Customers frequently ask our rentals team about the differences between renting and leasing an ultrasound. Renting ultrasound equipment was a new concept when we developed our rental program. In this article we will address the differences between renting and leasing, the advantages of each, and ultimately help you determine what option is best for your needs.
Ultrasound Renting vs. Leasing
Probo Medical's rental program is built for short-term ultrasound solutions, and you have no obligations to a long-term contract. You can rent an ultrasound for a day, a month, a year, or even longer. The contract is created to fit our customers' timeframe and budget. An affordable fixed payment will be due each month. When our customers are done with their rental, we will schedule a pick-up or send a shipping label to return the system. We also provide rent-to-buy solutions for those wishing to keep the ultrasound.
Leasing an ultrasound is an affordable solution for long-term needs. With a lease, you will sign a long-term agreement (typically three years or more). At the end of the term, you can send the ultrasound back or purchase it from the lender at a Fair Market Value or predetermined buyout price.
Rent: Your system will have full-service coverage for the duration of the rental when renting an ultrasound machine from Probo Medical. This is one of the largest advantages to renting from Probo.
Probo Medical's expert rental team includes our Rental Coordinator, Tyler Quintanilla, who will personally help you service and diagnose any issues you have with your system. Tyler's expertise in ultrasound equipment and attention to detail make him excellent at troubleshooting with customers and managing inventory repair.
Lease: All refurbished machines generally come with a standard warranty of 30-90 days. While some equipment may carry a longer warranty period, those wishing to have full service coverage must purchase an extended service agreement to ensure coverage.
Rent: Most ultrasound rentals are returned to Probo Medical after the contract is complete. Our rental team will either send a shipping label or set a pick-up time. There is no further commitment, no system to resell or maintain, and no regrets. We also provide options to purchase the ultrasound at the end of your rental agreement.
Lease: When the ultrasound lease is complete, you have the option to return the system to the lender or purchase it at a Fair Market Value (FMV) or predetermined price.
Advantages and Disadvantages of Ultrasound Renting and Leasing
Advantages of Renting an Ultrasound
Probo Medical built its ultrasound rental program as a quick, flexible, and easy short-term solution for our customers.
We have a dedicated rental team directly accessible to customers for the duration of the rental. On this team is a Rentals Coordinator, Tyler Quintanilla, who will personally help you service and diagnose any issues you have with your system.
Renting ultrasound equipment offers financial flexibility. We offer ultrasound rentals for one day, one month, one year, or more. Additionally, Probo Medical has the world's largest ultrasound inventory that includes high-end equipment like the GE Vivid iq, Philips Epiq 7, and GE Vivid E9 to more economic systems such as the GE Logiq F8, GE Logiq e, SonoSite M-Turbo, SonoSite Edge and more. Customers can create the rental contract that best fits their needs.
Probo's rental program provides full service ultrasound coverage throughout the rental term.
Here are some common scenarios where ultrasound rental is the best solution:
- Your system broke down and you do not want to cancel appointments while it is being fixed.
- You are starting a new business and do not have the capital to buy equipment.
- You are considering offering ultrasound at your practice but are not sure if there is enough demand.
- You are a student who needs to practice with an ultrasound system this semester. Or, you are a university looking to offer ultrasound equipment for your students.
- You would like to try new technologies or upgraded equipment prior to making the financial commitment.
- You are unsure of the length of time needed, whether it's one month or six months, rental offers flexibility over a long-term lease.
Disadvantages of Renting an Ultrasound
The primary downside of renting an ultrasound is that it's typically more expensive than leasing. Leasing generally provides a lower price because you sign a long-term commitment and can lower your price by choosing a higher buyout price. Generally rental is best for short-term solutions.
Advantages of Leasing an Ultrasound
Ultrasound leasing was created as an affordable and tax-friendly method to provide ultrasound services in your practice.
Leasing contracts have many options available for long-term commitments and many buyout options that can help fit your budget. Some leases have a Fair Market Value buyout at the end of the lease, others provide a $1 buyout option at the end of the term. Either way, you can send the machine back to the lender when your term is completed.
By leasing, you have more flexible payment options over financing or outright purchase. This also frees up valuable capital dollars as it can be expensed over time.
If you opt to send the machine back to the lender, you can upgrade your equipment at a similar monthly cost.
Leasing an ultrasound is the right option if you know exactly what system you want for your practice, you intend to keep the system for an extended period of time, and you don't have the capital to make an outright purchase.
Disadvantages of Leasing an Ultrasound
Often Fair Market Value buyout prices are not a cost-efficient method of purchasing an ultrasound.
A lease locks you into a long-term contract, while shorter term leases (if available) are very expensive.
Typically an additional contract must be purchased for full-service coverage throughout the lease. Without a full-service contract, any service visits beyond the initial warranty are out-of-pocket expenses for the buyer.
Which is Right for Me?
Ultimately, our ultrasound rental team can help you make your decision. Probo Medical sells ultrasound that can be purchased through a lease program, or we can rent the ultrasound to you. It's your choice. Our team will help you decide which may be your best option.
We built a large, loyal customer base because of our abilities to quickly solve customers' needs as a trusted resource.
Our team looks forward to potentially working with you. For more information on ultrasound rental, call 317-759-9210 or fill out the form here.
About the Author
Brian Gill is Probo Medical’s Vice President of Marketing. He has more than 20 years of experience in the ultrasound industry. From sales to service to customer support, he has done everything from circuit board repair and on-site service to networking and PACS, to training clinicians on ultrasound equipment. Through the years, Brian has trained more than 500 clinicians on over 100 different ultrasound machines. Currently, Brian is known as the industry expert in evaluating ultrasounds and training users on all makes and models of ultrasound equipment, this includes consulting with manufacturers with equipment evaluations during all stages of product development.