Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

July 13, 2021

Blog

Don’t Lose Money on Equipment Trade-ins

Would you trade in your car without knowing what it is worth? Of course not. Would it surprise you to learn that hospitals do it with their old medical equipment every day?  The decision to trade in equipment is often one of the most expensive decisions a hospital can make. Most hospitals just want to know that the trade-in value they are getting is fair and consistent with what their equipment is worth. But how can you know?

Would you trade in your car without knowing what it is worth? Of course not. Would it surprise you to learn that hospitals do it with their old medical equipment every day?  The decision to trade in equipment is often one of the most expensive decisions a hospital can make. Most hospitals just want to know that the trade-in value they are getting is fair and consistent with what their equipment is worth. But how can you know?

Request initial supplier quotes without a trade-in included. Trade-in offers don’t necessarily reflect what equipment is worth, and may include additional discounts or promotional incentives you could get without having to give up your old equipment. Trade-in offers can often look attractive but could be masking the true value of your equipment, and costing you money (value) that you should be getting for your old equipment.

Establishing the stand-alone price of the new equipment is the first step in making the best decision whether or not to move forward with your trade-in. This is the best way to be confident that you are getting the most savings for your hospital.

Stay tuned for next week’s tip that is part two of “How to not lose money on equipment trade-ins.”

Allow Miga Solutions to help you be certain you are getting the best offer on every trade-in. Contact our Client Experience Team at client@migasolutions.com or (763) 225-8400 for questions or assistance. We look forward to hearing from you!

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."