Medical, Lab & IT Equipment Benchmarking & Analytics

Medical, Lab & IT Equipment Benchmarking & Analytics

July 05, 2016

Industry Tips

Supercharge Your Capital Equipment Benchmarking Results

Your end-game is to get the lowest possible price for capital medical equipment, right?

You know that the only way to “win” in negotiations is to benchmark OEM quotes.  But, here’s a piece of news; merely comparing quotes will NOT get you to the lowest price.

Miga has learned during our ten-plus years in the industry that failure to benchmark means you’re paying 12-16% more than what your competitors are.

Here are three other things to keep in mind the next time you benchmark expensive equipment purchases:

 

  1. Don’t assume your initial quote represents the best available price – OEM salespeople are very sharp. Do you really think they’d ever show their cards and provide their best price right up front?  It never happens.  Never accept their first offer; keep pushing.
  1. There is greater pricing leverage with warranty and service quotes – Rest assured, any “reduction” off list price the OEM offers will be reflected in increased service contract/warranty costs.  Most medical equipment purchases come with a one-year warranty.  Did you know that some hospitals are being offered two-year warranties, and some aren’t offered any at all?  In fact, one of our hospital clients saved $125,000 on an MRI purchase after comparing their quoted warranty with other hospitals and realizing they could get a second year added for free!
  1. Check for “unadvertised” special prices or limited time promotions – You might be surprised that sales professionals might keep company promotions or special prices hidden from quotes they send. When benchmarking, always be sure to see if other hospitals are receiving any of these promotional discounts. One hospital we know originally wasn’t offered an end-of-year promotion on a linear accelerator service contract.  By bringing this up in the negotiation, they were able to save an additional $200,000!

 

Ultimately, bringing these negotiation tools to the table will help get you and your hospital the best and lowest prices on your medical equipment lifecycle costs.

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."