With the nation still facing economic hardships banks are rarely providing loans.  This is unfortunate for our President-elect Barak Obama (who will have taken office by the time most of you read this post) who is pushing for major changes in the healthcare industry.  Obama has shared his healthcare plan for 2009, which places billions of dollars in HealthIT to develop a paperless healthcare system.   Physicians and the rest of the medical community now face the challenge of finding an inexpensive Electronic Medical Record (EMR) system that can be customized to the medical practice.

Although banks are not currently distributing loans, physicians can seek alternative methods and essentially ‘get the biggest bang for your buck.’  The main alternative to bank loans is to work with a financing company.  Financing companies are more than willing to finance equipment/services based on your credit score.  More importantly, certain financing companies will work with your medical practice to finance EMR systems, EMR and Practice Management Systems, and EMR Training and Support.  This should put a myriad of physician’s at ease, knowing that they do not have to settle for an EMR that is not suited for their practices because of the cost factor.

Physicians can get 100% financing through leasing options.  There are several different types of leases you can consider.  These types include: Terminal Rental Adjustment Clause Lease; Fixed Purchase Option Lease; Fair Market Value Lease; Dollar Buyout Lease.  Each type of lease has different pros and cons, enabling physicians to choose a plan that is more specific to physicians’ wants and needs.

More importantly, the option to lease puts physicians in a better position financially.  Benefits include: freeing up working capital; tax advantages; maximizes cash flow, saves bank lines of credit; etc.

Knowing that there are solutions available, begin researching the Electronic Medical Record Industry. Determine if you want an EMR that is focused on your specialty or one that offers multiple specialties.  Find out if CCHIT is important to you.  Make sure to schedule EMR demonstrations.  If you have any questions that you are unsure about, seek the advice of a professional.  There are several free services that you can take advantage of, such as EMRConsultant.

There is no reason to wait any longer to purchase an EMR because of your financial situation.  As long as you do your research and determine the costs, you most likely will be able to work with a financing company.  Bank loans are not the only method to use.

To learn more about financing your EMR, your EMR and Practice Management System, and your EMR Training and Support, please click here.