Thursday, April 7, 2016

What You Missed: Webinar Highlights – Demystifying Pre-Owned Medical Equipment

If you missed it, Miga's recent monthly webinar simplified the often mysterious and complicated aspects of the pre-owned medical equipment marketplace.

Although many hospitals shy away from pre-owned options, Miga’s CEO Peter Robson emphasized that with the right information, any hospital can find a way to utilize the pre-owned market to their advantage. The bottom line is that pre-owned equipment will generate the same amount of revenue and patient satisfaction than new equipment, but at a significantly reduced upfront cost.  

Robson identified 3 tips to ensure that hospitals can maximize savings and minimize risks when considering pre-owned equipment:

1. Know What to Pay – Establish a target price or price range that you are willing to pay by comparing competitive options, using online and benchmarking resources, and by talking to industry colleagues. Armed with pricing knowledge from three different suppliers, one Miga Client saved $180,000 by purchasing a discontinued model of stretchers pre-owned. Not only were the pre-owned stretchers less than new by $20,000, the hospital avoided the cost of an entirely new fleet ($160,000).

2. Know Your Vendors – Establish objective vendor selection criteria at your hospital by checking business credentials, technical credentials, and existing relationships. One Miga Client not only saved $195,000 (40%) on a pre-owned nuclear camera, but also secured peace of mind and minimized risk when selecting a reputable independent service team that inspected, de-installed, re-installed, and warrantied the equipment for one year.

3. Know the Market – Understand and accept the notion that market dynamics for pre-owned equipment is different than new, and provide benefits and limitations for hospitals. For example, though pre-owned suppliers cannot stock their inventory as full as new dealers, they can oftentimes provide faster turnaround on equipment and related parts. One Miga Client saved $34,000 (87%) and 3 weeks of downtime by opting for a refurbished option and independent service team that replaced a failing part on a high-volume x-ray room.

With these three tips, Robson is certain that hospitals can buy pre-owned medical equipment with confidence and peace of mind.

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