Many health care professionals, suggests Dr. Gary Stenzler, assume that being a good clinician will keep them on top of their field. “In fact, you have to run a good business too,” says Dr. Stenzler, who operates dental practices in Ontario.

Part of staying on the “leading edge”, he says, involves making the right decisions about equipment — not just what to get and when, but also whether to buy or lease, and from whom. Such deals can have a huge impact on both your practice and finances. Dr. Stenzler, for instance, negotiated an equipment lease through RBC Royal Bank, which generated considerable savings for him in monthly payments as compared to an offer from a competitor.

In this article, you'll learn about:

• How long will equipment last
• Cash flow and flexibility
• Tax implications
• Seeking expert advice