Feasibility Studies and Demographics

Before jumping into this market, every rational decision to build a new medical facility should be preceded by an investigation of the feasibility of the project.

Such a process provides assurance that is needed to study and confirm that the market exists and can be successfully developed for a venture. Before a new clinic develops facility standards, it should have a clear conceptual plan along with goals and desired outcomes. The future success for any new venture will be the market research and business plan.

A new medical facility team, like any team, must plan for success. It is recommended that the detailed planning stage of the project be initiated as early as possible. The market study and plan is often completed by a professional consultant. The first step in the essential planning process is to conduct a Market Feasibility Evaluation. As a result of this feasibility process these plans should start with the project goals, target market and site selection.

Specifically they should include some technical analysis of the following components:

• Define Project Mission and Goals
• Market Analysis
• Member and User Profile
• Demographic Analysis
• Competitive Analysis
• Comparison of Successful Clinics
• Program Plan
• Facility Space Program
• Financial Pro-forma and Schedules
• New Center Project Time Line