Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

March 27, 2017

Blog

Benchmarking 2.0®: The Miga Mantra

 

Late last year, I penned a post for Becker’s Hospital Review that reflects the challenges facing our hospital clients. Hospital leaders, now more than ever, have a critical need to attack the many hidden cost inefficiencies lurking in their organizations. The medical equipment lifecycle remains one of the key untapped areas of cost savings, but how do these hospitals go about tackling it? By taking a Benchmarking 2.0® approach. Read the original post here and I’ve also included an excerpt below.

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The medical equipment lifecycle (MELC) – all the activities related to the purchase, service, and disposition of medical equipment and technology – presents some of the most complex and murky challenges for hospitals trying to reduce their spending. Due to a lack of accurate information, internal resources, bandwidth, and specialized expertise, even the most diligent hospitals are missing savings of as much as 12-16% of their entire MELC costs – or $12,000 per bed per year. That’s why we at Miga Solutions have developed a methodology that directly attacks these cost inefficiencies in the medical equipment lifecycle. We call it Benchmarking 2.0® and it has two simple concepts at its core: Know the Right Price and Get the Right Price.

Know the Right Price

In order to make smarter, more confident buying decisions, you need the most complete, currently updated, and relevant information available. You need a robust database of sources, models, and manufacturers at your fingertips; information not just on new equipment but also on used equipment, service contracts, repair costs, and trade-ins. The first-generation services you’re likely using rely mainly on hospital-reported data, which is both a tiny slice of the most relevant, actionable data and almost always fails to capture the truly best prices available in the market. A deeper, more nuanced well of information is the pricing data and insights hospitals need to know the right price.

Get the Right Price

Knowing the right price doesn’t mean much if you can’t actually get that price from a supplier. First-generation solutions don’t provide information and support services across the entire lifecycle that are critical to actually realizing the best possible price. This is one of the most important and unique aspects of the Benchmarking 2.0® methodology – combining accurate and comprehensive pricing data with expert and specialized services required to get the results you need. When your benchmarking provider also helps with acquisition, finding service options, and donating and recycling equipment, they go beyond being just a pricing resource. Their myriad connections across the marketplace mean easier access to the most qualified suppliers, unbiased expert negotiation support, and experienced insights into purchasing strategies, service contract management and disposition solutions that you may not have access to.

Know the right price.

And get it.

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

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.”

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.”

"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.”

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."