BHG – Maximizing a Loan: Acquiring High-Tech Diagnostic Devices for Dermatologists

In the skincare industry, it’s now more important than ever for dermatologists to stay ahead of the technological curve, especially when it comes to swiftly and accurately diagnosing conditions. Diagnostic instruments can help dermatologists and their staff quickly assess skin problems and develop the proper treatment plan. However, obtaining these devices may be challenging simply due to their high costs. Loans for medical professionals can help cover the price of high-tech tools to keep a dermatology practice competitive.

Here are four steps to secure the right high-tech diagnostic devices.

Understand the changing technology landscape

With technology rapidly evolving, it’s critical for dermatologists and their staff to stay up-to-date on the latest advances in order to avoid overspending on equipment that may quickly become obsolete. For example, artificial intelligence (AI) and machine learning (ML) tools might require frequent software upgrades as the learning models improve. These updates might carry an additional cost that should be factored into the purchase.

Assess the local market needs

It’s critical for dermatologists to understand their patient base and local market when deciding which diagnostic equipment to purchase. For example, a dermatologist’s office in Florida that primarily caters to older adults might prioritize tools that leverage AI and ML to categorize growths as malignant or benign. Alternatively, a clinic that primarily sees teenage patients might decide to invest in AI tools that help evaluate a patient’s skin type and develop an acne treatment plan online before they even need to visit the office for an appointment.

Decide whether to buy or lease equipment

While some smaller handheld equipment, like a dermatoscope, costs only a few hundred dollars, larger diagnostic tools, such as a total body scan machine, can cost tens of thousands. For these larger devices, it’s important to run the numbers to understand whether it makes more sense to buy or lease.

It typically makes sense to buy equipment when it’s going to be used for several years and won’t require rapid replacement or frequent upgrades. Leasing may make more sense when new software or tools can quickly replace diagnostic tools.

Clarify the value of new equipment

With information about the technology itself and interest from the local market, a dermatologist needs to clarify the benefits and potential return for their specific practice. For example, a tool used to differentiate between types of skin cancer has obvious patient benefits, like the ability to diagnose an aggressive form of skin cancer such as Melanoma and start treatment early.

However, the dermatologist would need to do their best to forecast how much revenue they can generate per patient before the device pays for itself. When in doubt, an accountant or financial professional can assist with these calculations to help dermatologists determine whether or not a large purchase makes sense and how it will depreciate over time.

Keeping up with advancements

There are several things for dermatologists to consider when assessing the purchase of high-tech diagnostic devices. Ultimately, whether or not to acquire these tools and the best way to purchase them depends on market needs, the longevity of the device, and how rapidly technology is advancing. For an expert opinion, dermatologists may turn to a medical supplier who can share experience about what other practices are doing and the relative pros and cons across a suite of similar devices.

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