Friday, March 4, 2016

How Benchmarking 2.0® Will Save 12-16% on Service Contracts - Webinar Summary

If you weren't able to join Miga's monthly educational webinar, "How Benchmarking 2.0® Will Save 12-16% on Service Contracts," here's a quick summary and how to catch up.

Peter Robson, Miga's CEO, shared an overview of Benchmarking 2.0
®and specific examples of how it is enabling leading U.S. hospitals to save 12-16% on Service Contracts.

The three actionable ways to save on annual service contracts that Robson shared are:

1. Treat Service like a King - Service represents 68% of equipment lifecycle costs for U.S. hospitals, yet service is often overlooked due to a focus on the purchase price of new equipment. By taking a Benchmarking 2.0® approach, one Miga client was able to save 100% ($149,000) on a year of service for a robotic surgical system by comparing the service agreements for multiple units within their health system and finding that one of the sites was being improperly charged for an annual service contract that was still under its original warranty.

2. Benchmark all Line item details - Reviewing the service contract cost breakdown on a line-item level can help make certain that your service contracts align with your hospital's needs. By taking a Benchmarking 2.0
® approach, one Miga client evaluating a multi-year laboratory service contract not only found an additional $915,000 (15%) in savings, but they also were able to negotiate better response time for improved service levels.

3. Create Legitimate Competition - Reviewing all options and considering different coverage and providers will give you better negotiating power when selecting the best service solution for your hospital. By taking a Benchmarking 2.0
® approach, one Miga client was able to save $1.1 million (17%) for a five year service contract by entering competitive proposals from multiple vendors.

Treating service costs as king, benchmarking all line item details, and bringing in legitimate competition are three immediate ways hospitals can save on service costs. By taking a Benchmarking 2.0
® approach and following these three strategies when reviewing service contracts you will find savings of 12-16% on annual service contracts.

Get In Touch With Us Today

To get your copy of the seminar "How Benchmarking 2.0® Will Save 12-16% Annually On Equipment Service Contracts," or to sign up for our next topic, "Tackling Pre-Owned Equipment - How to Maximize Savings and Minimize Risk" simply respond to this email or call us at 866-511-MIGA (6442).

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