The cost of equipment is just one of the factors in the purchase and use of medical instruments as other major factors like maintenance, upkeep and ease of use should also be considered before deciding to purchase a particular product. Keeping the cost of the product constant, the pros and cons of buying new and durable equipments over used items must be weighed to have a clear distinction. Advancement in technology has made it possible for the average people to possess home medical equipments for a considerable amount of expense. The new aged equipments have made it possible for the present generation to diagnose and treat chronic disease from the comfort of their home. Various online medical stores offer refurbished equipments for a lump sum amount of discount but it is recommended to avoid the use of important equipments as most of the time there might be a psychological conflict that the instrument is a used one and might not provide appropriate detection of any unstable situation.
Types of instruments in use
The term medical equipment is inclusive and not an exhaustive one taking into consideration the operation table, oxygen tanks and surgery tools, optometry equipotent and dermatologic laser equipment. The medical scale equipment is used to determine the weight and height of an individual accurately and is most appropriate for use on animals and physically challenged people. The veterinary equipments include the surgical lighting, veterinary tables and anesthetic supplies essential for the diagnosis of the health of different species of animals. However, the price tags for these equipments are generally high and are quite an issue to finance the purchase of such equipment. Orthopedic equipments are essential for the treatment of diseases like osteoarthritis and other ailments relating to bones. There are some genuine financing companies which provides financial assistance to hospitals and nursing homes to bear the high cost of medical instruments like providing loans at low rates of interest and making equipments available on lease. This has been a boon to the medical community in recent times to provide for their basic amenities to set up a presentable medical environment.
Available tax benefits
For those involved with the medical community can realize the necessity to keep up with the pace of technological advancement in medical equipment and how hard it is to provide for the expenses. With new breakthroughs in medical sciences and genetics various new equipments are being developed on a daily basis to make treatment easier and painless. However, a major problem among medical practitioners and clinics is the lack of hard cash to provide for the costs of procuring these items. So several tax benefits are provided by the government like providing depreciation for the equipment procured at the end of the year and deducting it from the amount of taxable income. Some states even provide a complete deduction of the cost of the equipment from the present year’s earning without waiting for the next year to avail the benefits from depreciation. So, before purchasing any equipment always check with your tax advisor to be well aware of the tax benefits available in advance.