Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

October 04, 2017

Blog

HFMA Webinar Recap: Bending Your Hospital’s Cost Curve

Our recent webinar with the regional Hospital Financial Management Association (HFMA) focused on a timely topic: bending your hospital’s cost curve across the medical equipment lifecycle.

Peter Robson, CEO of Miga Solutions, and Matt Werder, CTO of Hennepin County Medical Center, described how hospital leaders can drive structural cost reduction that permanently bends the cost curve to help their organizations adapt to an uncertain future. Peter and Matt provided key insights about how hospitals can uncover long-term cost savings in their medical equipment spend. For many hospitals, this translates to $13,000 annual savings per bed, or $3.9 million for a 300-bed hospital.

Access the complete webinar recording here.

Here are three practical strategies that attendees learned for reducing medical equipment spend:

  • Avoid the “good enough trap:” savings can be easily overlooked when hospitals believe the price they’ve received on medical equipment is “good enough.” Perhaps the quote fits within their budget, or it’s less than what other vendors have offered. Experience shows that additional savings can often be found by not settling for good enough.

 

  • Enable fact-based decisions: leaders and their teams often use emotion to guide decision making rather than facts. This can happen when a hospital has a close business relationship with a vendor, or when a deal “feels” right. Instead, empower your team to make decisions based on market data to ensure your hospital is getting the best price.

 

  • Speak a common language: a variety of stakeholders are involved with medical equipment purchases — from finance to supply chain to biomedical engineering to clinical departments. Each of these groups has its own way of looking at equipment purchases. Get everyone on the same page by ensuring the team is speaking a common language. This starts with giving all parties access to the right information.

 

These strategies can provide a useful framework for hospital executives looking to bend their cost curve and drive down medical equipment costs. For more details about these strategies along with examples of savings that other hospitals have realized, watch the webinar recording.

 

Peter and Matt

 

 

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."