As a first-time healthcare entrepreneur, you have the aspiration to construct a big hospital and create a healing haven which will set a new benchmark. However, before your dream becomes a reality, you will have to undergo many trials and ace many tests.

If you have any doubts of whether your healthcare venture will be successful… these doubts can be laid at rest with a project feasibility report.

A project feasibility report is a comprehensive qualitative and quantitative predictive analysis of your business venture. Before you leap into the sea, it is better to test the waters. Similarly, before you pour loads of finance into your dream project, it is better to invest in a feasibility project.

Feasibility study is the foremost requirement that you should invest in before the launch of your dream project because it can verify the commercial viability of your plan and can help you decide whether it justifies your investment and efforts.

A feasibility study is like a google map. It can predict the roadblocks and obstacles in your path, help you avoid the traffic jams, and it can help you take the shortest route to success.

An unbiased feasibility study can give you an accurate picture of your project’s practicality and profitability, at the very beginning.

A feasibility study can save you from losses in many ways

1. Financial losses

Even though healthcare is a philanthropic sphere, making profits is important in healthcare business too if you want to stay afloat. Your dream healthcare set-up has to not only be of excellent stands in terms of quality care, but it also has to yield returns on your investment too. A project feasibility report can help you determine the future financial health status of your venture and calculate the potential return on investments.

This can help you decide if your venture is truly financially viable and prevent you from making unnecessary investments.

2. Legal Hassles

A feasibility report enlists all the legal requirements for your SOPs to be aligned to the law requirements. Strict adherence to this list can save you a lot of legal hassles in the future.

3. Operational Feasibility

A healthcare facility is like a mammoth machine and many procedures have to move in tandem for its smooth functional and operational proficiency. A feasibility study can assess whether this is possible for your project. You can bridge gaps and avoid losses due to operational lacunas.

4. Technical losses

Advanced technology is needed at every stage from diagnosis to surgery in healthcare. A full plethora of things like medical equipment, digital systems, software, and machinery all come under the umbrella of technical assets.  A feasibility report can itemize all your needs and correlate them with your budget. A feasibility report can thus prevent you from making losses of over-procurement or of buying over-budget equipment.

To summarize, a feasibility report is a forecast that can give you unprejudiced insights of whether your enterprise will be successful before you take the leap into the world of healthcare entrepreneurship.

A feasibility report can help you avoid making expensive mistakes and missteps that can land you in losses. You can enrol the services of a specialized hospital consultancy firms to create a feasibility study which will estimate and weigh the pros and cons of investment in your idea.

If you need expert help in this, consult Hospertz, a leading hospital consultancy firm which has the technical expertise and the experience to sculpt a feasibility report.

Blog has been written by Dr. Vishal Jadhav, a veteran in the field of hospital consultancy with a rich experience of more than 20 years and founder of the Healthcare Consultancy Firm, Hospertz.

Dr. Vishal Jadhav, Director
hospertz@gmail.com
+91 9867712705/ 9820833149