Whether you are outfitting a brand new hospital, updating old equipment at an existing hospital, or investing in at-home care, hospital beds are a necessity when it comes to caring for patients.
As a necessary – and often expensive – investment it is important to do your research and thoroughly weigh your options. Keep in mind your expectations for the product, your patients’ needs, and the length of time you are looking to use the bed. Also, be sure to study the market in an effort to spot trends and challenges in the industry. All these factors make a difference as to whether renting or buying a hospital bed makes more sense for you as an investor.
Here are a few key factors to consider when searching for hospital beds on rent:
1. The Hospital Bed Market
Before you make decide to rent or buy, consider the potential resale value of a bed you have bought outright. With a little research into the hospital you can create a better understanding of the opportunities, trends, and growth potential of the industry.
According to Persistence the global hospital bed market was estimated to be worth $5,254.2 million in 2014. That number is expected to grow by 4.2% by the year 2020, a considerable growth that shows no signs of stopping. Europe currently has the largest market for hospital beds and Asia is growing exponentially. With this information in mind you may find that purchasing and selling beds in certain countries is more profitable as a result of supply and demand.
2. Is it new?
Once you have researched the market there are a few orders of due diligence you will want to consider before you acquire your new hospital bed. One of the biggest differentiation between renting and buying is the newness of the product in question. Renting a hospital bed may result in the acquirement of an outdated model that has already suffered the wear and tear of normal use. If you are considering renting, find out as much as you can about the history of the bed, how long it was in use, its model number and date of manufacture.
3. Will it save you money?
While buying a hospital bed outright is a major expense, the cost of a rental may overshadow the possibility of that investment. How long do you plan to use the bed? If your needs are long-term you will find that investing in the purchase of a bed will be cheaper than a lengthy rental period. Also, if you own the bed you have an asset that is resalable in the future.
4. What Type of Hospital Bed is it?
If you are looking for the latest, high-tech model on the market you will find that many hospital beds listed for rent do not have the newest features. Renting a newer model is not impossible, but it will certainly result in a higher price. Be sure to research the different types of hospital beds so price comparison shopping can be pursued with all necessary knowledge.
5. The Future of Hospital Beds
The hospital bed market is expected to continue to grow and doesn’t show signs of stopping. New beds will likely benefit from the implementation of new technologies and higher quality materials. This means that your current beds may become obsolete so renting is a great option if you plan to keep up-to-date.
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