OCT & Diagnostic Equipment
Capital Structuring
Optical coherence tomography and advanced diagnostic imaging are no longer competitive differentiators — they are clinical table stakes. Lumina Medical Capital structures equipment capital that deploys the technology without impairing the balance sheet metrics that drive your exit multiple.
Intelligence Report — Node 11
The Capital Case for OCT: Valuation Multiplier or Liability?
Lumina Medical Capital advises Arizona optometry practices at both the equipment deployment stage and the exit transaction stage. The relationship between these two events is more structurally direct than most OD practice owners appreciate.
An OCT unit — Zeiss Cirrus, Topcon Maestro, Optovue Avanti, Heidelberg Spectralis — represents a capital commitment of $35,000 to $120,000. The question a Lumina capital advisor asks is not merely "can you service this obligation?" but "how does this instrument's deployment impact your EBITDA margin, your CPT billing architecture, and ultimately, the multiple a buyer will apply to your practice at exit?"
The answer, when capital is structured correctly, is unambiguous: properly deployed diagnostic technology increases billing-per-encounter, attracts the medical optometry patient profile that buyers most prize, and can add 0.3–0.8 turns to your exit multiple — often representing $200,000–$800,000 in additional transaction value for a mid-tier Maricopa County practice.
Diagnostic Technology Stack
Equipment Classes & Capital Deployment Parameters
Lumina structures capital across the full spectrum of optometric diagnostic and therapeutic technology. Each instrument class carries distinct capital economics and practice value implications.
Optical Coherence Tomography
Anterior and posterior OCT platforms (Zeiss, Topcon, Optovue, Heidelberg). Capital range: $35K–$120K. ROI typically realized within 14–22 months at standard CPT 92134/92132 billing frequencies. Section 179 eligible. SBA 7(a) available for integrated practice acquisition packages.
Visual Field & Perimetry Systems
Humphrey Field Analyzer, Octopus, and automated threshold perimetry platforms. Capital range: $12K–$35K. Critical for glaucoma management programs that significantly elevate per-visit billing density and medical optometry designation — a material driver of DSO acquisition premium.
Fundus Photography & Autofluorescence
Ultra-widefield fundus imaging, autofluorescence, and fluorescein angiography capability (Optos, Heidelberg Spectralis, Zeiss Clarus). Capital range: $45K–$130K. Enables co-management and specialized referral networks that expand practice revenue architecture.
Topography & Anterior Segment Imaging
Corneal topographers, wavefront analyzers, and Scheimpflug anterior segment imaging (Pentacam, Orbscan, iTrace). Capital range: $20K–$75K. Foundational for specialty contact lens programs — a revenue stream that commands premium multiple recognition in acquisition scenarios.
Dry Eye & Anterior Segment Therapy
IPL platforms (Lumenis OptiLight, Deka M22), LipiFlow, BlephEx, and meibography systems. Capital range: $25K–$95K. Cash-pay therapeutic revenue streams are among the highest-valued revenue types in DSO acquisition underwriting models.
Myopia Management Technology
Orthokeratology fitting systems, low-level light therapy devices, and axial length measurement platforms (Lenstar, IOLMaster). Capital range: $15K–$60K. Myopia management programs generate recurring, cash-pay revenue at margins that significantly elevate EBITDA quality scores.
Capital Instruments
Four Instruments. One Decision Framework.
Equipment capital is not a commodity. The instrument chosen determines your tax position, your balance sheet profile, and — critically — the optics your balance sheet presents to a future buyer's underwriting committee. Lumina's equipment capital advisory evaluates all four instruments before recommending a structure.
SBA 7(a) Equipment Tranche
Best for: Practices integrating equipment purchases into broader acquisition or expansion capital events. Up to $5M. 10-year term. Low equity injection requirement. Preserves operating cash flow.
Conventional Equipment Note
Best for: Single-instrument acquisitions with strong practice cash flow. 5–7 year term. Fixed rate. Clean balance sheet presentation. Faster approval cycle than SBA. No SBA guarantee fee.
Section 179 / Bonus Depreciation Structure
Best for: High-income ODs in the year of purchase. Full first-year expensing of equipment cost against practice income. Frequently produces after-tax cost reductions of 35–45%. See our Section 179 Intelligence Report for full mechanics.
Operating Lease Structure
Best for: Practices approaching an exit event within 36 months. Keeps equipment off the balance sheet. Preserves debt capacity for the transaction itself. Technology upgrade clauses protect against equipment obsolescence during transition.
Illustrative economics for a mid-tier OCT deployment in an Arizona optometry practice with 3,200 active patients.
Illustrative only. Actual billing volumes, reimbursement rates, and exit multiples will vary. Consult a Lumina advisor for a practice-specific model.
Initialize Equipment Capital Assessment →
Deploy the Technology.
Protect the Balance Sheet.
Every diagnostic instrument in your practice is either building or eroding your eventual exit multiple. Lumina structures equipment capital that does both jobs simultaneously — funding the technology and protecting the transaction.
Initialize Practice Equity Assessment →Complimentary advisory. Institutional standards.