3 Reasons You May Need Medical Equipment Appraisal As A Business Owner

There may come a time in your time as a business owner in which you need specialty services provided by companies that have a specific thing to offer, and medical equipment appraisals is one of those services. Take a look at a few times when you may need medical equipment appraisals.

Appraisals can help when you need collateral for financing. 

Obtaining financing for a medical treatment office can mean using what equipment you already have as collateral in order to qualify for a loan. Unlike vehicles and real estate property that are typically used as collateral, it is not easy for a lender to look up the value of something like a CT machine or MRI setup. Having the equipment appraised by a company who can offer certified appraisals is an easy way for you to prove the estimated value of the property you would like to use for collateral to get the funding you need. 

Appraisals may be necessary when selling old equipment to buy new. 

To buy new equipment, it is often financially feasible to sell the old equipment first, and that in itself can be a tough thing to do if you don't know the value of what you have. Medical equipment resale value is a little hard to determine because there are certain factors that have to be considered, such as: 

• The current usage value of the equipment 
• The approximate life span the equipment has left 
• The level of maintenance or repair that is needed
• The difficulty of moving the equipment 

By obtaining a professional appraisal, you will be much more likely to attract buyers because they will know they are getting a fair price. Overpricing a piece of equipment is a surefire way to delay a sell and prevent yourself from being able to get the new pieces you need. 

Appraisals are often required for business insurance purposes. 

When you are in the process of investing in business insurance coverage for your medical operation, it is really helpful if you know the precise values of the medical equipment that you have. A medical equipment appraisal company like Compass Medical Appraisal Services can offer you a certifiable value on the different pieces you have in your office so there is no question about how much your property is worth. In the event that you do not obtain enough insurance coverage, settlements can fall short in the event something happens and your medical equipment is damaged.