As consumers continue to assess their options after the paradigm-shift of the pandemic, many will be looking for their care providers to show that they are investing in improving their services. Investing in big ticket items, such as optical coherence tomography (OCT) machines and other imaging technology, can effectively demonstrate that you are focused on providing the best healthcare services possible while also providing some hefty return on investment (ROI), among other benefits.
Financing can effectively make these investments painless, allowing you to pay for added capabilities while using them to generate extra revenue. Working alongside a finance company with experience of the optical industry is even better, as you will have access to specific expertise and professionals familiar with what you’re asking for.
Colin Cornish, an area sales manager at Braemar Finance with seven years’ experience, explains: ‘The advantage to our customers of partnering with a direct lender who specialises in and understands their business is that we can use our expertise to ensure that the necessary and appropriate information is provided.’
Business advantages
Cornish says that while choosing equipment is a highly technical decision, Braemar can provide a commercial and financial framework for the purchase alongside its experience of working with almost every supplier in the sector.
Stuart Burn
Stuart Burn, managing director at Performance Finance, says that, while Performance does not provide clinical advice on which equipment to acquire, his company can also utilise financial tools to help practices clearly visualise their return on investment and the ‘break-even point’.
‘Finding an ROI for all equipment is possible,’ says Burn, ‘and by using finance to fund an acquisition the ROI naturally materialises much quicker than with a cash purchase. It makes good business sense to fund capital equipment. Even those with cash reserves tend to use our services as it keeps strong liquidity in your business.’
Non-financial benefits to new technology, like an OCT machine, are also significant. ‘Staff and patients are reassured when they are in an environment where practices are using the latest technology and modern equipment,’ says Cornish. ‘It is important that staff feel they have the best equipment to provide the optimum clinical support to patients too.’
Impacts of Covid
The pandemic has affected us all, practitioner and patient alike. Its impacts have not been uniform, however, and different practices will require unique solutions to their issues. Cornish says: ‘It’s my job to ensure that we understand the individual circumstances of the practice so that our solution is bespoke to their requirements.
‘We have seen general trends, however, in particular regarding opticians’ relationships with their banks and the support they received during the pandemic.’ Research carried out by Braemar found that 68% of practices had been refused bank funding during the pandemic, with 60% of practices considering switching banks.
Burn explains that many practices have coped incredibly well during Covid, but that this was no reason to ignore an opportunity to improve your business. He says: ‘Major events, like the pandemic, often mean that practices take stock of their situation and give far more thought to their overall goals. This, in turn, can spark many to reset their business objectives which often means investing in new technology and embracing change.’
Cornish adds that, while it is too early to detect any clear trends on future spending, the pandemic has caused most businesses to re-evaluate how they interacted with patients and staff. ‘We are seeing investment in digital solutions and restructuring practices to be Covid secure,’ he says.
‘Where unexpected, and therefore unbudgeted, costs arise, working with a finance partner who can support you through the challenging times can often be the differentiator for a successful business over the long term.’