Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

July 16, 2024

Market Alerts

Clinical Product Shortages Rising: Potential Ongoing Disruption

A substantial recent uptick in shortages for a range of clinical products being reported by hospitals is a potential cause for concern. Recent products affected include: specialty blood culture vials, EKG paper, IV administration sets and many more.

Reasons for these issues include ongoing production issues for some manufacturers, product recalls that are limiting supply, and a growing volume of severe weather events (flooding, hurricanes, etc.) that are delaying deliveries and further compounding logistics challenges. These conditions are expected to persist throughout the summer, likely longer, and hospitals should anticipate that more shortages will occur.

Here are some recommendations to help navigate possible shortages:

  • Maintain a close watch on inventory levels for all critical products, particularly any with existing orders that are delayed or inventory positions that are getting low.
  • Closely monitor the status of orders for any products of concern. Proactively communicate with suppliers who ideally will keep you informed as issues arise, but don’t count on it. Don’t forget that with many vacations during the summer months, your account may be temporarily covered by another rep who is less familiar with your needs.
  • Dust off contingency plans. Some clinical products don’t have readily available, or even viable substitute options. Have a backup plan, however undesirable, to buffer your patients and staff from the potential impact of product shortages.

Know the right price.

And get it.

Having the right information saves hospitals time and money on medical equipment lifecycle costs.

Scott Bosch

Director of Clinical Engineering

HealthPartners

“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."