Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

January 11, 2021


2021 Resolutions to Get Your Budget in Shape!

The arrival of the new year sees many of us making resolutions to map out what we want to accomplish over the following 12 months.  Many of those resolutions involve some kind of health goal including diets, joining a gym, or sticking to a workout routine.  Some of these same principles of realizing health goals can be translated into tools for reaching savings goals for your hospital.

Get in (Financial) Shape by Shedding Unwanted Costs

The positive mindset that can often help one achieve their health and fitness goals can be applied to achieve the same success in your professional goals. Three steps that are tried and true in wellness and weight loss are surprisingly transferable as ways for hospitals to achieve their savings goals. These include:

Portion Control is a Good Place to Start

Sometimes we want to indulge just a little bit but end up eating a whole pint of ice cream even though we know it will hinder our health goals. Buying equipment can be subject to similar impulses. Hospitals often hinder their long-term budget and savings goals by overspending on things they may not need. One way to save money and help your long-term savings goals is to try and limit the size of the “portions” you buy.

For example, we recently worked with a hospital that was buying a new portable ultrasound and the clinicians wanted a bigger, more expensive system than they needed for the intended use.  The supply chain team helped identify a similar system that met their needs but not their indulgences at a substantially lower cost.  By reducing the “portion” of equipment being purchased, the hospital saved 60% without any meaningful sacrifices.

Consider buying a “smaller portion” (really a smaller cost) if you can get the same functionality you need for far less.

Don’t Shop Hungry to Get the Best Deals

Going to the grocery store on an empty stomach can be a disaster in terms of our health goals. We often buy more than we need, don’t stick to our shopping list, and buy the food that sounds good but jeopardizes our health goals. The same principle can be applied to hospitals when they are buying medical equipment.

When a budget finally gets approved to buy new equipment, hospitals often race to complete the purchase due to a fear of losing that budget if they don’t.  In the same way we may grab chips and cookies when shopping hungry, acting impulsively and rushing the equipment buying process after waiting a long time can cost big money.  Without taking the time to carefully plan and negotiate the best price and terms, it may be hard to get the best deal that would otherwise be possible if you are patient and take a more deliberate approach. It can feel like the race is on to get that shiny new piece of equipment, but in the process, you can do serious damage to your hospital’s savings goals.

It can feel like the race is on to get that shiny new piece of equipment, but in reality, all the shiny new features may not be needed. There also might be viable alternatives from other suppliers that can meet your needs without breaking the bank. Taking the time to step back and consider the details of the purchase in advance can help avoid buying more than you really need.

New Patterns + New Habits = New Results (and New Savings!)

Meeting our personal resolutions to get in shape often requires lifestyle changes and establishing new habits to advance your goals. The same can be true for hospitals looking to reduce costs.  Doing things the same way in the face of new financial challenges won’t get you to your goals.  Examples of new (or old ones that got shelved) habits that may help include:

  • Implement new, objective measures to help prioritize and allocate capital spending
  • Take time to assess cost trade-offs with staff and build consensus before buying
  • Revisit previous best practices for capital planning and benchmarking

Change can be hard, but all of these examples are ways to establish new patterns and new habits for making the best, most cost-effective spending decisions with budget resources that may be limited.

More than anything, the new year can often provide a fresh start to tackle any “bad habits” that may be standing in the way of your personal – and professional – health goals. As with our own personal New Year’s resolutions to get in shape, the most important thing is to take the first step, act on your goals, and realize the success that is possible. Go get ‘em!

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.”


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


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.”