Medical, Lab & IT Equipment Benchmarking & Analytics
Medical, Lab & IT Equipment Benchmarking & Analytics
Medical, Lab & IT Equipment Benchmarking & Analytics
PROBLEM: A 400-bed community hospital replacing their fleet of endoscopy equipment lacked confidence they had gotten the best price and trade-in offer. They needed to know if they could save more or if there was a better option.
SOLUTION: EVMS information confirmed the old equipment was worth more than the trade-in offer. The hospital leveraged this information to successfully negotiate an additional $231,000 in savings.
PROBLEM: A 400-bed community hospital replacing their fleet of endoscopy equipment lacked confidence they had gotten the best price and trade-in offer. They needed to know if they could save more or if there was a better option.
SOLUTION: EVMS information confirmed the old equipment was worth more than the trade-in offer. The hospital leveraged this information to successfully negotiate an additional $231,000 in savings.
PROBLEM: A 300-bed teaching hospital buying a new MRI needed to find savings in the quoted price to fit the purchase into the approved budget. They wanted to know if the quoted price and trade-in offer for the old MRI were consistent with current market pricing.
SOLUTION: EVMS information validated that the quoted price was 10% higher than prices other hospitals were being charged and the trade-in offer was well below market. They negotiated an additional $126,000 off the price of the new system and sold the old MRI for $110,000 more than the trade-in offer.
PROBLEM: A community health system was flooded with a surge of COVID-19 patients and urgently needed additional patient beds and stretchers. New equipment suppliers were quoting prices more than double pre-pandemic pricing, with an estimated 4+ weeks for delivery.
SOLUTION: The hospital used EVMS information to locate beds that were available immediately, and for 77% less. They saved $180,000, but even more important - the beds were delivered and placed in service in less than 24 hours.
PROBLEM: A regional community health system wanted to know if the annual service prices quoted by the supplier were consistent with the market and prices other hospitals were being charged before signing a 5-year renewal.
SOLUTION: Using EVMS information to benchmark quoted prices against market prices, the health system discovered other hospitals were being charged substantially less for the same level of coverage. Knowing this, the health system was able to negotiate an additional $520,000 in savings over the 5-year term.
PROBLEM: An urgent care facility of a regional health system experienced a part failure on a high-volume x-ray room. The manufacturer quoted $39,000 and an estimated 5 weeks to receive the part and complete the repair (and an additional cost of more than $65,000 in lost patient revenue).
SOLUTION: The hospital used EVMS information to find an independent service provider who already had the part, and could complete the repair at a fraction of the cost, in less than two weeks. The hospital saved $34,000 on the repair cost and avoided 3+ weeks of unplanned downtime AND $65,000 in lost revenue.
PROBLEM: A regional 600-bed trauma center was renewing a 5-year, multi-vendor, service contract covering 51 imaging systems. The current OEM multi-vendor service provider quoted a 15% price increase the hospital had not budgeted for, and was not willing to pay.
SOLUTION: The hospital used EVMS information to identify service options from other OEMs and independent service providers that cost 11 – 27% less. Ultimately the hospital selected a hybrid of both OEM and independent service, reducing their annual cost by $220,000 annually (16%) or $1,100,000 over the 5-year contract period.
PROBLEM: A multi-state health system standardizing their patient monitors planned to trade in their old monitors with the new purchase. The trade-in offer was far below the fair value the hospital anticipated, leaving their budget short on funds to complete the purchase.
SOLUTION: EVMS information validated strong market demand for the old monitors, and resale prices much higher than the trade-in offer. The health system opted-out of the trade-in, and instead sold the old monitors outright, recovering (saving) an incremental $491,000 (124%) compared to the trade-in.
PROBLEM: A regional health system was standardizing their liquid handling systems and replacing 3 units that had not fully depreciated in value. The supplier of the new systems offered a trade-in option of $0 but the health system needed to find a way to avoid the unplanned write-off and financial loss.
SOLUTION: EVMS information validated the existing systems were worth more than $0, and that there were buyers for them. The health system declined the trade-in option and instead sold the old systems on the market, recovering $97,000 in net sale proceeds compared to the $0 offered for the trade-in.
PROBLEM: A central lab for a community health system was upgrading four lab analyzers to a newer model. The supplier of the new systems indicated their existing analyzers had no value, and quoted a cost of $1,700 each to remove and recycle them.
SOLUTION: The hospital leveraged EVMS information to confirm that the existing analyzers were worth between $8,000 - $12,000 each. The hospital sold the old analyzers for $43,000 ($10,750 each) and saved an additional $6,800 on the quoted removal cost for a total of $49,800.
Having the right information saves hospitals time and money on medical equipment lifecycle costs.
“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.”
"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."
“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."
"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."
“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.”
“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.”
“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.”
“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.”
Miga Solutions is an information services company, helping leading hospitals reduce medical equipment and IT costs since 2004. Our EVMS Benchmarking 2.0® platform enables hospitals to benchmark using better data, find more savings, and make better spending decisions across the medical equipment lifecycle. Coupled with unparalleled marketplace expertise, our solutions bring our clients to the lowest possible total cost of ownership.
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