Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

August 04, 2022

Industry Tips

How to Get the Best Value on Medical Equipment, Part 1

You know what equipment your hospital needs. And the make and model your doctors prefer. Now you need to figure out how to negotiate the best price, service coverage and terms. Don’t overlook competition as a key lever that moves suppliers in negotiations. If suppliers believe they risk losing a sale, they are more motivated to get you better prices and terms.

Create (legitimate) competition. Legitimate means a product or supplier that your doctors might actually consider as an alternative to their first choice. Without competitive pressure, suppliers can hold the line on price and you have no real 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 on the cost of the product, as well as ongoing service and support that is often needed.

Recently, a hospital was buying a surgical navigation system selected by providers. After several rounds of unsuccessful negotiation, the supplier indicated they had “no more room to discount”. The hospital then solicited a very compelling proposal from another supplier for a different system. As soon as the preferred supplier got wind of the competition, they were suddenly able to reduce the cost by another 13% ($20,000) plus add an extra year of warranty at no cost. Are you using competition to your fullest advantage?

Stay tuned for Part 2 where we explore another angle for creating (legitimate) competition…

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."