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A Leasing Primer for Physicians: Medical Equipment Leasing

A Leasing Primer for Physicians: Medical Equipment Leasing

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A presidential mandate delivered in 2004 requiring all physicians to use electronic billing and records systems within the next decade makes sense to both the medical community and patients. The question is how to effectively integrate the nationwide Healthcare Information Technology system into practices, given its estimated cost of $17.2 billion over the next 17 years. Lease financing provides a viable option for acquiring the computers and software needed to run the new medical billing and records systems, as well as other critical diagnostic equipment. This article addresses the typical reasons why those in the medical field choose to lease equipment, the basic types of leases available, main components of a lease document, tax treatments and implications, and questions that should be asked before signing a lease contract.