Prior to considering the financial impact of any possible investment such as medical equipment, we have to assess the nonfinancial part of it. This is essential for the kind of investments that do not provide profit directly because the financial consideration of particular investments can weigh more heavily on our decision. Read on to know some of the questions we need to ask ourselves before purchasing new medical equipment such as those medical equipment supplies in New York.
- Will this investment match the practice’s overall business aims, strategy, and imperatives?
For instance, if our business strategy is to give emphasis attracting patients who are younger, then adding some amenities in our waiting room and providing a play area may be more suitable for our business plan instead of buying a flexible sigmoidoscope or other medical supplies, even though buying the scope or other equipment would be more advantageous financially for our practice.
- What are the upsides and downsides of the investment?
This question may reveal some important issues that will result in not needing a financial analysis anymore. For instance, if colonoscopy substitutes flexible sigmoidoscopy as the process of choice when it comes to colon cancer screening, buying sigmoidoscopy equipment or other related medical equipment will not be considered a good investment.
- What options for investment opportunities are there for the practice?
When we are thinking of an important investment for our practice, it’s essential to think about other means we can utilize the money as well and which kind of investment opportunity will be the most suitable overall for the practice. For instance, rather than buying a flexible sigmoidoscope in medical equipment store, we may consider whether it would be more advantageous if we expand our office area by two examination rooms instead.
After asking ourselves these three questions, and the conclusions we reach support for the investment of the new medical equipment as well as if the investment is over the threshold dollar amount which is usually $1,000 for a typical small group practice, the next best step for us is to conduct a comprehensive financial analysis regarding the investment.
At Global United Medical Supplies, Inc., you can avail yourself of excellent quality medical supplies to help you bring out the best in your practice. Feel free to contact us and know more about our medical supply store in Brooklyn, New York.