Medical and dental equipment financing

A practice buys equipment differently from a contractor or a shop: the purchase is often tied to a build-out, a new service line or an acquisition, the equipment has to be installed and integrated before it sees a patient, and a new practice has to buy most of it before the first patient walks in. iFinancial Group finances medical, dental and veterinary equipment new or refurbished, with installation and training on the same approval, on a one-page application. No tax returns and no audited financial statements to apply, no minimum and up to $1,000,000.

Who you're dealing with

iFinancial Group has funded equipment since 1997, roughly $600 million of it, in all 50 states. We're a direct lender, not a broker, so the file is underwritten in house and not shopped around. Our customers have ranged from independent manufacturers to global technology companies. We've barely advertised in almost three decades. The business came from repeat customers, referrals, and vendors sending us their customers.

What goes on the same approval

Imaging, operatories, lasers, exam and surgical equipment from several vendors go on one approval as one financing. Installation, the cabinetry and plumbing tied to the equipment, software, IT integration and staff training are soft costs, and they ride on the same deal, on many deals up to 30% of the total. A practice adding a service line gets one payment for everything it takes to deliver it.

New practices, build-outs and acquisitions

A new practice has to equip before it opens, and the first months of revenue are a ramp, not a full schedule. A deferred first payment, typically up to 90 days, or step payments that start lower and rise can carry the opening. It starts with the one-page application, and a newer practice will typically need a little more up front, usually the provider's own background and the plan for the location.

A practitioner buying an existing practice often finances the equipment separately from the purchase of the practice itself, which keeps the equipment out of the goodwill conversation. A practice adding a second location finances that location's equipment the same way.

New, refurbished and used

Refurbished medical and dental equipment from a certified refurbisher, often with a warranty, is a large and legitimate market, and a refurbished ultrasound or CBCT can cost half of new. Used equipment from another practice that is upgrading or closing is financeable too. The invoice, the serial number, and on a private sale proof of payment are what the review works from.

Medical equipment carries no title. The lender's claim is a UCC filing against the equipment by serial number, released when the last payment is made. It covers the equipment, not the practice's other assets.

Section 179 and the year end

Practice equipment generally qualifies for the Section 179 deduction in the year it's placed in service, which is why so many practices buy in the fourth quarter. Installed and in service by December 31 is what counts, so the install date matters as much as the order date. Confirm the treatment of your own purchase with your tax advisor.

Equipment covered

How it works with iFinancial Group

It's the same one-page application whether the equipment is small or the deal runs to $1,000,000: no tax returns and no audited financial statements to apply, no minimum and up to $1,000,000. Decisions typically come back within 24 hours, and an approval holds up to 60 days. New and used equipment, terms up to 84 months, and soft costs up to 30% so freight, setup and training can go in the same deal. Payment structures beyond level payments are there when the equipment earns unevenly. We've been doing this since 1997, in all 50 states.