Expansion secrets for Healthcare Start-Up

You are the proud owner of your healthcare set-up. Things have been running well…and now you plan to expand. Keeping in mind the pandemic situation, you should first assess if your decision for expansion is a good and a timely one.  You may feel that expansion may improve your profits. But is the time suitable for it? And if it is, how do you best go about it?

Expansion is by itself a challenging process that requires careful thought and can be lined with pitfalls. You should take guidance from a reliable Healthcare consultancy firm to help you ride smoothly on this path.

Expansion can be through purchase of a bigger space or adding a new wing to your healthcare set-up or through association or partnership with other healthcare set-ups. Expansion can give you the following benefits

• Increase the capacity and extend the space of your set-up.
• Help you incorporate additional services.
• Improve efficiency in delivering care
• Enhance your covid-preparedness.
• Help you house more advanced equipment

Expansion can be a successful venture if you invest in a full-fledged feasibility study which will determine if this is financially viable. Also be sure to study all the possible challenges and devise strategies to steer clear of them.  Use professional help to make important decisions about space allocation, architecture and design, staffing, training and more.

Planning determines the success of any project and you should have a doable and realistic plan in place before you start any investment. See that your plan is in line with your vision but also fits into your budget. Also make sure that you have a monitoring and tracking system in place which will map your progress towards your goal. Your action plan should be both focused and flexible to cope with changing market paradigms.

 In these days of unpredictability due to the pandemic, a lot of goals may seem intimidating and unachievable. These secrets may ease your way through this daunting task

• Financial planning: In this time of uncertainty, soaring costs and administrative hassle, you should invest in expansion only if it will speedily improve your profitability and augment your reputation. Expansion demands investment in many new things like site, staff, machinery and design.  Be sure to match your project ideation with your available budget. Because even in a noble profession like healthcare, profits matter. Return on investment is one of the key factors that can determine if expansion is a practical route for you.

• Architectural planning: Take expert advice to make your expansion in a way that all the additional equipment and advanced machinery can be housed conveniently. Make sure to arrange for spacious reception units and waiting rooms as your footfall is expected to increase. If you have any layout plans in mind, share them with a consultant who has the expertise to spot any gaps and address them.  Your blueprint should revolve around parameters like convenience, safety and accessibility.

• Assess your existing facilities: Make an insightful appraisal of your current facilities to see if they can be renovated or upgraded before you invest in a new site for expansion.

• Understand your market: Keeping a tab on the market trends is of paramount importance. This can help you gather information about your competition and your expected target audience.

• Convey your plans to your team members: When people are working with the same vision harmoniously on achieving the target of expansion, your tactics will become fruitful to a better extent. A cohesive team will definitely spur on the success of your goal. Before you start your project of expansion, be sure to get all your team members on the same page.

These five basic tactics can help you make your dream of expansion a reality if it is practical and profitable.

If you need any professional help in formulating your expansion module, connect with Hospertz.

Dr. Vishal Jadhav

hospertz@gmail.com

+91 9820833149 / 9867712705