Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

December 20, 2021

Industry Tips

Don’t Lose Money on Service Contracts.

Would it surprise you to learn that hospitals lose money on service contracts because they can’t use all the services or benefits they are entitled to before contracts expire? It’s easy to know if service for non-working equipment has been completed, but what about all the preventative maintenance visits, software upgrades, workstation replacements, training, and more that are often included in service agreements? Despite best efforts to track service utilization, it often goes unused for a number of reasons. For example, during the COVID pandemic, many hospitals restricted access to facilities, and service providers were not always allowed on-site, even if service had been paid for. Here’s one easy way to avoid losing money by paying for service you don’t use:

Review service contracts at regular intervals (including end of year) and use the service and benefits you are entitled to before contracts expire. Establish a regular time to review contracts – quarterly, twice a year, etc. – so you know what services still need to be scheduled before contracts expire. If there is not enough time to get service completed, consider asking suppliers to extend the expiration date – particularly for PMs or costly upgrades – so you get the benefit without having to pay twice. Most suppliers can find ways to accommodate reasonable requests and you should feel comfortable asking for their help.

As another challenging year for hospitals comes to a close, consider how the right information – in this case when service contracts expire and what is still due to you – can help you get the most value, and avoid losing money on equipment service contracts. This will help keep your budget in check and make sure your equipment is “up to snuff” and ready when needed for patient care.

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.”


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


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.”