How to pay for new equipment at your veterinary clinic

How to pay for new equipment at your veterinary clinic

Think that new piece of equipment could do wonders for pets at your veterinary practice—but you don't know how to pay for it? Use these tips to bring that cutting-edge medicine into your practice today.
Sep 01, 2013
By staff

When it comes to buying such items as digital radiography, laser therapy and imaging equipment, veterinarians have three payment options, says Gary Glassman, CPA.

1. Pay cash.

2. Sign a lease.

3. Craft a financing arrangement with a bank.

It may be tempting to go for a lease, but Glassman says you should always know what you're getting into. Many leases are drawn up so that there's no way to get out except to pay in full. Plus, many leases are required under state law to include sales tax so you end up paying interest on that tax. How about those other two options? If you aren't able to pay cash, Glassman says there are veterinary lenders who will provide 100 percent financing.

"Veterinary lenders are especially accommodating—they know the industry," Glassman says. "You submit one-page applications and in less than 24 hours you get a response back."

Remember to not only consider the price of the equipment, but its related ongoing expenses, such as maintenance, supplies, insurance and possible added payroll costs, Glassman says. These are good topics to talk over with the equipment company before making the big purchase final.

Hot topics on dvm360

Veterinarians: Your clients are going to Google with these cat questions

Search engine shares the top 10 questions people asked about dogs and cats in 2014.

Vetcetera: The complex topic of canine fear-related aggression

A guided tour of resources for addressing this popular and complicated subject, featuring advice from Dr. John Ciribassi.

Reality TV and the veterinarian: Discussing mainstream dog training advice with clients

Your clients may be getting behavior advice from cable TV. Get your opinion in the mix.

Blog: Election results pose obstacles for veterinary prescription law

Flip in U.S. Senate's majority may slow progress of Fairness to Pet Owners Act.

7 steps to a better relationship between veterinarians and rescue groups

A DVM in the city shares his advice to veterinary practices for working with rescues.