Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

May 22, 2024

Industry Tips

Don’t Throw Your Hands Up

Negotiating complex medical and lab equipment agreements with suppliers can be stressful. Ensuring that all the various needs of your constituents are met isn’t easy, especially when facing a deadline to meet department timing. With constant innovation in new technology, products names, prices and features that change often, and just getting to a point where contracts are ready for signature can be taxing. With all these competing factors weighing on supply chain, it is not a surprise that this often leads the hospital personnel to throw their hands up and just concede – “fine, I’ll just sign” even when they know there may be more to save. What if you could gain an upper hand in these negotiations without slowing them down and derailing your goals?

Don’t throw your hands up. Instead, equip yourself with more complete information so you can know with confidence if, and when, you have arrived at a truly good deal. Having the right information to validate the price you’re being quoted is consistent with the market and the many other variables important for the hospital have been addressed, will not only save you money, but also valuable time.

Recently, a regional medical center learned just how valuable having the right information is when negotiating for new automation for their core lab. Despite urgency from the department and pressure from the supplier to place the order to “avoid delays”, the contracting manager had a gut feeling something wasn’t right. She sought out market intelligence and benchmarking data that uncovered the fact that the product was on the verge of being discontinued. 2 weeks later, the hospital was able to confirm a replacement configuration that delivered on the requirements, on time, and at savings of $213,000. While it would have been easy to just throw up her hands and sign the deal, the contract manager proved just how valuable the right information can be.

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."