We've all stood in the checkout line at Best Buy before. Maybe you've just bought a new HDTV- you're excited to go home, mount it on the wall, and fire up Star Wars in 4K, when the cashier asks the question, "Do you want to pay an additional $99 to extend the 3-year warranty?"
Thinking back through my history as a TV owner and how many times I've actually needed to have one repaired, I calculate the risk in an instant and politely decline. Then I go about my life, happy with my decision and comfortable with the low-probability risk I've just taken.
This is my approach to warranties with many products, but my perspective has changed over my years of selling digital cath/angio labs. Relative to this equipment, the risk can be very high, and the warranties can bring so much more value to the table. Check out the examples below to see what I mean and learn what you could save with the right service investment,
The high cost of replacing failed cath lab parts alone makes a service contract well worth considering. Let's start with the most expensive components: Depending on your make and model, a used tube can cost between $30,000 and $80,000, sometimes more. New ones start at over $100,000. Digital detectors cost between $45,000 - $85,000 used and some are over $250,000 new. And, of course, the cost and risk double if you're using a bi-plane lab. Beyond this are all the other possible part failures you could encounter.
Coverage Cost & Reimbursements Lost
With digital cath lab service coverage averaging between $60,000 and $85,000 per year, budgeting the cost of a contract begins to seem less and less daunting. On top of the parts costs we just mentioned, in the event of a part failure, you'd have to cover the cost of a service engineer's time and labor to diagnose the problem, install the replacement, and recalibrate the system. This is not to mention the opportunity cost associated with the cases you'd be missing. With reimbursements of some interventional procedures ranging in the tens of thousands, downtime can be devastating.
Consider Your Options
If you're in the market for a digital cath lab, we encourage you to consider pairing that investment with a full coverage service contract. There's a fair possibility your contract could pay for itself with recovery from just one service incident. Check out our free resources to learn more about the service options that are available to support your next cath lab solution.