Planning and implementing capital projects takes special care in current credit market
Historically, the healthcare industry has been recession proof, but that has not been the case in recent years,, so organizations have been forced to take a more critical look at capital spending, often putting facility upgrades and technology investments on hold.
The question for many healthcare providers, however, is can they wait to improve facilities or upgrade IT? For some healthcare organizations putting off capital projects could jeopardize their ability to offer quality care in an efficient and coordinated manner.
Selecting capital projects with significant benefits
Our capital projects team that specializes in assisting hospitals can help you ensure that you are investing in projects with the greatest pay off in patient care and profitability. We can help you evaluate new projects in your pipeline to determine if they will have significant benefits.
You can also benefit from our knowledge of funding opportunities. Despite very tight credit markets, there is money available for qualified organizations serving specialized markets. For instance, FHA’s Office of Insured Health Care Facilities has more than a billion dollars to invest. And there are opportunities for capital projects to turn into energy-saving projects, thus qualifying for incentives.
Avoiding missteps; minimizing risk
Avoiding any missteps is even more important in this current economic environment. Projects have to be done right the first time. And our capital projects team, which includes business advisors, as well as architects and engineers, can help you minimize risks and deliver your project on time and budget.
To each capital project we bring a proven eight-phase methodology. The phases are:
- Project planning
- Financial modeling
- Detailed financial feasibility
- Refining the capital project
- Government approval
- Rate setting and licensure
Depending on your needs, we can help you with all eight or just one or two. For instance our clients tell us that our debt capacity studies and financial modeling are invaluable when they are determining what they can do “project-wise and capital-wise.”