Cost Analysis of Purchasing New and Used Medical Equipment
Healthcare facilities require a lot of equipment to provide adequate medical care. These tools are expensive, and while many decision-makers opt for new ones, some prefer buying refurbished equipment as they come at significantly cheaper rates. To help healthcare providers make informed decisions, we analyze the cost of purchasing new and used medical equipment, which will compare their buying price and the estimated investment to maintain them.
Medical equipment and devices used in clinics need proper licenses and certification from relevant authorities. For example, a weighing machine placed in hospitals should be Class III approved, as compared to regular, cheaper scales used at home.
There are several essential tools you need to run a facility. These include stretchers, BP apparatus, stethoscopes, IV stands, X-ray machines, defibrillators, ICU monitors for vitals, etc.There are multiple authorized providers that manufacture these tools, and the price of the same equipment varies from company to company.
Following are some of the factors that determine the individual cost of medical equipment:
● Type of Specialty: The type and cost of instruments vary for each branch of medicine. For example, obstetrics /gynecology, anesthesia, or emergency medicine tools might range between 3,000 to 5,000 USD. However, other specialties like dentistry, ophthalmology, and surgery involve high-end tech and equipment, and their average price can range from $7,000 to $10,000.
● Provider: Choose a reputable provider. There are several authorized manufacturers of medical devices. Depending on their quality, reputation, and features. Prices may vary quite vastly.
● Maintenance Support: Medical tools are complex and are operated by experts. If your equipment provider offers after-sales maintenance support and warranty, that also increases the price.
Considering these elements, the cost of purchasing medical equipment can range from a couple of thousand dollars to as much as 100,000 USD, depending on the size and need of the medical organization. Generally, when the equipment is refurbished /used, it can cost 30 to 40% less than the original price, which is why many facilities opt for them.
This pre-used equipment mostly arises from a hospitals upgrade or closure. Sometimes, used devices also come from vendors, who restore malfunctioning equipment to resell at a reduced cost.
Maintenance Cost for New VS Old Medical Equipment:
To ensure adequate patient care, your medical devices need quality inspection and maintenance. This upkeep is standard, and while the guidelines vary for each piece of equipment, it is paramount to have regular preventive maintenance to avoid hefty fixing and replacement costs in case of equipment failure.
According to a survey, the repair cost of medical equipment is almost 7.4% of their acquisition price. Here, it is essential to remember that new equipment often comes with conditional maintenance support, which includes inspection, servicing and repair. However, you generally don’t get this with used tools, which understandably increases their maintenance cost.
Additionally, used equipment is always at higher risk of breaking down, which directly affects the cost. They might also need frequent replacement. Considering all these factors, we can say that while old medical equipment is significantly cheaper when purchased, it can be pricey in the long term.
Checklist for Used Medical Equipment:
With new medical equipment, affordability is a huge issue. However, purchasing used tools can be tricky and requires frequent quality checks. To prevent this problem, you can take certain measures when buying used devices to check their performance specifications.
Here are some of the things you need to take care of when purchasing equipment:
- Manufacturing Date: The older the equipment, the higher its chances of being inaccurate. Therefore, you should always check the age of the equipment (ideally, the original age for refurbished tools) when buying them.
- Warranty: Product warranty is only applicable for a specific period. Additionally, certain types of malfunction can render the warranty void. Therefore, when you buy used medical tools, check if a warranty and free maintenance service apply to them.
- Cost Analysis: When purchasing used equipment, it is smart to do a thorough cost analysis, accounting for the price for new vs used versions, vendor's reputation, product quality, potential maintenance cost, etc.
Buying used medical equipment might be seemingly cost-effective. However, maintenance and replacement charges can make it more expensive than a new product. Therefore, when purchasing devices for your medical facility, you should always do a proper cost analysis to make an informed decision.
PT Medical Technologies sells NEW and Pre-Owned medical equipment to medical facilities nationwide. We have a full staff of Biomed technicians that can service hospitals, surgery centers, doctors’ offices, and other medical facilities. For all your medical equipment, disposition, and contrast injector repair and servicing needs, contact our team at PTMedical.