FAQS
Medical Device Financing for the Growing Laser Industry
The medical and cosmetic laser industry has seen significant growth in recent years, with more and more patients seeking laser treatments for a variety of conditions. Financing for medical device companies in this industry is crucial for the development and commercialization of innovative laser technologies.
Applications of the Medical and Cosmetic Laser Industry:
- Hair Removal: Laser technology is commonly used for hair removal on various parts of the body, including the face, arms, legs, and bikini area. It offers a long-lasting solution to unwanted hair, with less pain and discomfort than traditional methods.
- Tattoo Removal: Laser technology is used to remove tattoos by breaking down the ink particles in the skin. The laser targets the ink without damaging the surrounding skin, and multiple treatments may be required to achieve desired results. This method is effective for all tattoo types and colors.
- Skin Resurfacing: Laser technology is used for skin resurfacing to treat acne scars, sun damage, and fine lines and wrinkles. The laser removes the outer layer of skin, stimulating the growth of new skin cells. This treatment can also improve skin texture and tone.
- Vascular Lesions: Laser technology is used to treat vascular lesions, including spider veins, rosacea, and port wine stains. The laser targets the blood vessels, heating and damaging them, causing them to be absorbed by the body.
- Pigmented Lesions: Laser technology is used to treat pigmented lesions, such as birthmarks, freckles, and age spots. The laser targets the pigment in the skin, breaking it down and allowing the body to absorb it. This method is effective for all skin types.
- Acne Treatment: Laser technology is used to treat acne by killing bacteria and reducing inflammation. The laser targets the sebaceous glands, which are responsible for producing oil in the skin. This treatment can also reduce the appearance of acne scars.
- Scar Reduction: Laser technology is used to reduce the appearance of scars, including surgical scars and acne scars. The laser stimulates the production of collagen, which helps to smooth out the scar tissue.
- Stretch Mark Reduction: Laser technology is used to reduce the appearance of stretch marks by stimulating the production of collagen. This treatment can also improve skin texture and tone.
- Teeth Whitening: Laser technology is used for teeth whitening by activating a whitening gel applied to the teeth. The laser helps to break down the stains on the teeth, leaving them whiter and brighter.
- Body Contouring: Laser technology is used for body contouring to reduce fat and tighten skin. The laser heats and damages fat cells, causing them to be absorbed by the body. This treatment can also improve skin elasticity and tone.
In conclusion, the medical and cosmetic laser industry offers a wide range of treatments using innovative laser technology. These treatments are effective, minimally invasive, and offer long-lasting results. Patients interested in laser treatments should consult with a qualified provider to determine if these treatments are right for them.
Companies in the medical and cosmetic laser industry should carefully consider their financing options and create a solid business plan before seeking any type of medical device financing. With the right financing in place, medical device companies can continue to develop new and innovative laser technologies to improve the health and well-being of patients.
Questions People Ask about Medical Device Financing
What are the most commonly performed cosmetic/aesthetic treatments in the U.S.?
In 2020, $16.7 billion was spent on cosmetic procedures in the U.S. For over a decade, laser hair removal held strong as one of the top five minimally-invasive cosmetic choices, with over 1 million procedures performed annually. However, according to new research statistics from the American Society of Plastic Surgeons, the popularity of laser skin resurfacing and intense pulsed light (IPL) treatments has grown in recent years. Now, laser skin resurfacing and IPL photofacials are among the top five minimally-invasive cosmetic procedures, with each seeing approximately 1 million procedures annually. Blepharoplasty, or eyelid reshaping, is also among the top five cosmetic surgical procedures in the country.
What is an EFA (equipment finance agreement)?
An equipment finance agreement is an alternative to the traditional lease, and it is very similar to a loan.
- Fixed monthly payments.
- Terms ranging from 36 to 72 months.
What is a lease?
A lease is a contractual arrangement where one person/business (lessee), the lender/owner(lessor), owns an asset and provides possession and use of the asset to another person, the lessee, for a fixed term.
The lessor is the legal owner of the asset/equipment and the lessee has the legal right to use the asset/equipment in exchange for rental payments.
Do I need more than one of the same machine?
The answer to this question really depends on how much traffic your practice sees, as well as the size of your space. Of course, our goal is to grow with you! We recommend starting off with one multifunctional device and adding more as demand increases.
Our vendor products are backed by years of industry experience and designed with the intention to meet the needs of today’s client base. Many of our vendors aesthetic and medical devices bundle different technologies to give you more procedural offerings and help you diversify your treatments.
How do I apply for medical device financing?
- You can do your application over the phone with one of our sales manager. Just call 888-202-1989.
- You can download our credit application Here.
- You can submit your contact information online using our form. Then the next available advisor will reach out to you.
What kind of equipment do you finance?
As long as the equipment is business essential we can finance it.
What types of rates do you offer?
Our finance rates are very competitive within our industry, and we’ll always strive to find the best suited program with the best terms.
What terms do you offer?
We have terms from 36 months Up To 72 months. Our dedicated financial advisor will make sure to work with you to place you in a term that will help your business cash flow while helping you increase your ROI.
How long does it take to get approved?
It generally takes 2-4 hours to get approved, but please allow up to 24 hours for an approval to be facilitated.
How much documentation is needed?
The majority of our programs are called “Application Only”,
Depending on the credit, time in business, type of equipment, industry, and the amount you’re seeking to finance we may need to see income. Proof of income can be as simple as your last three months’ bank statements.
How much does It cost to apply?
Your application is free, along with the advice and guidance from your dedicated financial advisor.
Why should I finance equipment when I can use my cash?
One of the greatest advantages with financing or leasing an equipment, is the ability to obtain the necessary equipment with little to no money down.
It allows the business owner to preserve their cash, and to obtain new or used equipment by making monthly payments anywhere from 12 to 72 months.
Advantages of overseas domestic helper.