Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

March 27, 2024

Industry Tips

Make Suppliers Show Their Hand – Know What You’re Paying For

Imagine you go to the grocery store and end up with a higher-than-expected checkout total. You review your receipt to see which items are driving up your cost. However, none of the items have prices listed. You ask the cashier for a receipt with all prices listed, and they decline, saying it isn’t standard procedure. How frustrated would you be, thinking you are overpaying for something simple but not knowing what? That is exactly what hospitals deal with every day, but with much higher costs than the grocery check-out total. Having to pay suppliers big bucks without explanation of exactly what you’re paying for can be frustrating.

Demand that supplier quotes include line-item pricing, create a hospital policy if needed. Making line-item pricing a hospital policy is the easiest way to secure line-item pricing from suppliers who may be hesitant to provide it. When making it a rule, you can let suppliers know you will always need a quote with detailed pricing. This way, you can always know what you are being charged for each item, and ensure you are getting the best price for each part of the quote. Price transparency is critical in maximizing savings. If you don’t ask for it, you will never know!

A Miga client hospital was able to achieve 22% in savings on a recent quote for a cardiac imaging system from a top OEM. Their quote did not have line-item pricing, and they were just given a big dollar amount at the bottom. Not knowing what they are paying for the equipment separate from software, service, and accessories was making it hard for them to understand exactly what they were paying for. This ‘new policy’ took five minutes, and they were able to ask the supplier to provide a more detailed quote, per their policy. Using the strategy above, they insisted on line-item pricing from the supplier and identified that the features in the quote were being significantly under-discounted. They identified features that were not needed, overpriced, and negotiated additional line-item discounts to achieve an extra 22% of savings. If they had never insisted on quote detail, they would have never achieved this significant savings.

The Miga EVMS (Equipment Value Management System) Estimate of Value Report is the only way to know what your equipment is worth and avoid losing money on trade-ins. Miga EVMS provides the most complete and actionable market and pricing information, enabling hospitals to maximize savings on medical, lab and IT equipment lifecycle costs. To learn how your hospital can use better information to save 12-16% annually, contact us.

Know the right price.

And get it.

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

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.”

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."

"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.”

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.”