Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

June 26, 2024

Industry Tips

Can You See Your Capital Savings?

Have you ever driven in the dark without headlights? It sounds kind of crazy. You can’t see what would be obvious risks in the light of day – traffic ahead, a detour, or other conditions your GPS may not pick up.

Navigating roads has many parallels to contracting for medical, lab, and IT equipment. It is impossible to see risks (or savings) if they are not illuminated. Yet hospital supply chain teams are expected to do it regularly and with a massive information imbalance that often favors suppliers. Quotes from suppliers frequently lack line-item detail including price, discounts, rates and hours for services being proposed, and more. Knowing if the deal is good, or at least good enough, can be near impossible. Unless you can shine a light on these costs. How?

Insist on the details. This is the only (best) way to establish a level playing field and know you are getting a good deal. Expect that often the initial response will be “no.”, but don’t concede.

Suppliers have a choice about what they are willing to share but you control if and when you buy. And if you can’t get the details, it’s reasonable to conclude something is missing. Like the community hospital that just learned the $250,000 implementation fee for a standard clinical software upgrade was inflated by six figures, saving more than $100,000 in the process. Keep the headlights on, and get the detail you need.

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."