Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

May 04, 2022

Industry Tips

Reset Price Expectations to Increase Sourcing Success

Global supply chain disruption isn’t going away any time soon. With prices for many medical products at all-time highs, some hospitals continue to hedge their bets, waiting to see if prices come down before they buy. Given the increasingly finite supply of backordered products, waiting only increases the risk of not getting what is needed at any price. If your hospital is stuck with expectations of pre-pandemic or “normal” prices, it will be frustrating for your colleagues and may hamper sourcing success.  

Reset price expectations before starting your sourcing process. Help finance teams and department managers understand why prices are still high (raw materials, energy, shipping, buying off-contract, etc.) and reset price expectations to targets reflective of current market conditions. Remind your colleagues that new cost structures and having to pay more is a reality. Getting buy-in to these higher prices, and approval to purchase before starting the sourcing process, can help reduce internal frustration and ultimately increase your sourcing win rate. 

All indications are that challenging hospital supply chain conditions and higher prices will persist well beyond 2022. Hospitals that reset internal expectations to current market conditions and prices will have greater success filling critical product needs. Don’t wait and put your hospital at risk of having to pay even more, or not getting the products needed to deliver patient care.

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."