Biovision publishes news for its customers and others interested in veterinary endoscopy and arthroscopy.
For practices and hospitals subject to taxation by the U.S. Internal Revenue Service, the Section 179 deduction for fixed assets is pretty close to magic. That's because it lets you deduct the full purchase price of qualifying equipment purchased or financed during the tax year rather than capitalizing and depreciating it over time.
In a nutshell, this provision of the tax code allows you to write off up to $1,040,000 in tax benefit on qualifying assets costing up to $2,590,000. Most tangible goods used by American businesses qualify -- including Biovision's EndoDiagnostic+Surgical Suite EDSS and NeedleView Arthroscope Suite.
The Section 179 deduction is one way the government encourages businesses to buy equipment and rewards them for investing in themselves. These immediate deductions can free up valuable cash for expansion, growth and self-investment. (Want to know more about the deduction, how it works, and what qualifies? Check out Section 179.org.)
Applying the Section 179 Tax Credit to Biovision Equipment Suites
NeedleView Arthroscope Suite
- Tax year 2020
- Tax bracket of 35%
- Equipment purchased and put into use prior to December 31, 2020
- $5,232 in tax savings (calculated as $14,950 purchase price x 0.35)
- Takes effective cost down to $9,717
- The typical NeedleView customer bills each NeedleView procedure at $1,000 and performs 2-4 procedures per month...resulting in a potential first-year ROI of 247% (click here for a full ROI calculation)
EndoDiagnostic+Surgical Suite (EDSS)
- Tax year 2020
- Tax bracket of 35%
- Equipment purchased and put into use prior to December 31, 2020
- $13,632 in tax savings (calculated as $38,950 purchase price x 0.35)
- Takes effective cost down to $25,318
- The typical EDSS customer bills each EDSS procedure at $500 and performs 4 procedures per month...resulting in a potential first-year ROI of 92% (click here for a full ROI calculation)
It's important to plan any capital expenditure — such as the purchase of endoscopic/laparoscopic and/or arthroscopic equipment suites — wisely. You'll want to factor in:
- Current and future practice needs
- Return on investment
- Useful life/depreciation
- Tax deductibility
If old equipment needs to be replaced to sustain a currently-offered service, the determination is relatively simple.
Don’t limit your vision, though! Take time to consider how new equipment or technology could:
- Help expand your service lines
- Add to your skills
- Reignite excitement for your work
- Set your practice apart from competitors for being innovative or offering the highest standard of care
Important Deadlines and Requirements
It’s crucial that you place your new equipment into service by December 31, 2020 if you wish to take the Section 179 deduction for the 2020 tax year. Orders should be placed ASAP to allow sufficient time for processing, shipping, delivery/set-up and integration into your practice by December 31.
Biovision Veterinary Endoscopy and Vetel Diagnostics are excited to announce as of October 2019 that Biovision’s NeedleView™ camera and scopes for arthroscopy are fully deployable for use with Vetel’s exclusive image acquisition and picture archiving communication system (PACS) software, Metron.
Veterinarians need quality products that are efficient in operation and seamlessly integrate into their practices. That is why Vetel and Biovision are working together to provide technological solutions that meet the current and projected needs of today’s veterinarians.
Vetel has been an industry innovator for 20 years, selling diagnostic modalities such as digital radiography, ultrasound, thermal imaging and endoscopy products. Vetel’s Metron software allows for the entirety of a veterinarian’s imaging library to be easily accessed via a centralized PACS database. The inclusion of Biovision’s NeedleView camera and arthroscopes allows for Metron to be an all-inclusive, one stop shop for image acquisition, processing and storage.
John Small, CEO of Biovision Veterinary Endoscopy LLC, remarked, “We are excited to enable Vetel’s Metron™ software users the ability to add our 18-gauge NeedleView™ arthroscope technology to their tool set to perform micro-arthroscopic and sinoscopic diagnostic procedures along with some biologic visual injections. This value-added element will definitely enhance [Vetel’s] service offering.”
Dr. James Waldsmith, president of Vetel, is looking forward to the new opportunities that customers will have with this development. “We are thrilled with the addition of the Biovision line to our product offering,” Waldsmith said. “The integration brings our Metron users a fantastic value in their ability to grow their practices in adding arthroscopy and sinoscopy services.”
About Biovision Veterinary Endoscopy LLC and Vetel Diagnostics
Biovision Veterinary Endoscopy LLC provides veterinary practitioners with quality, innovative products that are cost effective and enable better patient care. Biovision’s product line is composed of technologically advanced, ultra-portable systems and accessories tailored for cutting-edge visualization applications. For more information about Biovision, visit the home page.
Born from the need to bring quality and value to veterinary diagnostics, Vetel maintains a perpetual drive to harness the digital world for the veterinarian. Combining the state of the art in imaging technology with the Metron™ AI enhanced software platform, and dedicated to providing unsurpassed customer support, Vetel delivers simplicity, reliability and precision to the daily lives of the veterinary practitioner. For more information about Vetel, visit its website.
For many years, small animal veterinarians had only a few options for canine musculoskeletal diagnostic imaging – namely, x-ray and first-generation ultrasound. The advent of magnetic resonance imaging (MRI) technology and improved ultrasound machines made things better…but still not great. Because these imaging modalities show very little soft tissue, they give an incomplete diagnostic picture. The 1.2mm O.D. NeedleView arthroscope allows vets to document intraarticular findings and obtain a definitive diagnosis in full color and real time…so they can determine the appropriate treatment plan.
More than a dozen small animal vets had the opportunity to use the NeedleView arthroscope in a wetlab setting at the 2019 convention of the Veterinary Orthopedic Society (VOS). The purpose of the wetlab was to familiarize veterinarians with the ease of maneuvering the 1.2mm (18-gauge) needle arthroscope in a joint, processing autologous point-of-care devices, and applying autologous protein solution under visualization. The lab focused on performing joint lameness diagnostics, blood processing through a newly available point-of-care device, and arthroscopic guided administration under visualization on canine cadavers.
View a video with feedback from 2019 VOS NeedleView Wetlab Participants
Instructors for the wetlab were Chad Devitt, DVM, MS, DACVS – VRCC Veterinary Specialty & Emergency Hospital (Englewood, CO); Kristin Kirkby Shaw, DVM, MS, PhD, DACVS, DACVSMR – Animal Surgical Clinic of Seattle (Seattle, WA); and Sam Franklin, MS, DVM, PhD, DACVS, DACVSMR – Colorado Canine Orthopedics & Rehab (Colorado Springs, CO). Dr. Devitt is a NeedleView pioneer, with many years of experience using it for diagnostics in dogs that present with lameness, stiffness, or other symptoms of arthritis.
Feedback from the wetlab participants was uniformly positive. “There’s a lot of applications for me with [NeedleView] – shoulders, elbows, and knees,” said James Simcock, BVSc (Hons), MANZCVS, of Southpaws Specialty and Referral Hospital in Moorabbin, Victoria, Australia. “It seems like a very user-friendly system, and I would definitely use it when I’m out in practice after my residency,” added Amanda Rollins, MVB, a final-year surgery resident at the Animal Medical Center in New York, NY.
Recently-published research highlights novel applications for Biovision Veterinary Endoscopy’s 1.2mm O.D. NeedleView arthroscope in the diagnosis and treatment of equine sinus and fetlock problems.
The use of the NeedleView arthroscope has been documented in research and in practice since 2014 to allow equine practitioners to perform conscious, standing exams of the stifle.1,2 Ensuing research has proven its value in the evaluation of the navicular bursa as well.3 Two recently-published studies have found novel applications.
- Paranasal sinus: A 2018 study4 explored the use of Biovision’s NeedleView camera in conjunction with a 2mm flexible endoscope for standing, conscious evaluation of the paranasal sinus. The conclusion: “Minimally invasive sinoscopy was readily performed without relevant complications in standing horses. A thorough evaluation of most sinus structures was obtained only using the frontal and the rostral maxillary portals.”
- Fetlock: A 2019 prospective clinical study2 described the technique, experience and outcome of standing, conscious arthroscopic removal of dorsal osteochondral fragmentation of the metacarpophalangeal and metatarsophalangeal joint using Biovision’s 1.2-mm NeedleView arthroscope. The conclusion: “All fragments were successfully removed and needle arthroscopy allowed a thorough evaluation of the dorsal aspect of the joint. The technique offers an alternative for standing fetlock arthroscopy for surgeons concerned about equipment damage or portability.”
NeedleView Equine Clinical Research References
1 Frisbie DD, Barrett MF, McIlwraith CW, and Ullmer J. Diagnostic stifle joint arthroscopy using a needle arthroscope in standing horses. Vet Surg. 2014 Jan;43(1):12-8. doi: 10.1111/j.1532-950X.2013.12068.x. Epub 2013 Oct 31.
2 Adrian AM, Barrett MF, Werpy NM, et al. A comparison of arthroscopy to ultrasonography for identification of pathology of the equine stifle. Equine Vet J. 2015 Nov 18. doi: 10.1111/evj.12541. [Epub ahead of print]
3 Mahlmann K, Koch C, and Bodo G. Diagnostic endoscopy of the navicular bursa using a needle endoscope by direct or transthecal approach: a comparative cadaver study. Vet Surg. 2015;44:816-824.
4 Pouyet M and Bonilla A. Validation of a 2-mm videoendoscope for the evaluation of the paranasal sinuses with a minimally invasive technique. Vet Surg. 2019;1-11.
5 Bonilla, Alvaro G. Standing Needle Arthroscopy of the Metacarpophalangeal and Metatarsophalangeal Joint for Removal of Dorsal Osteochondral Fragmentation in 21 Horses. Veterinary and Comparative Orthopaedics and Traumatology, 2019, doi:10.1055/s-0039-1688984.