Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

February 17, 2022

Industry Tips

Do You Have Too Many Eggs in One Basket?

The pandemic has turned the tried and true strategy of sole source supplier relationships on its head. Now forced to deal with frequent out-of-stocks, backorders and limited allocations on everything from ventilators to blood collection tubes, hospitals are finding that sole source agreements are limiting their ability to get critical items when most needed. How can your hospital adapt to this new normal?  

Reduce the Risk of Sole Source Agreements

Don’t put all of your eggs in one basket! Whenever possible, establish at least two pre-approved suppliers for each mission-critical product that have the buy-in from your clinical staff. By creating a back-up plan, when shortages occur, you are increasing the chance of finding available inventory quickly and before other buyers.

Proactively establishing multiple supplier relationships will give your hospital the best chance of getting what it needs, particularly when every other hospital may need the same thing. You might give up a modicum of savings on unit costs, but the consequences of cancelled procedures and reduced patient care are far more expensive. For all these reasons, diversifying risk and reducing reliance upon sole source agreements can deliver multiple benefits including your own peace of mind.

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."