Ophthalmic and optometry equipment financing

An eye care practice is equipped by the lane, the exam chair and stand, the slit lamp and the phoropter, plus the diagnostic devices that have become standard of care. iFinancial Group finances lanes, diagnostics and lasers, new or refurbished, 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 you're financing

A fully equipped exam lane, chair, stand, slit lamp, phoropter or digital refractor, and acuity system, typically runs about $25,000 to $50,000 new. An OCT runs roughly $40,000 to $100,000, and visual field analyzers and retinal cameras run $20,000 to $60,000 each. YAG and SLT lasers run $40,000 to $90,000.

Those are market ranges. The manufacturer, digital versus manual refraction and the diagnostic packages move them.

What goes on the same approval

The lanes, the diagnostics, the pretest equipment, the edging and lab equipment for an in-house optical, and the frame displays go on one approval. Installation, EHR integration and training are soft costs and can ride on the same deal, on many deals up to 30% of the total.

Who buys them and how the payment gets covered

Optometrists opening a practice, practices adding lanes or a second location, ophthalmology practices adding diagnostics or lasers, and optical retailers. The diagnostics bill per test and catch the disease management patients a practice would otherwise refer out.

A new practice ramps. A deferred first payment, typically up to 90 days, or step payments can carry the opening.

New, refurbished or used

Refurbished lanes and diagnostics trade through ophthalmic dealers and from practices that are upgrading or closing, often well below new. All are financeable here.

On the financing side it's the invoice or bill of sale, the serial numbers and proof of what was paid.

The new practice question

An optometrist opening cold or buying into a practice is a new business with an experienced provider. It starts with the one-page application, and a newer practice will typically need a little more up front. Several lanes and the diagnostics go on one approval.

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.

Other medical and dental equipment: dental operatory equipment, CBCT scanner, dental CAD/CAM system, ultrasound machine, digital X-ray system, aesthetic laser, veterinary equipment. Or start with medical and dental equipment financing.