3 Great Ways to Find Savings in Your Medical Equipment Lease

Do you often feel like you’re getting taken advantage of when sitting across the table from a medical equipment leasing company? Are there any other ways to save on the monthly payments other than lowering the interest rate or extending the duration of the lease?

Many leasing companies are very amenable to finding creative ways for your hospital to save money on a medical equipment deal…that is…if you know where to look and what to ask.

Here are three ways you might be able to save before entering into your next medical equipment lease:

1. Reduce the Overall Purchase Price of the Equipment – Many times hospitals are so focused on the monthly payment or interest rate of the leasing deal that they often overlook the actual purchase price of the equipment. Make sure to benchmark the purchase price of the equipment against what other hospitals pay before you even think about the structure of the lease.

2. “Trade In” Equipment to Buy Down the Lease – Leasing companies often work with many other vendors who can provide cash for equipment you no longer need. If you have equipment you are looking to sell, offer it to your leasing company as a way to buy down the initial payment of the lease. It doesn’t even have to be the same manufacturer or even type of product you are about to lease.

3. Understand the True Market Value of Your Equipment at End of Lease – Don’t get stuck at the end of the lease with an overinflated buyout. Leasing companies are known to charge a higher price for a lease buyout as a way to make a higher profit on the deal. Make sure to fully evaluate the true market value of the equipment if and when you decide to purchase at the end of the lease term.

Know the right price.

And get it.

Having the right information saves hospitals time and money on medical equipment lifecycle costs.

Matt Werder

Chief Technology Officer

Hennepin County Medical Center

“Miga’s data is key to helping us be good financial stewards and validates we are using our resources wisely. The market intelligence provided by Miga’s EVMS platform has allowed us to save substantial amounts of money.”

Matt Blashill

Enterprise Director of Supply Chain

Lake Region Healthcare

"There’s a personal touch that sets Miga apart from their competitors. They don’t just offer great insights. They always take the time to provide additional analysis that is meaningful and actionable."

Dan Bazinet

Director of Clinical Engineering

Southcoast Health

“In all my years in health care, I’ve used a lot of benchmarking tools. Most simply repeat information passed along from others; Miga’s information tells me what’s really happening.”

COO

Community Hospital

"Miga's negotiating skills save us time and money. And their unique understanding of the market means we’re always playing from a position of strength."

Supply Chain Director

Regional Healthcare System

“All suppliers claim to have excellent customer service. Miga actually walks the talk and always has our best interest at heart. We love working with them."

Dr. John Wilson

Physician

Mayo Clinic, Department of Medicine

Program in Underserved Global Health

"Miga’s ability to match equipment donated by their customers with the needs of our medical projects has been a most valuable and welcomed resource."

Jim Tierney

CEO

Suburban Radiology

“Miga’s data, analysis and expertise – in particular related to the fair market value of clinical equipment – is a critical resource we need to support strategic acquisitions, divestitures and joint ventures.”

Eric Hoag

Director, Corporate Strategy & Development

Allina Hospitals and Clinics

“Miga’s proprietary data and expertise was critical to our ability to close an acquisition deal quickly and with a high level of confidence in our valuation.”

Bill Barta

Corporate Director, System Imaging

Fairview Health Systems

“Miga’s objective information-based approach and understanding of the needs of hospitals makes them a valuable resource and helps us make the most cost effective spending decisions.”

Scott Bosch

Manager of Clinical Engineering

Park Nicollet Health Services

“The groups responsible for managing technology in our healthcare organization need data and analysis to manage costs and make informed decisions. Miga’s EVMS platform is an important and valuable resource that helps us make the right decisions for both our clinical priorities and budget.”

Miga Solutions is an information services company, helping leading hospitals reduce medical equipment and IT costs since 2004. Our EVMS Benchmarking 2.0® platform enables hospitals to benchmark using better data, find more savings, and make better spending decisions across the medical equipment lifecycle. Coupled with unparalleled marketplace expertise, our solutions bring our clients to the lowest possible total cost of ownership.

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