When it comes to medical equipment, rental is best for some businesses. Companies may use medical equipment only sporadically and benefit from renting instead of buying. Industries need medical lab equipment for special projects or research. In some cases, doctors, hospitals and veterinarians need to rent medical equipment when their machines are broken. Hotels and theme parks may offer medical supply services for guests; electric wheelchairs can cost $45 a day. Long-term care facilities may temporarily need special equipment.

Medical equipment rentals pricing and costs depends greatly on the type of equipment desired and the length of rental time that the business needs. Some companies rent pieces of equipment by the day or week and others by the month or year. In some cases, rental companies offer rent-to-own plans. When considering the pricing and cost of medical equipment rental, think about the following options:

1. For short-term use of medical equipment, rent is cheaper by the day or week.

2. When needing to rent medical equipment for lengthier amounts of time, ask for monthly pricing.

3. If you feel that you will need the medical rental equipment in the future, ask about the option of rent-to-own.

Action Steps
The best contacts and resources to help you get it done

Find medical equipment rentals pricing and costs per day or week

When renting equipment for short periods of time, look for companies that offer daily or weekly rentals. Doctors may suggest weekly rentals such as electric wheelchairs to patients for short vacation trips; hotels can facilitate this process. Medical equipment rental by the day or week is the least costly type of rental when considering total dollar amount.

I recommend: Care Medical Equipment rents electric wheelchairs for $45 a day. They have a three-day minimum rental period. Daily Care rents hospital beds for $125 a week.

Consider monthly medical device rental plans for lengthier rentals

Businesses benefit from getting monthly rates for lengthier medical supply rentals. If the rental requires longer than a week, ask for a monthly medical rentals rate. Laboratories and pharmacies that temporarily need special medical equipment help the bottom line by renting devices rather than purchasing them. The same is true of long-term care facilities.

I recommend: Active Forever offers health-care equipment rental hip chairs for $200 plus tax monthly. Bio Tech offers lab equipment rental. Rent a Kaye Validator 2000 for $1100 monthly.

Ask for rent-to-own options for medical supply rentals

Some companies choose to rent medical equipment as a trial before making purchases. They want to ensure that the equipment will meet the needs of the business before making the full investment. For these companies, a rent-to-own option is perfect. In most cases the money used for the rental is put toward the cost at the time of purchase. Hospice care companies may be interested in such options.

I recommend: Bradford Medical Supply offers a rent-to-own option where the money used for the rental goes toward the purchase. There are guidelines for the purchase plan. Mercy Clinton also offers rent-to-own options for home health equipment rental.

Since medical equipment is so expensive, medical equipment rentals are a viable option for patients who can’t afford to purchase it. Health insurance coverage usually only pays for equipment that is medically necessary. Even after insurance kicks in, medical equipment can be too costly for the patient to purchase.

Medical equipment rentals are one of the best ways to obtain current and up-to-date devices without spending a lot of money to do so. Using home health equipment rentals allows you to frequently upgrade your equipment as newer items become available. When looking for medical equipment to rent to your clients, consider these options:

1. Find the latest technology and patient trends.

2. Keep new equipment in stock by renting from your suppliers.

3. Use medical device rental suppliers that can handle orders of all sizes.

Action Steps
The best contacts and resources to help you get it done

Research medical supply rentals, trends and technological advances

When your clients come in for medical supplies, it's important you have the latest technology available. Researching trends helps you stay on top of medical advances you can expect your patients to take advantage of.

I recommend: Browse the catalog of medical supply rentals through KenQuest Medical Equipment and sign up for their free newsletter to stay current with the latest in medical equipment. Rent equipment found in HomeCare Magazine, which features rental equipment, how to use the equipment and the cost you can expect to pay. This monthly magazine contains articles about home medical equipment, industry issues, outlooks, equipment trends and even summaries of how to handle the reimbursement issues. Jansen Medical Supply is well versed in a wide variety of medical rentals issues because they are one of the largest suppliers of medical and lab rental equipment.

Rent medical supplies directly from suppliers

Eliminate the middleman and get the lowest possible priced equipment rentals if you deal directly with the company that rents the medical equipment.

I recommend: Integrated Rental Services has a great plan for equipment financing and rentals, which includes both a service and repair plan. Absolute Medical Equipment is another alternative for the health care community as they have many different types of medical equipment for rent. They provide quality new and used medical equipment for you to rent to your clients, and they offer extremely reasonable costs.

Find suppliers for your large and small medical rentals needs

Consider medical supply rentals when you need to rent a large quantity of items, such as glucometers, to a health care associated facility or acute care facilities. If the majority of your business is in the home health care sector, keep home health equipment rentals such as walkers or canes in stock, even though some clients use them only on a short-term basis. In any sector, customer service and delivery will be one of the most important factors.

I recommend: Henry Schein Medical can help you with lab equipment rental needs, determine the best medical supply rentals to keep in stock and they have medical equipment for you to lease. They also offer an attractive purchase option at the end of the lease term. When considering wheelchairs or scooters, patients can avoid the high cost of purchasing by renting one. Care Medical Equipment offers many wheelchair and scooter options so you can best serve your clients.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Call your client's insurance company prior to home health equipment rental or any other type of durable medical equipment rental. If you do not, the insurance carrier may not authorize payment.