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 regional hospital was purchasing new chemistry analyzers and automation equipment to update their core lab. In the final stages of contracting, they learned through their benchmarking process that the new equipment suppliers were discontinuing support for critical analytic software included with the new system.
SOLUTION: Armed with EVMS enabled market information, the hospital averted implementing software that would have been obsolete within weeks. They demanded the supplier provide a solution before they would finalize the purchase. The supplier offered an alternative software product with similar functionality, and ultimately at no cost, saving the hospital $143,000 (12%) and valuable time.
PROBLEM: Following a string of data security breaches at nearby hospitals, a regional health system identified potential risks in their existing IT infrastructure that required a product upgrade to avoid a similar outcome—a cost which they assumed would be covered under the terms of their maintenance agreement with the software provider. Instead of the modest implementation fee that they expected, the hospital was informed by supplier that the previous version of the software was not forward-compatible, and they were stuck facing a total replacement cost quoted at greater than $3.6 million.
SOLUTION: Despite the cost of the new software, the consequence of a data breach still posed a much greater threat to hospital operation. Before agreeing to this painful price increase, however, the hospital benchmarked the final quote with EVMS—only to learn that other hospitals were being charged significantly less (up to 10% savings) for the exact same software configuration. Equipped with this newfound knowledge, the hospital was able to negotiate a 13% reduction ($481k) in total cost required to meet their non-negotiable security needs.
PROBLEM: A rural health system needed to replace their private cloud platform to augment their protection of critical data. But after selecting their preferred platform, which they knew would come at an increased cost, the final quote was 47% higher than the cost of their current platform—but the sales rep assured them that the quoted price was the best that the supplier could possibly do. It was unclear if the hospital could get approval for the budget-busting cost of the new platform.
SOLUTION: After convincing the IT leader to let them benchmark the quote with EVMS, the hospital supply chain team helped uncovered the fact that other hospitals had recently paid substantially less for the same technology. Empowered by this new information, the hospital took a hardline stance with the supplier and indicated that they would select another product if the price did not come down. Begrudgingly, the sales rep was able to receive approval for a substantially lower price that reduced the upfront cost by more than $500,000.
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 community hospital had 9 separate service contracts covering their fleet of diagnostic imaging equipment. Over time, the inventory being covered had become outdated, and it was impossible for the hospital to know if the invoices they paid each month were accurate. The supplier indicated it could not consolidate the contracts until they all expired.
SOLUTION: Frustrated with the time and cost spent managing 9 contracts, the hospital leveraged EVMS information to discover their contract rates were well above market, and that the supplier could consolidate agreements. They successfully negotiated a new, consolidated agreement, saving $618,000 (14%) and valuable time.
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 $67,000 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.
“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’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."
“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.”
"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."
