Tag: Save Money on MedTech

5 Ways Health Professionals Can Save Money on MedTech

By Kayla Matthews, freelance journalist, Productivity Bytes.

The U.S. medtech industry is one of the most profitable in the world. In 2016, the sector was worth $147.7 billion and expected to top $173 billion by the end of 2019. One of the reasons that it is so profitable is that new medical technology can be exorbitantly expensive, especially for small practices or solitary practitioners. How can you save money while still procuring the medtech you need to provide the best care possible for your patients?

1. Opt For Refurbished MedTech

If you needed a new car, would you immediately choose a brand new model — complete with a costly car loan — or would you consider purchasing a used but still functional vehicle instead? If you compare purchasing a new piece of medtech to obtaining a new car, the idea of purchasing refurbished equipment starts to make sense.

Purchasing refurbished equipment gives you access to the same sort of medtech that you’d receive if you’d bought it new, for a fraction of the cost. You may also be able to choose the level of refurbishment — choosing between a machine that’s only been cosmetically refurbished rather than one that’s been reworked on a mechanical level, or vise versa.

There are a couple of downsides to purchasing refurbished medtech, such as the lack of a warranty and the possibility of bringing a “lemon” back to the office, but if money is your primary concern, this can be a great way to save quite a bit while still stocking your office with all the necessary equipment.

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