Philips
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Mehmi Financial Group helps businesses finance and lease Philips equipment, including MRI systems and ultrasounds, in Canada and the USA. As a brokerage, we compare options from banks, equipment finance companies and alternative lenders for new and used Philips units, from dealer purchases to private sales. Approval, rates and terms are set by each lender.
About Philips
Philips was founded on May 15, 1891 in the Netherlands, according to its company profile. Its healthcare business includes MRI and other diagnostic imaging systems, ultrasound and patient monitoring.
Philips equipment
Philips imaging and monitoring equipment is installed in hospitals, imaging centres and specialty clinics.
What lenders look at
Imaging deals are underwritten on scan volumes, referral sources and reimbursement, along with the facility's financials. Site work such as shielding and power upgrades is part of the budget.
Financing Philips equipment
Larger systems are commonly financed as full projects with installation. Fair market value leases let facilities upgrade at term end.
How Philips equipment financing works
Most Philips purchases are financed with an equipment loan or a lease. A loan gives you ownership from day one, with the lender registering a security interest (PPSA in Canada, UCC in the USA). A lease keeps title with the lessor and can lower the monthly payment, with a buyout, renewal or return option at the end.
What lenders check on a Philips MRI system
Lenders look at the practice or clinic financials, licensing, and the vendor or service agreement. Installation, software and training costs can sometimes be included, subject to lender approval.
Expect to provide a credit application, recent business bank statements, the dealer quote or bill of sale with serial number and age, and financial statements or tax returns for larger amounts.
See the full list of eligible equipment, compare equipment financing options, or estimate payments with the equipment financing calculator.
All Philips models with financing pages
| Model | Type | Category |
|---|---|---|
| Philips Achieva MRI | Mri | Medical |
| Philips Brilliance 64 CT | Equipment | Medical |
| Philips Brilliance iCT | Equipment | Medical |
| Philips EPIQ Elite Ultrasound | Ultrasound | Medical |
| Philips Healthcare | Equipment | Medical |
| Philips Ingenia Ambition MRI | Mri | Medical |
| Philips Ingenia Elition MRI | Mri | Medical |
| Philips IU22 Ultrasound | Ultrasound | Medical |
| Philips Medical Imaging | Equipment | Medical |
Tax treatment of Philips equipment
In Canada, the CCA class depends on the asset and how it is used. Your accountant can confirm the right class. With a loan, you generally claim capital cost allowance and deduct interest. With a true operating lease, lease payments are generally deductible instead. See the CRA classes of depreciable property. In the USA, Section 179 and bonus depreciation may apply; see IRS Publication 946. Always confirm with your accountant.
End-of-term options on a Philips lease
A $1 buyout lease is built for ownership: you keep the machine for a nominal amount at the end. A fair market value lease usually has a lower payment, and at the end you can buy the equipment at its market value, return it or upgrade. Read the return conditions, such as hour limits and wear standards, before you sign.
Who finances Philips equipment
Medical: medical and dental clinics, imaging centres, specialists, veterinary practices and multi-location health groups finance Philips equipment to take on new work, replace aging units or add capacity.
The right structure depends on how the equipment earns money. A machine tied to a long contract can support a longer term, while seasonal work may call for skip or seasonal payments that some lenders offer.
Questions to ask the dealer or seller before you finance
- What is the exact model year, serial number and age?
- Is there a service history or recent inspection report?
- Is any warranty or extended coverage included, and does it transfer?
- Are attachments, delivery, installation and taxes itemized on the quote?
- For a private sale, is the equipment free of liens, and who will provide the bill of sale?
Insurance on financed Philips equipment
Lenders and lessors require the equipment to be insured for its replacement or financed value, with the lender named as loss payee, before funding. Some also ask for liability coverage. Getting an insurance quote early avoids last-minute delays.
Frequently asked questions
Can an imaging centre finance a Philips MRI?
Yes. Lenders review scan volumes and the project cost.
When was Philips founded?
On May 15, 1891 in the Netherlands.
Can site work be included?
Some lenders finance shielding and installation.
Can a clinic finance Philips ultrasound?
Yes.
Is an upgrade lease available?
Fair market value leases can allow upgrades.
Can I finance refurbished Philips equipment?
Yes, with service history.
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