Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

February 27, 2023

Industry Tips

Root out pesky price increases; prepare for more.

Inflation has been all over the news for months. Materials, labor, and shipping have been driving up supplier costs for years. Now, interest rate hikes are adding to the pressure to increase prices.

As costs rise for your suppliers, they pass on the increase to you, the customer, to protect profitability. So odds are good that price increases have worked their way into any multi-year purchase and servce agreements you have pending. 

Here’s what to do.

Look. Push. Plan.

Look for a hidden price increase in the fine print of contract terms and conditions. It might be called an inflaton index. Or a CPI adjustment. Before you sign, remember that small increases add up to big dollars over time: 3% annually is a 12.5% increase after 4 years. 

Push back. Everything is negotiable. It’s unrealistic to expect 0% interest in the current economic environment. But you might get agreement to a smaller increase or a shorter term.

Plan ahead. Put it in the budget. Remind all departments of the changed economic climate and to expect annual price increases. It’s easier for everyone when it’s not a surprise.

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."