Preparing to Go Back to Work After Covid-19

Going Back to Work After COVID-19
Going Back to Work After COVID-19

Preparing to Go Back to Work After Covid-19

States are preparing to open back up, and others already have, which means that before you know it, the world will be getting back to normal, and you’ll be going back to work. After several weeks off, transitioning back into normal life will be challenging; however, there are many things workers and business owners can do to prepare.

How Business Owners Can Prepare for Worker Return

Business owners have a particularly hard task in preparing to open their businesses back up. There are many considerations you need to make before opening the doors and inviting employees back to work. What’s most important is that you follow all state and local guidelines where your business is located.

 

You’ll also need to:

  • Provide Personal Protective Equipment – You’ll want to ensure that you are keeping your employees and clients or customers safe by following all guidelines for personal protective equipment, PPE. Ensure there are adequate masks, hand sanitizer, disinfectant and other PPE available. Make sure to keep the delivery windows in mind to ensure you are ordering PPE with enough time to have it on hand before opening your business.
  • Stock Up and Be Prepared – The shutdown happened quickly, and you may have halted your shipments and stopped stocking your shelves abruptly. You’ll need to make sure your business is ready to open by ensuring your products are in stock, and your customers and clients can get what they need. The last thing you want is your customers being excited to shop and work with you and having nothing to offer.
  • Be Prepared for a Thorough Cleaning – Dust settles rapidly, and if your offices or business has been empty for weeks, you should consider a deep cleaning before letting employees come back to work. There are professional services available for commercial cleaning, but you can also bring staff in provided you have the right PPE for them to wear and commercial grade cleaning products. A carpet cleaning or floor strip and wax may be necessary for some businesses, and these types of services require the use of specialized cleaning equipment.
  • Check the Plumbing – Stagnant plumbing systems could be harboring deadly bacteria such as Legionnaires’ disease. According to a NYTimes article, Facilities staff can also flush out old water and bring in a new and fresh supply. Or they can send a high dose of disinfectant through the building and raise temperatures to kill the microbes.
  • Have Patience and Compassion – Some of your employees might have been or be ill, have family members that are ill, or be having trouble adjusting to the transition back to work themselves. Give your employees a few days or weeks to get back into the swing of things if they seem to be struggling or have dealt with the illness.
  • Be Available – Depending on the type of business you own, clients and customers who have been scarce for weeks might all be clamoring to contact your business now that it’s open. Don’t let yourself be in a position where consumer needs cannot be met, or you are struggling to keep up with the workflow. Ask your employees to be flexible with their schedules and availability, if possible. Some of your employees may have found jobs as essential workers during the pandemic, so you’ll also need to check your staffing levels and adjust as needed.

How Employees Can Prepare to Return to Work

As a worker, you may have been at home for weeks due to stay-at-home orders or job shutdowns. You  have found lots of ways to stay busy from yard work and gardening to home renovation projects you never got around to. You might have written a book, picked your guitar back up, or started cooking classes, so when it’s time to get back to reality and go to work, the transition can be just as tricky on individual employees as it is on business owners.

Here are a few things you as an employee can do to prepare to go back to work:

  • Communicate – If you haven’t talked to your employer in some time, make sure to check-in and communicate any scheduling needs or conflicts you may have in going back to work. Communication is especially if those needs conflict with the usual schedule you previously had. You should also let your employer know if you are available and willing to be flexible as business needs change, including staying over your shift or picking up extra hours as needed.
  • Be Healthy – As states reopen, there will be different mandates in place on wearing personal protective equipment, and employees should take caution to follow all regulations in place. All employees need to continue to wash their hands, use hand sanitizer, and any recommended PPE. If you are feeling ill or showing symptoms of being sick, you should contact your employer right away.
  • Finish Up Existing Home Projects, If At All Possible – Don’t let home projects started during quarantine distract you while being back at work. If your employer gives you a return to work date in advance, ensure you finish up the things you started at home so you can have a clear head when you return to work.
  • Be Patient and Positive – Do your best to keep a positive outlook and keep in mind that the clients and customers might have different attitudes than they did before the COVID-19 crisis. Be patient as the world returns to normalcy, and your clients and customers go back to their usual routines. Some businesses might be slow at first, while others may be swamped the first few weeks of being back open as consumers can go out and shop again. Clients who have had their businesses stalled may be in the market to get started right away with new services and equipment. No matter how reopening affects business, you must ensure you are prepared and ready for anything.

The world is slowly going to return to the new normal, and getting back to your old life might be complicated; however, following our tips can pull you through the transition. Whether you own a business or are an employee going back to work for the first time in weeks, the most important thing you can do is jump back in with confidence, excitement and safely.

Cares Act Set to Re-Invigorate Tech & Manufacturing Companies

The CARES Act Impact on Tech & Manufacturing Companies
The CARES Act Impact on Tech & Manufacturing Companies

Cares Act Set to Re-Invigorate Tech & Manufacturing Companies

Some sectors thrive amidst a rapidly fluctuating economy

Last Friday, President Trump signed into law an economic stimulus package valued at $2 trillion, a number that is more than twice the size of that which was made available after the financial crisis of 2008. The funds are targeted at measures to alleviate the financial shock that has arisen as a result of the COVID-19 pandemic, and they couldn’t not come a moment too soon. The package is a bright spot in an otherwise clouded sky, and not just for the sick, or the font-line medical professionals who are bearing the brunt of it all.

For American businesses from tech to manufacturing, the package represents a potential foothold atop the frightening slope that our economy has been on.

The Rundown: What’s in the CARES Act Stimulus Package

The unanimously passed bill is the most recent installment in the single largest financial stimulus action ever taken by the American government. The multi-pronged funding measure is not only set to send American adults direct cash payments to help with the basic necessities, but it also includes a slew of other emergency provisions for hospitals, unemployment programs, and small businesses that are unable to cover their basic monthly payments amidst a near nationwide lockdown.

The Important CARES Act Tax Provisions Every Equipment or Technology Company Should Know About

While there has been a lot of discussion about how effectively the CARES Act will be able to help out small business and transportation industries, there has been significantly less talk about what it is going to do for tech companies and medium to large size manufacturers, to not-so-small business sectors that aren’t likely to get the same kind of bailouts as healthcare or transportation.

Fortunately, all three phases of the overall stimulus package include important tax provisions that might be able to help such companies recover. One such provision is a 50% employee retention payroll tax credit that can be applied to any wages paid to workers during the COVID-19 outbreak. This is going to be particularly important for factories, assembly operations, and software firms who were forced to either furlough their staff as a result of plummeting receipts, or operate at reduced employment due to enforced quarantine measures.

Another important provision is that employers be able to hold of on paying their 2020 payroll taxes until 2021 or 2022, opening up an estimated $300 billion of additional operating cash for business nationwide. When paired with the fully refundable tax credit, the overall benefit is looking like something that is going to stimulate a potentially rapid return to normalcy for many operations.

The Connected Commerce Council, a non-profit trade organization, has been keeping a comprehensive list of other emergency funding options. It’s a valuable tool in finding resources available to small businesses that are impacted by COVID-19.

Manufacturers Get Big Help from the Economic Development Administration

Of the $3 trillion being a distributed, just over $3 billion of that has been earmarked to support economic development and help revitalize local and state communities by rebuilding industries that have been affected. Specifically, this money will be given to the Economic Development Administration (EDA), which will be able to provide a significantly higher amount of financial assistance to impacted industries like tourism and manufacturing chains.

The Tech & Software Boom No One Saw Coming

While lawmakers squabbled over the detailed of the recovery act, the free market economy adjusted in its own surprising ways.

Even the initial talk of social distance and potential quarantines has some employers and employees alike thinking about what it would take to adapt. Video conferencing software such as Skype, Zoom, and dozens of others were one of the first sectors to experience the boom. It didn’t take long for investors and VCs to key into what was going on.

When the virtual classroom app Zoom experienced an astounding 2.13 million downloads in the UK on March 23rd (the day that the UK lockdown was announced) shares began to soar. According to a report from The Guardian, Zoom chief executive Eric Yuan saw his net worth jump from $4 billion to $7.9 billion, making him one of the richest people on the planet.

Remote conferencing isn’t the only tech space that has seen rapid, sometimes hard-to-manage spikes in consumer demand. News reports about widespread toilet paper hoarding is no doubt the driver behind skyrocketing bidet sales, and state-sponsored “stay at home” measures and lockdowns have made some online games more popular than they have ever been.

Why Software Companies, Big Tech, & IT Are Likely to Come Out Even Stronger

Without question, it is too early to know how it is going to shake out for a lot of companies, but there are some indications that the stimulus package, when combined with the unprecedented changes we have seen in the global workforce, might emerge from the COVID-19 pandemic with an even stronger financial outlook.

The concept of an economic “snapback” was perhaps less relevant with the 2008 crisis, but it is looking more and more like the forecast for the later half of 2020. The federal stimulus package is making it far more likely that businesses and individuals alike will be able to keep themselves afloat as the virus runs its course.

On the other side of it all is the snapback that manufacturers and light industry companies will be able to benefit from the most. Things like cars, tractors, and construction equipment that was not purchased in Q1 and Q2 are likely going to be purchased just the same in Q3, hopefully providing the defibrillation required to get national supply chains back up and running.

“This is Not the End”: Congress Preps for Phase IV

In an interview with the Wall Street Journal, the Senate Minority Leader Chuck Schumer made it clear that more help is on the way: “This is certainly not the end of our work here in Congress – rather the end of the beginning.”

While it is too early to speculate on what specific industries might be included in the next phase of the stimulus package or how much it would be valued at, we can say this: it certainly isn’t going to hurt.

Will COVID-19 Leave Small Businesses Behind?

Survival of Small Businesses After Covid-19 background
Survival of Small Businesses After Covid-19 background

Will COVID-19 Leave Small Businesses Behind?

Increasingly, owners & employees seem to think so.

As the world reels from the advance of COVID-19, a sudden and perhaps expected drop in economic confidence has spread through a number of American industries, and the numbers behind it all are finally starting to come in. Businesses are closing, employees are being laid off in droves, and people on both sides of the equation are wondering what the next few months have in store.

With new state-sponsored quarantine measures being introduces every day, small businesses are finally beginning to see the hard hit that many of us had been predicting. According to a new Goldman Sachs poll, the number of American businesses that are feeling impacted by COVID-19 is at a staggering 97%. The same poll suggested that under the current trends, more than 50% of small businesses in the United States believe they will be able to keep their businesses open for another three months.

Some of these businesses have attempted to switched to remote operations, while other service-based businesses who don’t have that option have been forced to either press on, potentially exposing their employees and customers to infection, or shutting their doors in hopes of surviving off of savings.

For many others, statewide lockdowns have made the decision for them.

The Service Industry Is Shuttering

Across the country, one of the most drastic and immediate effects of the COVID-19 economic slowdown can be seen in the restaurant and service industry. This includes breweries.

In places like Washington, California, Michigan, Ohio, Illinois, and Michigan, state-mandated shutdowns have closed the doors on everything from restaurants and bars to casinos and music venues. Other states do not seem far behind, and by the time you read this the likelihood is that the list will have increased.

In cities like New York and Los Angeles, two of the largest cities in the country, these shutdowns represent an immediate halt of one of the largest and most lucrative industries around (around $51 billion in NYC alone, according to the National Restaurant Association).

While many restaurants have managed to stay open with take-out and delivery options (to varying degrees of success) many others have been forced to shut down entirely, leaving their employees without an income.

The Complex Transition to Work-From-Home

While businesses like restaurants, clubs, and sports centers simply do not have the option, some small businesses are attempting the transition to remote positions that can allow their employees to work from home. While bigger businesses have been experimenting with this shift for a few years now, it remains largely uncharted for smaller businesses whose positions are centered around any type of customer interaction.

Either way, the remote working trend is not likely to be thwarted even by the eventual retreat of COVID 19. Already, researchers are predicting a permanent shift in American working patterns as many employees will not think very highly of returning to the office after the shutdowns are over.

Still, the discussion of remote employment, although relevant, does little to improve the position of small business owners, whose financial confidence seems to be dropping by the day.

A Shared Lack of Optimism

The financial market, in the meantime, has been experiencing its own difficulties as a result of this dropping confidence.

According to a manufacturing survey from the New York Federal Reserve showed business conditions had dropped to their lowest levels since 2009. The report also clearly demonstrated that delivery times and inventories have both gone up significantly in a very short period of time.

The basic thrust of the report:

Economic optimism is at its lowest level since 2009, and manufacturing, whether we like it or not, has likely returned to recession. Of course, this report was based on a survey conducted in early March; things have certainly gotten worse since then.

The Options on the Table

While Washington scrambles to come up with a solution with an adequate scope, some federal and state agencies have stepped forward to offer small businesses the help they need to survive the lockdown.

For one, the Small Business Administration has beefed up the value of their funding pool by an additional $30 billion in order to help businesses that have been hit hard by the virus. Low-interest disaster loans are capable of covering debt payments and payroll, which might just be enough to keep some doors open.

On the other hand, SBA loans are restricted to federally-designated disaster areas, meaning that many business owners are not going to be eligible on what feels to many affected business owners like an unfair technicality considering the circumstances.

City Governments Stepping In

With the federal relief yet to arrive and the details yet to be revealed, many city governments and municipalities are stepping forward to protect their local economies from potential collapse. The city of Denver, for instance, has made available a $7,500 grant for small business that are likely going to have to close their doors, if they haven’t already. And while $7,500 is certainly better than the alternative, for many businesses is a small drop in the bucket of what kind of funds would be needed to survive a potential long-term shutdown.

The Senate Approves $350 Billion in Small Business Loans

As this is being written, the Unites States Senate has approved a stimulus package that is designed to alleviate financial woes that have accrued as a result of the shutdown, both for individual citizens and for small businesses. Under the package agreement, the federal government would direct $350 billion to the Small Business Administration, bolstering a loan program that has already seen a sharp increase in applications.

While there is no question that the beefed up loan program would be welcomed by many, there is some uncertainty in whether or not it will be enough to keep the most vulnerable businesses from shuttering for good. Because SBA loans can only be used for payroll and debt operations, there is worry from small operators about how the lack of actual revenue will affect their decision making in the short term.

The legislation, valued at a total of $2 trillion, heads to the House on Friday, March 27, 2020, where it is expected to pass with strong bipartisan support.

Guide to Coronavirus Pandemic for Small Businesses

Guide for Small Businesses to the Coroniavirus
Guide for Small Businesses to the Coroniavirus

Guide to Coronavirus Pandemic for Small Businesses

With the world in the grips of coronavirus panic and the World Health Organization (WHO) officially labeling it a pandemic on March 11, 2020, how will it affect you and your loved ones personally?  And how will it affect your business?

A pandemic, according to the WHO is “… the worldwide spread of a new disease.” The coronavirus is in over 114 countries including the US.

Since the outbreak of coronavirus, the US stock market has lost more than three trillion dollars and many people have gone into full-on panic mode, buying excessive amounts of supplies in preparation of a more widespread outbreak, as “doomsday preppers” crawl out of the woodwork.   

Both large and small businesses must be proactive in planning on how to address the inevitable disruptions that the virus’s impact will have on the supply chain, as well as labor shortages that will likely result as it continues to spread. 

This guide has been put together to help you take the necessary steps today to ensure that you’re properly prepared.    

Minimizing Risk of Infection at Work

The coronavirus spreads through coughing and sneezing. It can also be transmitted by touching contaminated surfaces, including doorknobs.  Here’s a list of things you can do to reduce the risk of the virus spreading in your workplace.

1. Encourage employees to stay at home

If your company already has employees who are sick – even showing the mildest of symptoms – it’s best that they stay at home for fear of spreading infection at the office.

2. Establish best practices for proper hygiene

Remind your employees of preventative measures, like washing your hands in hot water for at least 20 seconds and/or using hand sanitizer with at least 60 percent alcohol content.

In addition:

  • When sneezing or coughing always use a tissue to cover your face. Worst case scenario, use your upper sleeve. Never cough or sneeze into your hand, even though you were probably told that it was the “polite” thing to do you as you were growing up.
  • Encourage employees to immediately use sanitizer or wash their hands after sneezing or coughing
  • Make sure there is plenty of hand sanitizer equally distributed around the office.

3. Keep your workplace as clean as possible

It might seem glaringly obvious, but it’s of the utmost important that your workplace be kept clean. The Center for Disease Control and Prevention (CDC) has stated surfaces that are touched regularly – workstations, counter tops, door knobs – should also be cleaned often and employees should be provided with adequate cleaning materials to wipe them down.

This is extremely critical for common areas like kitchens, where there’s typically a lot of foot traffic.

4. Consider postponing company events and get-togethers

The highest risk of infection is through human contact; therefore it makes sense to postpone all unnecessary gatherings where possible. Business meetings should also be limited to video conference calls during this period.

5. Monitor travel for yourself and for your employees

If you have employees who need to travel overseas – or will be traveling overseas yourself – consult with the CDC’s online traveler’s health notices regarding the current status of a country. If you or your employee has a cough or is sneezing, it’s best not to travel at all.  If you’re already abroad and start demonstrating symptoms, it’s important to immediately see a health care provider.

Having a Plan to Sustain Business Operations During a Worst Case Scenario

 While it’s important to have prevention practices in place at work, it’s equally important to develop a plan in the event the outbreak worsens, and you have employees who are affected and must self-quarantine themselves at home.

Here are recommended steps to take:

  1. Check with key employees to see if they have home offices set up, or at least stable Internet connectivity and a quiet place to work.
  2. Make sure you have employees who are shadowing essential work personnel in the event they fall ill and are unable to come into work.
  3. Make an assessment on the minimum number of staff for your company to continue operating, and which key areas are essential to maintain operations.
  4. Monitor what’s happening in your local community. This is a fluid situation so be prepared to change your plans, depending on what’s happening.  Knowledge is power.
  5. If your business has more than one location, local managers should be entrusted with more authority in the event they have to take action on a day-to-day basis.
  6. Establish a communication plan that is also flexible and takes your employees suggestions into consideration. An example of this might be to distribute a daily release of the latest updates by health officials and then analyze how it could affect your business operations. This will reduce fear and misinformation among your employees, which is important. Be sure to always keep your entire workforce in the loop with what’s going on.  Also ensure that communication is transparent and doesn’t wildly contradict previous statements. This will help reassure people that everything is under control.

Implementing Electronic Medical Records (“EMR”) Software for Small Healthcare Organizations

EMR & EHR Implementation
EMR & EHR Implementation

Implementing Electronic Medical Records (“EMR”) Software for Small Healthcare Organizations

In order to comply with the HIMSS EMRAM, many hospitals are adopting EMRs in order to move their organization closer to achieving a paperless environment and improve the quality of patient care. Many doctor’s offices, clinics, and managed care facilities are going to EMRs or EHRs because of the convenience of going to paperless recordkeeping.

Also, many healthcare facilities are trying to improve the patient satisfaction levels and having an EHR or EMR is a big part of their solution. By allowing hospitalized patients to review their charts, order their dinner, access the internet or watch TV via electronic means, it improves the overall patient experience, particularly for extended hospital stays.

Adopting electronic medical records comes with its own set of problems. It can take months or even years to fully incorporate or update an EMR system depending upon the size of your organization and the level of HIMSS compliance that you wish to attain. It can also come with a large price tag.

Implementation is An Expensive Process

A major issue with EMR software is how expensive it can be. Implementing a full system for an EMR can cost over $150,000 for just one physician. The total cost, of course, grows much more expensive the larger the medical facility and the more advanced the software and hardware.

Because of this, it’s important for any medical facility looking to implement an EMR system to consider the high cost into their budget. Not only is the upfront cost of implementing such a system high, but it needs to be maintained and occasionally updated to keep in line with the latest regulations.

So, it’s imperative that these costs be taken into consideration when managing an EMR system for any medical organization, whether it be a large hospital or a small physician’s office.

Required Training

Another important thing to keep in mind with any EMR system is the training that is required to use them. This training includes medical personnel & doctors as well as staff. It can involve a whole new system of doing things within the healthcare organization when they move from paper to computerized records. It can take many months and sometimes years in order to completely implement an EMR system.

This creates yet another cost that must be factored in when considering the budget for the EMR system as well as a hurdle that needs to be overcome before the system can even be used in the first place.

Cutting Edge Software and Hardware

When moving from paper medical records to electronic records, most healthcare organizations will need new hardware, security and IT personnel. This can be a large investment. The computers will need to have the capacity to run the EMR software and any patient satisfaction software. You’ll want computers that are able to do double-duty: be used by the doctors and staff to enter information and, for patients who have overnight stays, a patient engagement platform so that they have a good experience with the hospital or healthcare facility.

Additionally, for many healthcare organizations, it’s likely that it will need tablet PCs with scanners in order to scan prescriptions, patient wrist bracelets, and implement other patient tracking requirements.

There are also security concerns with electronic records including HIPAA requirements that means investing in security technology and IT personnel.

All this adds up to a substantial investment in new hardware and personnel.

Options for Small to Medium-Sized Facilities

Many smaller healthcare organizations can’t afford the substantial upfront costs of implementing an EMR system. The solution to this is to finance the upfront costs and the subscription itself. This allows the organization to pay for the EMR and its implementation in monthly payments over an extended timeframe which is much more manageable.

However, the decision to finance an EMR needs considerable attention as there are a lot of factors involved, including deciding on a finance company, determining how money needs to be financed, and factoring in the monthly payment along with all the other monthly costs that the organization must budget.

Fortunately there are companies with specific expertise in the financing of EMR/EHR solutions that can work directly with busy practices to help them create a financing program that meets their objectives and enables a simple, easy and efficient solution that enables all of the various costs of engagement to be aggregated together with one monthly payment over a term that meets budgeting requirements.

One of the primary goals of the practice when considering the EMR/EHR acquisition is the ability to conserve their working capital and not disturb existing banking lines of credit. For that reason, many healthcare professionals have relied on financing programs and have found that results in the most economically feasible approach for moving forward.

Further, there might well be Section 179 tax benefits available when selecting to finance this important technology.

Hospital Highlights: The Benefits Of Leasing Medical Equipment

Leasing Medical Equipment

Hospital Highlights: The Benefits Of Leasing Medical Equipment

Leasing Medical Equipment

Medical Equipment Leasing Makes a Difference

When it comes to the healthcare industry, effective financing is literally a matter of life and death. Unless you can obtain the most advanced equipment, drugs, and personnel to deal with every variety of diseases and injuries, you won’t be able to heal patients in critical conditions. For this reason, it is essential that you consider all your financial options and choose the one that best fits the needs of your hospital. In particular, you should never overlook the opportunity to lease medical equipment rather than buy it, an option that allows you to:

Invest in the Most Advanced Medical Equipment

If you insist on buying your medical equipment outright, you may not be able to afford the most advanced devices right away, forcing you to wait until you can save up enough money. Leasing medical equipment lets you use those devices now, reaping benefits such as:

  • Lower Costs– More modern devices often use less energy for the work they do, lowering your power bill. This will improve the financial health of your hospital while helping make up the cost of the lease.
  • Better Outcomes– The more advanced medical equipment is, the more effective it will be at treating patients’ diseases and injuries. This speeds up recovery times, improves patients’ quality of life, and even saves lives.
  • Faster Service– Many of the latest medical devices serve patients more quickly than their older counterparts. Given how serious hospital overcrowding has become, there are few better investments you can make for your facility.

Remember that these benefits don’t just help your facility and patients. By serving a larger number of people and achieving better outcomes, you reduce the strain on other hospitals and clinics as well, leading to better results throughout the healthcare system.

Keep Cash on Hand for Emergencies

Even if you have the money to buy all the advanced devices you need now, tying up that money in medical equipment may not be a wise decision for your hospital or patients. Remember that a natural disaster or other crisis could strike at any moment, causing a dramatic increase in injuries and illnesses. To meet the needs of this horde of new patients, you will have to order more drugs and devices, pay enough people to stay fully staffed at all times, and use more of your equipment ‘round the clock. All of these steps require massive spending, and without cash on hand, you may not be up to the challenge. Leasing your medical equipment leaves your funds free, allowing you to stay prepared for emergencies.

Dimension Funding offers leases for a wide variety of medical devices. To learn more or get started applying, contact us today.

The Benefits of Medical Equipment Financing and Leasing

Leasing Medical Equipment

The Benefits of Medical Equipment Financing and Leasing

Leasing Medical Equipment

When it comes to the healthcare industry, effective medical equipment financing is literally a matter of life and death. Unless you can obtain the most advanced equipment, drugs, and personnel to deal with every variety of diseases and injuries, you won’t be able to heal patients in critical conditions. For this reason, it is essential that you consider all your financial options and choose the one that best fits the needs of your hospital. In particular, you should never overlook the opportunity to lease medical equipment rather than buy it, an option that allows you to:

Invest in the Most Advanced Medical Equipment

If you insist on buying your equipment outright, you may not be able to afford the most advanced devices right away, forcing you to wait until you can save up enough money. Leasing lets you use those devices now, reaping benefits such as:

  • Lower Costs– More modern medical devices often use less energy for the work they do, lowering your power bill. This will improve the financial health of your hospital while helping make up the cost of the lease.
  • Better Outcomes– The more advanced medical equipment is, the more effective it will be at treating patients’ diseases and injuries. This speeds up recovery times, improves patients’ quality of life, and even saves lives.
  • Faster Service– Many of the latest medical devices serve patients more quickly than their older counterparts. Given how serious hospital overcrowding has become, there are few better investments you can make for your facility.

Remember that these benefits of financing and leasing don’t just help your facility and patients. By serving a larger number of people and achieving better outcomes, you reduce the strain on other hospitals and clinics as well, leading to better results throughout the healthcare system.

Keep Cash on Hand for Emergencies

Even if you have the money to buy all the advanced devices you need now, tying up that money in equipment may not be a wise decision for your hospital or patients. Remember that a natural disaster or other crisis could strike at any moment, causing a dramatic increase in injuries and illnesses. To meet the needs of this horde of new patients, you will have to order more drugs and devices, pay enough people to stay fully staffed at all times, and use more of your equipment ‘round the clock. All of these steps require massive spending, and without cash on hand, you may not be up to the challenge. Leasing your equipment leaves your funds free, allowing you to stay prepared for emergencies.

Dimension Funding offers medical equipment financing and leases for a wide variety of medical devices. To learn more or get started applying, contact us today.