Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

August 17, 2022

Industry Tips

How to Get the Best Value on Medical Equipment, Part 2

Sometimes there aren’t any competitive options for specialty medical and lab equipment. Suppliers are often trained to scoff at “inferior” alternatives, and assume you’ll buy from them regardless of price. What do you do?

Can’t Get a Competitive Bid? Consider Used

Create competition by introducing a used version of the same product. Many doctors prefer brand new equipment. But in the absence of a viable competitive product, a pre-owned version of the equipment is the next best way to introduce competitive pressure. This way you still have two suppliers and reps competing for your business, and you can leverage both to get the best value and the equipment your doctors want.

Here’s a recent example. A hospital needed more patient monitors for a bed expansion project. The supplier knew the hospital had to buy their monitors in order to be compatible with existing hospital infrastructure. The price quoted to the hospital was 19% higher than they had paid 7 months earlier. Despite the supplier insisting they couldn’t discount further, the hospital didn’t accept the higher price and considered a pre-owned option from a different supplier, and for 60% less. Once the hospital had a legitimate alternative, the supplier of new monitors suddenly “discovered a special promotion” that cut the price by 13.5%, saving the hospital $51,000 and enabling them to fit the new monitors into the budget for the expansion project.

Miga Solutions provides the most accurate and actionable pricing information, enabling hospitals to lower their medical equipment total cost of ownership (TCO) by 12-16%. To learn more about how your hospital can save, contact us.

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."