Case Study: Maia Financial

The Kids Research Institute Australia researchers will have continued access to the latest technologically advanced equipment to support and enable their important research, thanks to a partnership with Maia Financial.

As the Institute’s exclusive Supply Partner for leasing and financial services, Maia Financial provides a range of clinical, IT and telecommunications assets under an initial three-year agreement valued up to $12 million.

The Bio-Rad PCR is one such piece of equipment, that is used by many research groups including asthma and respiratory disorders, leukaemia and other cancers, drug discovery and infectious disease. The PCR has various applications such as cancer biomarker detection, single cell analysis and gene expression.

Laboratory manager Belinda Hales said it had higher throughput as well as superior sensitivity and accuracy compared to earlier systems. “It will allow new experimental procedures, for instance the detection of low numbers of circulating cancer cells that would previously have been undetectable,” she said.

Emma Gillespie, Procurement and Contract Manager for The Kids Research Institute Australia, said Maia Financial had been instrumental in the development of a total cost of ownership approach for the purchase of research equipment to ensure optimal value for money.

This takes into account up-front purchase costs as well as ongoing operational costs such as support, maintenance and consumables. The total cost of ownership analysis that is undertaken with each item of equipment to be acquired has shown that a lower-cost machine may not be the most cost-effective option in the long term.

Ms Gillespie said that with service and maintenance included over the term of the lease, the Institute achieved transparency and consistency of costs and a reduced risk of unbudgeted costs. “Paying through quarterly instalments from operating budgets allows the Institute to match the leasing costs to cash flow and to be able to upgrade to new technology at the end of the lease so as to ensure researchers have continued access to the best possible technologies for their research,” she said.

“We consider Maia Financial a key trusted advisor as they consistently go above and beyond in their support of our research and help us to make procurement decisions on equipment which are financially in the best interests of the Institute.”

Providing the Institute’s researchers with access to highly specialised new equipment also assists with productivity and clinical outcomes, and helps to secure research grants and publications, and to attract and retain talented staff.

David Roberts, Business Development Manager for Maia Financial, said his company was proud to assist the Institute to stay up to date with equipment so it could remain at the forefront of leading-edge research towards the prevention and cure of childhood diseases.

Having The Kids lease a machine like the Bio-Rad PCR, rather than own it, made sense in terms of cost-effectiveness and flexibility to upgrade.

“They keep coming out with better, faster, more accurate types of research equipment,” Mr Roberts said. “When the new technology comes along, they have the ability to change it out. We take the risk of redundancy, the risk of ownership, you use it and when you don’t want it anymore, you give it back.”

This enables the Institute to keep their capital expenditure focussed on important infrastructure and research projects.

With The Kids Research Institute Australia as its corporate social responsibility partner for WA, Maia Financial's role is not just about leasing equipment but also about expertise and consultancy.

“It is refreshing to work with The Kids because they say ‘what do you think we should be doing’. They know they are getting good value for money but at the same time they are also asking us ‘is there a better way to do this’? We always aim to help them find the best solution, in terms of technology or financial advantage.”

“This can lead to advice such as replacing three machines with one which saves on both maintenance costs and space, or being involved with the upcoming move to the new hospital premises.”

Mr Roberts said not only did the partnership mean the best possible pricing and no fees or charges for the Institute, in return Maia Financial staff participated in several events, such as the Open Day and lectures. “It means we feel part of and involved with what The Kids do,” he said.