Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

January 08, 2024

Industry Tips

How to Avoid Losing Money on Trade-ins – Part 1 of 3

Most hospitals are under increasing pressure in 2024 to stretch their capital equipment budgets to cover the higher costs of new medical, lab and IT equipment. In this environment, how can you really know if a supplier’s quote represents the best value? One often overlooked variable that will influence the net price is the trade-in. Here’s one easy way to make sure you don’t lose money (or miss out on savings) when buying new equipment.

Get quotes for new equipment WITHOUT any trade-in included. This is the best (and only) way to know with certainty the actual price you are being quoted for the new equipment. You can always ask your supplier to add the trade-in if and when you decide it is a good business decision.

A community hospital recently learned the value of a quote without a trade-in. The price they were quoted for new IV pumps included a trade-in credit of $500 for each pump being replaced. When the hospital insisted the supplier remove the trade-in from the quote, they were surprised to find the net purchase price did not change. Once the hospital discovered they could get the same deal without the trade-in, they sold the old pumps for an unexpected $88,000. This money was used to fund other critical needs that were on hold due to budget limitations.

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."