Market Survey and Feasibility Study for setting up a Healthcare Facility
Introduction
A Hospital Feasibility Study is the best way to find out the sources of patient flow to the Hospital. The Feasibility Study comprises both a Market and Financial Analysis of the Project and is an essential aspect to be considered either while establishing a new hospital or a new facility in an existing hospital or expanding the existing hospital.
Objective of carrying out a Market Feasibility Study for a Healthcare Facility
Carrying out a Market Feasibility Study helps
Methodology & Approach to a typical Hospital Feasibility Study
Hospital Project Report Preparation
Based on the Market Information gathered through the Study and decision taken on the Services / Procedures to be offered, both clinical and diagnostic, we prepare the Project Report cum Business Plan for the proposed Hospital, covering the Phases of growth, over a 10-year period.
Based on the study and if needed, we work out the Costs based on segments of Patients using the Hospital's Services.
Capital Costs and Revenues will be worked accordingly to determine feasibility of each option. This report will be the very basis for the decision on the mix of treatment to be provided.
The Project Report cum Business Plan would include
Operational Due Diligence Study of the entire Hospital to examine in detail the existing Infrastructure, Facilities, Equipment, Licenses and Approvals, Staff, and other Resources. The coverage primarily under each of these heads would be: Read More...
Based on the Stagewise Roll Out Program as given in the Business Plan we prepare the Organogram covering the Senior and Middle Level Staff, Clinical and Non-Clinical.
On approval of this Staff Master List by the Hospital Management we will provide the Qualifications, Experience and Privileges for each Post, as well as information for placing the recruitment advertisements.
All these requirements will be in compliance with the National Accreditaiton Requirements - the NABH. Read More...
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Case Study 1
100 Bed Speciality Hospital in Dharmapuri
We conducted the primary survey study in the catchment to explore and understand the market.
Aim: To explore and formulate the market Feasibility and Financial Viability of a Tertiary Care Hospital in the district. The district does not boast of a dynamic healthcare system as both public and private healthcare options are very few and underwhelming. The majority of the patients are travelling to Salem, Hosur or Bengaluru for major healthcare ailments and tertiary care services.
Findings: The study results accentuated the enormous prospect for a good healthcare provider who can alter the landscape of the district by providing key specialities that are not available till now in the catchment. Based on the findings, we derived upon the insights and prescriptive, predictive analysis was done and based on the same we recommended the clinical specialities along with the capacity planning required for this project.
Project Status: The project is in the developmental post-design stage and the hospital is expected to commence the operations by the end of 2023.
Case Study 2
1000 Bed Super Speciality Hospital in Jamshedpur
About the Project: This Hospital was being planned to address the urgent needs for High Quality, Tertiary and Quaternary Care Level Healthcare Services in Jamshedpur and Neighbouring Areas. This hospital is being formulated to suit those needs. The market Feasibility Study Identified and addressed the gaps and needs and stressed the requirement of a good hospital in addition to the iconic TMH already present in Jamshedpur.
Competition: To keep pace with this growth, the need for good healthcare facilities in this City has tremendously increased beyond what TATA Main Hospital, of the TATA Group, the largest Hospital in the City can cater to, making the residents look outside for treatment. The planned Hospital should also focus on differentiation and duplications to be offered to enable market-fit service delivery.
Primary Study: The primary study also highlighted the rarities, high incidence indices, and unavailable specialities. The survey investigated the distribution of cases by the city as well as the advantages and disadvantages of the competition.
Recommendations: Based on the findings from the original survey, we recommended a combination of Market Fit Specialties, and we designed the project's roll-out strategy with the needs and Medicaladvancements of the present and the future in mind.
Articles
Why Ensuring Market Feasibility is a Must for New Hospital Projects
There is strong consensus that smaller hospitals are under threat unless well planned and efficiently managed. Having said that, the role of smaller hospitals in national healthcare delivery in India is critical, with small to mid-level organisations providing the majority of secondary care and selective tertiary care, while large organisations provide tertiary and quaternary care services.
Large hospitals with a wide range of services are the exception rather than the rule, with most hospitals in our country having only 100-250 beds, which is considered a standard size of the hospital.
In the Indian setting, we must comprehend the distinction between 'smaller,' 'rural,' and 'remote' hospitals.' Read More.....
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