Wednesday, July 29, 2015

Did you miss Miga's Webinar "3 Proven Ways to Maximize Savings on Capital Equipment Purchases"?

If you couldn't sit in on Miga's latest free monthly webinar series, "3 Proven Ways to Maximize Savings on Capital Equipment Purchases," here's what you missed.*  

Why Hospitals Consistently Overpay for Capital Medical Equipment

As Miga CEO Peter Robson shared, no hospital ever made a good decision based upon bad information or by missing other key steps in the negotiating process.

Because hospitals typically do not have the best information available, of the $27 billion they spend annually on medical equipment, at least 12%-16% ($3.2 billion to $4.3 billion) is wasted.

There are three key steps hospitals can take in order to achieve these savings: 

1. Create Legitimate Competition - Without competition, suppliers have no incentive to agree to a lower price.  Establish a legitimate competitive situation in every deal by adhering to a few key values: follow a consistent approach, be transparent and avoid "over-reliance" on any one supplier:  one Miga client hospital saved over $100,000 on a challenger-brand nuclear camera by establishing a competitive situation with a more popular brand.

2. Require Line-Item Pricing - Requiring line-item pricing from suppliers ensures you will know exactly how much you're paying for different components of the purchase.  Suppliers have been known to mask pricing and confuse hospitals by omitting line-item details from quotes: another Miga client hospital saved $150,000 on a warranty quote they ended up getting for free because they asked for line-item detail on the quote.

3.  Use Better Information - The traditional benchmarking process no longer provides optimal savings. Relying on pricing sourced from your GPO or another data source is a fast track to over-paying; another Miga client hospital recently saved over $200,000 by renegotiating the purchase price and selling an existing system for 70% more than the trade-in offer they had received. 

By using these three methods, Robson stated, hospitals will be able to maximize their capital equipment purchases and cut into the 12-16% that they otherwise would have handed over to their Suppliers.

Contact Us Today

*If  you would like a copy of the presentation, "3 Proven Ways to Maximize Savings on Capital Equipment Purchases," or if you want to schedule a separate viewing, please email us or call 866-55-MIGA (6442).  

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