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CHAPTERS
CHAPTER 4

Making the secure investment

The price of strong, scalable security

Industry analysts and healthcare IT staff concur: To safeguard data and business viability, it’s important to ensure that cybersecurity receives a substantial part of the IT budget. The good news is, there are several options for funding your system, including purchase, subscription or payment plans.

While using cash to purchase a cybersecurity solution might seem like the most direct approach, this option may diminish capital reserves unnecessarily. Alternatively, using a vendor subscription program can lower cash outlay and provide convenience. For some, however, financing with a customized payment plan is the best of both worlds. In addition to convenience and cash preservation, financing offers as a full range of additional features. 

Benefits of financing

  • Payments tailored to your budget and initiatives
  • Flexible terms: Monthly, quarterly, annual, or multiyear
  • Enhanced cash-flow management
  • Total solution coverage (bundling), including hardware, software, installation, training, and maintenance costs
  • Technology upgrades and protection from obsolescence
  • Contract flexibility and control
  • Simplified processing
  • Potential tax advantages

Nonstandard financing

“Nonstandard financing” options are designed to be more solutions-based. Collaboration between the equipment manufacturer, various service providers, the finance company and other potential partners allow for a more comprehensive, customized approach to your current and future business needs.

For instance, nonstandard finance agreements can also include provisions that allows providers to skip or defer payments, match payments to cash flow and add on or upgrade technology. Such flexibility makes it easier for healthcare providers to scale while keeping their software and systems updated to help mitigate against security threats.

Assembling the team

Regardless of what type of equipment your practice needs, or which financing option works best for your situation, it’s important to find a capital provider with proven financial stability and demonstrated healthcare and IT asset experience. Other things to look for in a finance partner include:
  • The ability to offer an immediate capital solution
  • A scalable, long-term strategy 
  • A combination of both technical acumen and medical-asset experience
  • Innovative structuring knowledge
  • A consultative approach that aligns with your business goals
  • Readily accessible in-house credit, legal, underwriting, documentation, and operations experts
In addition, consider the advantages of a finance provider with a proven track record in working with both healthcare and IT professionals. A seasoned finance expert should also understand new technologies and tailor payment solutions with built-in flexibility. In sum, try to find a capital provider that not only expedites equipment acquisition, but also works strategically to maximize your organization’s profitability.
Taking the extra steps to find a cybersecurity solution and a financing option that meet your practice’s unique needs can help pave the way for peace of mind – and continued patient care – well into the future.
Test your knowledge!

Which procurement method offers the most flexible terms and payment options?

YOU'RE RIGHT!

Equipment and software financing can offer more flexibility than either a cash purchase or a vendor subscription.

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NICE TRY!

Actually, equipment and software financing can offer more flexibility than either a cash purchase or subscription.

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