Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

July 27, 2021

Blog

Don’t Lose Money on Equipment Trade-ins, Part Two

Nobody wants to lose money on equipment trade-ins, but how can you avoid it happening to your hospital? Our last tip highlighted how establishing the price of the new equipment without any trade-in factored in is a good first step in not making a costly trade-in decision. But knowing the price of the equipment is only the start. The next step requires determining what equipment you may trade-in is worth, and then evaluating any trade-in offers based on how competitive they are.

Establish what your trade-in is worth before requesting an updated supplier quote with a trade-in included. Using good information, (meaning accurate, objective, and reflective of current market values) to know the value of your equipment, is the best way to make a fully informed and confident decision about whether to trade equipment in, and for how much.

Negotiating equipment purchases can be a complex process, and many suppliers use trade-in values to show deeper discounts that you might be able to negotiate anyway without a trade-in factored in. Don’t you want to know before finalizing a purchase or recommending your hospital move forward with a trade-in? Don’t forget that the Miga EVMS Estimate of Resale Value and Trade-in Optimizer reports are one easy way to get the good information you need to make the best trade-in decisions.

If your hospital already subscribes to EVMS, you have access to the best information available to benchmark and verify the value of your trade-in.

If you’ve never used our Equipment Value Management System (EVMS), we would love the opportunity to show you how to know with certainty you’re getting the best price and maximize savings for your hospital. You’ll quickly under-stand what makes our data and technology better, and how EVMS can find you more savings than any other solution available.

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."