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In deciding as a new practice owner whether to lease or purchase equipment, you'll need to consider several things.
1) Is the equipment something that will become obsolete in a few years?
2) Does the cost fit into your budget?
3) Will the equipment increase your productivity or income?
4) Will it improve your or your patients' experience?
5) Are there tax implications?
6) Which option would best serve your financial needs, both short-term and long-term?
Here are some resources to help you answer these questions:
ADA Center for Professional Success
U.S. Small Business Administration
IRS for Small Businesses
For new clinicians, there is much to consider before buying or leasing equipment. The cost analysis, maintenance, tax benefits and flexibility afforded with each option are worth reviewing with trusted peers or mentors, and especially a financial professional.
What questions do you have regarding buying vs. leasing equipment? Which option do you think you'll pursue?
The NEXT DDS