Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

April 17, 2023

Industry Tips

Check the Math on Supplier Invoices

Before the pandemic, experts estimated that 15% of supplier invoices to hospitals had billing errors. Now, on the other side of the pandemic, some estimate this error rate has doubled.

Reasons? Your hospital is likely buying different products. From different suppliers. At different prices. And dealing with new or different personnel who aren’t familiar with the discounts and contract terms you’re eligible to receive.

Billing errors cost hospitals valuable time and money. Here’s how to try and catch errors before it’s too late.

Don’t assume supplier invoices are correct; check the math every time.

Hospitals already spend lots of energy verifying supplier quotes and contracts for accuracy. Using the same rigor on supplier invoices can avoid unnecessary costs. Here is a checklist of things to keep in mind that can help uncover mistakes in your invoices: 

  • Don’t auto-authorize payment on credit or p-cards.
  • Match invoice and PO details, making sure SKUs, pricing, quantity and terms are correct.
  • Verify that applicable GPO contract and terms have been applied.
  • Verify that line-item pricing is correct for each product or SKU.
  • Confirm that correct discounts have been applied.
  • Check the invoice total to ensure line-items prices are added correctly.
  • Finally, even if the math does add up, make sure the invoice hasn’t already been paid.

A department manager of a community hospital recently saved $87,000 by “checking the math.” Before approving the invoice for payment, she took an extra minute to double-check prior invoices and discovered the service costs had already been billed and paid.

However you check the math, making sure invoices are correct before paying is an easy way to save avoidable cost. 

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.

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."

"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.”