Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

April 24, 2024

Industry Tips

Is Your Capital Checklist Complete?

When purchasing new equipment, do you utilize a capital checklist? If you don’t, you may want to consider it. There are many different elements hospitals need to validate when buying medical equipment – system configuration, options, accessories, consumables, networking, trade-in, cybersecurity, service contracts, training, and much more. Each of those elements are critical to make sure that the hospital gets exactly what it needs with the equipment you purchase. And, on top of all that, here’s the big question: is the price being quoted consistent with prices other hospitals are paying? With so many details to consider, how can you be confident there isn’t one you’ve overlooked?

Make a (check)list, and check it twice – or more. Make a detailed capital checklist to guide your purchase process, and be sure to include all the fine details that may be needed for you to properly evaluate a quote. And while suppliers will never tell you upfront if their quote is “naughty or nice,” using a detailed checklist can help you know it for sure when you submit the quote for benchmarking. And, even after the purchase has been completed, a good capital checklist will help ensure equipment is delivered, installed, and available for patient care without delay or added cost.

A Miga hospital client recently used a capital checklist to avoid an expensive pitfall when buying a new linear accelerator. Given the complexity of the new system, the hospital immediately saw the value of a detailed capital checklist in order to keep track of all the critical items needed for implementation. And, in the final review, the checklist identified a critical electrical panel that was left off the supplier quote. By catching this early, the hospital was able to order the missing part and avoid $70,000 in the cost overruns it would have incurred.

Know the right price.

And get it.

Having the right information saves hospitals time and money on medical equipment lifecycle costs.

Scott Bosch

Director of Clinical Engineering

HealthPartners

“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."