Detwiler once worked with a hospital that had purchased brand new equipment that ended up being accidentally walled into a ward during construction and then completely forgotten about. The hospital accounting department paid on the hidden equipment for 10 years - five years after the end of the lease - simply because there was no communication.

Even if it's a one dollar buyout lease, make sure that is clearly stated on the front of the contract or a page dedicated to that clause, says Saulter.


Forced insurance is pretty normal, but what isn't normal is when leasing companies charge you a fee for not reporting your insurance, even if you have coverage. Interim rent entails the start and end date of your lease and how that pertains to your billing cycle. Make sure you discuss with your leasing provider whether your lease term will begin on your start date so that you don't get hit with a partial months' payment that doesn't go toward your lease. Prepayment fees are pretty self-explanatory. If you payoff your lease pre-term, you may get charged a fee. Blanket liens are perhaps the most insidious. When a lease is taken out for a piece of equipment the lessor will file a lien against the equipment and assume ownership until such time as the equipment is bought-out, but sometimes the leasing company will file a blanket lien, which means they essentially own everything in the medical practice. This is especially troublesome should a doctor or hospital administrator want to sell another piece of equipment at that practice and find that they can't clear title due to the blanket lien.

Fair should be fair

For those looking to get a residual lease, where the buyout entails anything more than a dollar, the fair market buyout clause is your best friend. Make sure it's there and that the "lessee language," meaning the customers' rights and responsibilities at the end of the lease term, is fair.

"There should be some kind of a buyout clause," says Detwiler. "Usually what happens is the lessee has to elect to buy the equipment sometime prior to the end of the lease and usually the lessee can select an independent evaluation of fair market value buyout that is then agreed upon by all parties."

These are all important considerations when seeking to finance a piece of equipment, whether it is an MRI or CT scanner or a portable X-ray or ultrasound system. Make sure to get copies of all financing documents and have all unclear terms explained prior to signing.

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