Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

March 16, 2018

Blog

March Madness and the Power of Information, Part 2

As the annual sports ritual known as “March Madness” begins, we were reminded of a blog post we wrote last year at this time that highlighted the power of the right information when it comes to placing bets, and the differences between successful and unsuccessful betting strategies. In last year’s blog, we successfully predicted that North Carolina would win the tournament. It wasn’t simply a matter of luck that we picked UNC to win – it was the fact that we used the right information to make the right call.

How is this relevant to hospitals and their efforts to reduce medical equipment costs?  In 2018, cost pressures continue to mount for hospitals, and the need for savings is even more acute than it was last year. The need for hospital leaders to make well-informed “bets” – and strategic decisions for their hospital’s future – is more critical now than ever.

We continue to be surprised at just how many hospitals seem to “gamble” on their capital medical equipment decisions and invest large sums of money, often with recurring costs for many years to come, without the benefit of the right information. Given that medical equipment costs are one of the last untapped opportunities for uncovering significant savings and long-term cost reduction, it is an opportunity that should not, and cannot, be overlooked.

Read our original March Madness post from 2017 here to learn more about how the right information can help one make the right (successful) bets and for hospitals – the right bets on medical equipment spending. Regardless of who wins this year’s NCAA tourney, every hospital can make informed bets and winning decisions about medical equipment spending by using the right information. Enjoy!

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."