Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

September 28, 2023

Industry Tips

Not enough capital? Your supplier can help

In today’s post-pandemic environment, hospitals are facing ongoing financial uncertainty. This includes the availability of sufficient capital funding for investments in medical, lab and IT equipment. Most hospitals are reporting that the capital needed to fully fund their “ideal” equipment replacement strategy is not available, and getting all the needs addressed may be hard for the foreseeable future. It may be tempting to simply accept this limitation, cross your fingers, and hope current equipment doesn’t fail. However, there are other ways to overcome this problem.

Consider alternate payment strategies to accelerate strategic equipment replacement. Today, a growing number of medical equipment manufacturers offer creative financing options such as leases, deferred payments and placement agreements to help hospitals fund equipment purchases. While not all CFOs are comfortable with some of these creative alternatives, they can be valuable at the right time.

Recently a Miga hospital client had budgeted $23 million in capital to replace old equipment in the upcoming budget year. However, the total capital needed to fund replacement of all “critical” equipment totaled $113 million. In addition to stretching their budget by purchasing a number of systems used instead of new, the hospital took advantage of creative financing from several manufacturers and were able to fund nearly 85% of the most urgent items from their wish list. They plan to repeat this strategy in future years as a way to keep their clinical technology most current. The benefits of alternate payment strategies are numerous, including keeping physicians and staff confident in the resources they have available to deliver quality patient care.

 

Miga Solutions provides the most accurate and actionable pricing information, enabling hospitals to lower their medical equipment total cost of ownership (TCO) by 12-16%. To learn more about how your hospital can save, contact us.

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."