject to policy, it’s usually possible to finance 100% of your investment, be it hardware, software, services or training. And, while most banks only lend over the short term (typically 12-35 months), Medifinancial offers financing terms ranging from 12 right up to 72 months, enabling you to spread the cost according to your needs.

A Medifinancial asset and equipment finance solution also simplifies your business by bundling all your equipment, technology, maintenance, insurance and other services into one contract, which introduces significant economies of scale, saving time and making everything easy to track. The package also includes help with meeting asset management and equipment lifecycle requirements to make sure you are adhering to industry regulations.

As a Henry Schein company, this means you can purchase equipment and arrange financing from one group, all at the same time. Our financial advisers will help you select and structure the payment plan that best fits your budget and needs.

No compromise
How often have you made do with a piece of equipment because it still does the job and although there are better, more up-to-date alternatives, you can’t really justify the expense of replacement, despite the increased efficiency and improved quality that could be achieved with the upgrade? With a Medifinancial asset and equipment finance solution in place, you can equip your surgeries with the equipment you want, allowing you to give the best treatment to your patients in complete comfort, whilst maintaining your competitive edge.

Alongside lease and hire-purchase agreements, Medifinancial also offers maintenance and service contracts which mean faulty equipment can be quickly repaired or replaced, keeping your surgery equipped and fit for purpose, giving you confidence in your tools and the ability to deliver first-class treatment.

Make the most of your money
Hire purchase is by far the most popular form of dental finance as it facilitates the purchase of equipment whilst paying for it over a period of time. This time of agreement also qualifies for the Annual Investment Allowance (AIA), which entitles you to offset up to £200,000 of ‘plant and machinery’ costs against tax – a significant saving.

For those who prefer smaller monthly payments you can choose a lease agreement. At the end of the term you can choose to either purchase the equipment, upgrade to a newer model or continue financing with substantial savings.

By locking in payments upfront in a payment contract, you avoid the risk of future inflation and with no working capital tied up and a good credit rating, your increased buying power makes it possible to consider equipment and assets which might previously have been out of reach.

Signing up to an asset and equipment finance solution takes the stress out of managing your practice finances, as well as offering flexible ways of making your money work hard for you. With the financial side taken care of and the right equipment in place, you can concentrate on providing the best dental care to your patients and building your practice in the way you have always aspired to.
Posted by: Dean Barker on