Reselling medical equipment can be a challenging business to manage. The venture involves lots of research, a reliable source of medical equipment, and connections.
The process begins with finding the medical supplies and ensuring their condition is worth selling. Next, you need to price your item based on the market and advertise your products.
On top of that, you can build a network of clients, such as medical professionals and hospitals. Now, all of these steps might not guarantee an immediate sale.
Kickstarting the sales flow requires patience. Fortunately, the profit potential is rewarding enough to pay off all your hard work. Stick around to learn more about how to resell medical equipment.
- Is It Possible to Resell Medical Equipment?
- What Is the Value of Medical Equipment?
- Things to Consider When Reselling Medical Equipment
- Where to Resell Medical Equipment
- What You’ll Need to Resell Medical Equipment
- How to Resell Medical Equipment: Step-By-Step Instructions
- Can You Make Money Flipping Medical Equipment?
- Frequently Asked Questions
- Similar Tutorials to Check Out
- Wrapping Up
Is It Possible to Resell Medical Equipment?
If you have medical equipment lying around unused, you can resell it. It can be a hospital bed, medical supplies, or high-tech equipment. If it has value, you should consider passing it on for a market price.
What Kinds of Medical Equipment Sell Well?
In the medical equipment market, multiple supplies can sell well. For instance, the surgical equipment industry was valued at $15.5 billion in 2022, posing high demand.
Other options like home medical equipment, including wheelchairs, canes, walkers, and oxygen concentrators, are also profitable ventures. The global medical equipment market size is projected to hit an impressive $62.1 billion by 2030.
What Is the Value of Medical Equipment?
Determining the value of medical equipment is a process. You first need to identify comparables or check the market price. Evaluate whether your product is of a lower or higher quality compared to the others available in the market, and adjust your price accordingly.
Multiple factors can affect your medical equipment’s value, including the type of instrument. For instance, dental instruments can cost more than respiratory ones on average. Other factors include the brand and technology.
For instance, let’s assume that you want to sell a portable nebulizer you originally purchased for $50. Firstly, consider the average price of a product with similar brand quality and specs. Prices vary between $20 to $50.
If your portable nebulizer is unused and recently bought, you can price the item at a similar market value. Meanwhile, if your device is old and used, it will depreciate.
Does Medical Equipment Lose Value Over Time?
Medical equipment can depreciate over four to seven years. You can calculate the depreciated value using a straight-line method. Its formula is (Purchase Price-Salvage Value)/Useful Life.
In turn, if you bought a product worth $5,000 with a salvage value of $250, you’ll deduct $950 annually after five years.
Things to Consider When Reselling Medical Equipment
Before reselling your medical equipment, here are a few factors worth considering.
Consider Target Audience
When reselling medical equipment, you need to understand your target audience. You can tailor your marketing efforts for doctors in your geographical area.
Additionally, you can be more in-depth with your market research and target specialized doctors.
For instance, if you’re reselling dental equipment, you’ll want your ads to be more visible to orthodontics and dentists. Finding your niche will make the initial selling process easier.
Medical Equipment with High Resale Value
Another factor worth considering is finding medical equipment with high resale values. These profitable gems can include:
- Imaging equipment
- Surgical tables
- EKG machines
- Patient monitors
- Infant warmers
Be Fully Transparent
Put yourself in the buyer’s shoes. For example, if your product requires a crane to move, mention it. Include an in-depth description of the product, such as its condition and specs.
Ensure that you’ve captured high-quality images from all the relevant angles as well. You’ll likely come across as more trustworthy.
Where to Resell Medical Equipment
Selling things online has become the new norm.
Fortunately, you can find multiple websites dedicated to reselling things like medical equipment. Here are some options below.
eBay offers one of the most user-friendly interfaces. You can use this giant online marketplace to resell all kinds of medical products and reach a wider audience.
What Makes This Option Great
You’ll have access to lots of users. Nevertheless, that may increase competitiveness. Besides that, eBay has an option where you can transfer the proceeds to a charity organization of your choice.
In addition, you can get 250 free listings per month. Additional ones cost an extra $0.35 for every listing.
- Fees/Commission: $0.30 per order and 13.25% commission
- Payment Methods: PayPal, Payment upon pickup, Credit, Debit, Google Pay, Apple Pay
The AA Medical Store specializes in reselling medical products. It offers an expansive inventory of equipment categorized based on specialization.
What Makes This Option Great
It’s a specialty platform. Selling your items is also easy where you only need to create a spreadsheet of your products and include their images.
Next, send the document, and a purchasing agent will contact you and provide you with a price list. The company will organize the shipping logistics for you and pay you via a preferred method.
- Fees/Commission: N/A
- Payment Methods: PayPal, Bank Wire, Credit Card
LetGo is a shopping app available on the Apple Store and Google Play Store. The platform collaborated with OfferUp and has since accumulated over 20 million users in the U.S.
What Makes This Option Great
You can resell your medical equipment via the application or website. Both options are user-friendly.
LetGo has no commission fees. Nevertheless, you can pay for in-app purchases and receive features like extra visibility. The purchases can cost between $0.99 to $4.99.
- Fees/Commission: N/A
- Payment Methods: Venmo, PayPal, LetGo Cash, Credit Card, Cash
What You’ll Need to Resell Medical Equipment
- Permits and Licensure: Acquiring a medical permit or license primarily depends on which state you reside in and the medical equipment. For instance, wheelchairs and prosthetics will likely require a permit.
- Reselling Platform Account: You’ll need to create an account on a reselling platform to list your medical equipment for sale.
How to Resell Medical Equipment: Step-By-Step Instructions
Whether you plan to sell used or refurbished medical equipment, check out our guide below.
Step 1: Improve the Medical Equipment’s Condition
You want to maximize your product’s value by enhancing its condition. That involves a thorough cleaning and possible refurbishment.
For instance, if you’re selling a stethoscope, wipe it and make sure it’s functional. Keep in mind that how good the result looks will reflect your pricing strategy.
Step 2: Take Pictures of the Product
Next, you’ll need to capture about four to five photos of the medical supply. Potential buyers will likely appraise your product from these images. Take the pictures with a white backdrop from varied angles, especially parts with descriptions.
Use clear lighting settings as well. If the product sustained any damage, ensure that it’s visible in your images.
Step 3: Price Your Product
When pricing medical equipment, you can use two common approaches, book and market value.
Pricing Based On Market Value
With fair market value, you’re considering demand and competitor prices. Besides that, a market price also takes the product’s condition into account. A refurbished item differs from a second-hand one.
Refurbished items are newly repaired and fixed, accumulating more value than second-hand items in worse conditions. That said, factors like the age of the machine, usage, configuration, and service history impact your asking market price.
Pricing Based On Book Value
The book value pricing method uses a more financially strict approach. It calculates the value after depreciation depending on income tax rates. The depreciation rate averages between 30% to 50% over four to seven years. Overall, the pricing method is better suited for new medical supplies.
It’s because the book value doesn’t take into account the equipment’s physical condition and economic and financial obsolescence.
Step 4: Advertise the Product
Now, you can choose between multiple platforms to sell your medical device or equipment. Once you have, it’s time to list your product and upload all the images you previously took.
In addition, you need to list an extensive description of your product’s condition and information. Ensure that all the details are written and respond to incoming customer inquiries.
Step 5: Network With Potential Clients
You don’t have to limit your target audience to those online. You can network with healthcare providers and hospitals.
Some publicly funded medical facilities may be short on supplies and require a lower-priced item, which you can offer.
You can also approach resale shops that will provide store credit or cash for your equipment. We suggest asking the store if they offer refurbishment services to upgrade your products’ condition and increase their value.
Alternatively, you can start your own specialty medical resale shop. Now, this will take more time since you need to gather lots of inventory before opening. You can specialize in particular medical equipment, such as diabetic test strips, to set yourself apart from competitors.
Can You Make Money Flipping Medical Equipment?
Flipping medical equipment offers a profitable venture. You can make up to $10,000 per month from this business. Despite the potentially high-income stream you’ll generate, the business comes with lots of challenges and commitment.
Initially, you’ll need to choose one or more products to specialize in and identify your clientele. Afterward, extensive market research about the medical supply, including its demand and type, is critical.
That said, one of the toughest challenges of flipping medical equipment is making your first deal. It can take up to two weeks before your product receives attention.
What Is a Medical Equipment Resale Business?
Reselling medical equipment is considered retail arbitrage. The business involves buying, selling, and, in some cases, renting, medical supplies.
The supplies can be new, used, or refurbished. Either way, you can sell your medical equipment to the business for quick cash, especially if you’ve waited a long time for clients to approach your ads.
Is Reselling Medical Equipment a Good Way to Make Money?
Reselling medical equipment is a great way to make money, plus, you’d be doing it for a good cause.
Medical resellers may use online platforms to reach a larger audience base. Others have a network of loyal customers. Targeting hospitals is also a wise decision as a supplier and customer.
Frequently Asked Questions
How Profitable are Medical Devices?
You can earn a profit margin of 20% to 30% from selling medical devices. That said, selling these contraptions can take more effort due to the strict procurement protocol hospitals follow.
In other words, lots of people are involved in the decision-making process. Plus, you’ll want to demonstrate some level of technical expertise when selling the product to appear as a reliable source.
Do I Need a License to Resell Medical Devices?
In some cases, you may require a license to resell medical devices. For instance, FDA-regulated devices will require documentation.
Besides that, we recommend contacting your state’s Department of Health or medical board and ensuring whether the items you’re selling require a license or not.
Similar Tutorials to Check Out
Want to diversify your business? Check out our other reselling guides below.
- Resell Furniture: In case you’re moving out, you’ll likely get rid of some furniture. Rather than leaving it behind, gain some profit with a resale.
- Resell Electronics: You might have a charger lying around or upgraded to a new phone. In either case, reselling your electronics can fetch a decent profit.
- Resell Sports Equipment: Reselling sports equipment is a profitable business idea, thanks to its high demand and high profit-margin potential.
Reselling medical equipment doesn’t have to be a challenging prospect. Once you have your equipment supplied, ensure that it’s clean and functional. Take pictures of it from various angles, and list it for sale on a relevant platform.
Additionally, you can network with potential clients at medical conventions and gather more suppliers and buyers.
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