Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

March 02, 2022

Industry Tips

How Much Does “Just-in-Time” Inventory Cost Your Hospital?

Just-in-time inventory strategies have worked well to control costs in a normal supply chain environment. However, in today’s volatile and uncertain global supply chain, buying just-in-time puts hospitals at risk of running out of critical products when orders are unexpectedly delayed or products become unavailable. How can you avoid running out of products needed for patient care?

Adjust inventory levels from just-in-time to “just-in-case.” Identify the most mission-critical products (both equipment and supplies) and increase on-hand inventory so when supply chain breakdowns occur, you are prepared. This may require getting approval for short term budget increases, but you will likely save money in the long run by avoiding inflated spot market prices and loss of revenue if procedures need to be cancelled.

Just-in-time inventory management can be a great strategy when supply chains operate normally. For hospitals today, however, having what they need is far more important – and valuable – than minimizing inventory levels. Adopting a “just-in-case” approach can help you stay ahead of the market and set your hospital up for success. You’ll have peace of mind from knowing critical products will be available when your patients and staff need them.

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."