Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

June 15, 2023

Industry Tips

Don’t Underestimate Competition

The disruption to the global supply chain that started during the pandemic continues to create uncertainty for hospitals. Many suppliers have suspended production and even eliminated certain products. Rising costs and inflationary pressures are leading them to price increases across the board. As a result, suppliers have become less flexible on price. There is one proven strategy that can help overcome supplier resistance and help you get you the best deal every time.

Create (legitimate) competition.

When negotiating a purchase or service contract for equipment, don’t overlook competition as the most powerful lever that can move suppliers in negotiations. Legitimate means a product or supplier that your doctors might actually consider as an alternative to their first choice and giving suppliers a reason to believe they could risk losing a sale. Without competitive pressure, suppliers can hold the line on price, leaving you very little leverage to use to your advantage. And never let one supplier know they’ve won the business until you are confident you’ve got the best possible deal, as once they do, getting additional concessions is harder.

But sometimes there aren’t competitive options for specialty medical and lab equipment. Suppliers are well-trained to scoff at “inferior” alternatives from competitors and often assume you’ll buy from them regardless of price. What can you do? You can still create competition, but in this case with a used version of the same product.

Of course doctors prefer brand new equipment. But in the absence of a viable competitive product, a pre-owned version of the equipment your doctors prefer is the next best way to introduce competitive pressure. This way you still have two suppliers and reps competing for your business, and you can leverage both to get the best value and the equipment your doctors want.

When you create competition, you will increase your win rate and find it easier to get the price, and savings, your hospital needs.

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.

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."