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Wednesday, December 23, 2015

How to Maximize the Resale Value of Your Medical Equipment - December's Webinar Highlights

Peter Robson, Miga's CEO, shared his top three ways to maximize resale value. From the start, Robson emphasized that "value" is much more than just "price" for hospitals. For some, value will simply be maximizing financial return on sales of equipment. But for others, "value" could mean time, peace of mind, cost avoidance, or reliability.

Here are the three actionable ways to maximize the resale value of your medical equipment:

1. Know what your equipment is worth - Knowing the market value up front enables the "right" decision-making. One hospital replacing four lab analyzers was offered $0 from the OEM with a cost to remove. The client utilized our Benchmarking 2.0® system to get an understanding of what the equipment was worth and used this better information to sell the analyzers for $43,000!


2. Pre-market equipment before decommissioning - Get more value for your equipment and reduce your stress by marketing big ticket items before decommissioning. One hospital client was evaluating whether or not to trade in an existing MRI and used our Benchmarking 2.0® system to compare their trade-in offer with fresh market data.  Understanding the trade-in offer was low, the hospital pre-marketed the MRI while still in service and was able to sell the system for $110,000 (73%) more than the OEM trade-in offer.

3. Implement an objective resale process - Following a simple checklist during the resale process will yield higher equipment returns. Activities like establishing hospital success criteria, being upfront with buyers and requiring multiple offers when soliciting bids, among others, are proven to maximize value.  By using an objective resale process and a Benchmarking 2.0® approach, one hospital client sold a fleet of more than 90 pieces of endoscopy equipment for 25% more than the trade-in offer.  

Ultimately, Peter Robson emphasized the importance of having the right information and taking a Benchmarking 2.0®approach to make the best decisions. By knowing what your equipment is worth, marketing it early, and creating an objective resale process, you will undoubtedly maximize the resale value of your equipment.

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