It’s easy for us to get excited about ideas that come into our minds and we invariably may want to act on them right away. I have had discussions with several prospects that have approached me with grandiose ideas and want to move into implementation immediately, without incorporating a systematic and comprehensive due diligence process to gauge its viability. In a country where most of us are risk averse and rarely give wings to our ideas and dreams, I commend these few on their vision and desire to act on it. However, it is imperative that we begin with a proper study that unravels the viability our idea and business plan.
“By failing to prepare, you are preparing to fail.” ― Benjamin Franklin
As hospital consultants, we address the market assessment, asset assessment and financial report stages of a project during the feasibility study and create a detailed project feasibility report.
The process begins with a market assessment that lays the foundation for a valid and viable medico-technical and commercial plan for the project feasibility report. The market assessment includes a secondary as well as primary studies. Data pertaining to health demographics, economic profiles of the population, healthcare supply and demand gaps etc. are obtained from the secondary study. The primary study is qualitative in nature where we as hospital consultants interview various healthcare professionals inclusive of general physicians, specialists, consultants, hospital administrators and management, in context of the project. The combination of these two avenues provides a substantial illustration of the healthcare scenario in the chosen location of a proposed project. This study allows one to determine the nature of the service mix, size, infrastructure, medical technology, as well as other operating strategies.
The financial feasibility, sustainability & growth avenues will be projected, and analyzed. At various steps in the preparation of the report, client inputs will be sought to arrive at crucial decisions in market assessment and operational planning. Our hospital consulting team will collaborate with the clients across all phases of this study with the objective of aligning the overall strategy & business plan to the mission of the proposed healthcare facility
The following image provides an insight to the various aspects of this project feasibility report
It is essential that you invest your resources in creating a project feasibility report for it arms you with informed decision making abilities for your proposed hospital project.