Would you trade in your old car without knowing what it’s worth? Of course not. The same should be said for medical equipment. Trading in old equipment without knowing what it’s worth can be one of the most expensive decisions hospitals can make when buying new equipment.
Know what your equipment is worth before considering trade-in offers. By knowing the dollar value that your equipment is worth, you will be able to see if you are getting a good deal on trade-in offers, and maximize your hospital’s budget.
A hospital system was buying a new CT scanner to replace a mobile unit that was nearly 17 years old. The trailer had a rusted undercarriage and old system components and was fully depreciated. The supplier of the new CT offered a mere $13,000 trade-in for the old CT and trailer. The hospital used benchmarking data to confirm the mobile unit was worth more than $100,000, and instead of trading it in, they found a buyer willing to pay even more. By utilizing the right data, this hospital was able to realize a financial return that was nearly eight times the trade-in offer.