Is the plan going to work?
This is the biggest question in the mind of every promoter or investor who invests in a hospital. Howsoever noble the cause is, if the project is not financially viable, nothing makes sense. A market and financial feasibility study is a pre-requisite before going into designing and planning the hospital.
The fund is not only required in case of a new hospital but also needed in other situations like:
- during the introduction of add-on service
- the acquisition of high-end medical equipment
- reestablishing a variety of internal operations
- renovation or expansion of an existing healthcare facility
- construction of a new inpatient, outpatient, or another ancillary service center
What we do:
At Hospaccx, we have a team of finance experts who have assisted many hospitals in successfully assessing the market and financial feasibility of their plan. In all the cases, our years’ of experience and thorough understanding of the details helped our client’s to make informed decisions and financial projections.
We follow a two-way approach:
1. Market Assessment
2. Financial Feasibility Assessment
While making a market assessment, we study various factors like type and size of the hospital, the presence of other hospitals, patient flow, the income level of the people, etc. It gives us a clear picture whether the market is ready for the new facility or not.
Once done, we move on to study the market and financial feasibility of the project and analyze factors like direct costs, project financing need, and the potential for revenue which will offset both.
We make the market and financial feasibility reports which help us in the following ways:
• They serve as first guidelines and tells you too clearly whether you should take the next step or not. It will save you from making a big dent in your pocket by spending on a non-viable project.
• The study is regarding qualitative and quantitative data to check if they the project is bankable i.e they can also be used as a base to obtain loans/funding for your project.
• They help you focus on some other aspects of your hospital plan too, which otherwise remain unnoticed
• It is exhaustive: hence it covers the worst scenario and probability of business gain/loss over a period.