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Master plan lays foundation for facility investments.

P I Bentivegna, T G Colwell

Healthcare Financial Management : Journal of the Healthcare Financial Management Association

|July 8, 1990

Summary

Healthcare organizations face risks with construction projects. A facility master plan helps assess economic value and align projects with long-term hospital goals.

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Area of Science:

Healthcare Management
Health Facility Planning
Economic Analysis in Healthcare

Background:

Construction and renovation projects in healthcare facilities present significant financial risks.
Strategic planning is crucial for managing these risks effectively.

Purpose of the Study:

To highlight the importance of economic assessment prior to healthcare construction or renovation.
To introduce the facility master plan as a tool for economic forecasting and strategic alignment.

Main Methods:

Review of risk assessment principles in healthcare facility development.
Explanation of the facility master plan's role in economic evaluation.
Analysis of how facility master plans support long-term organizational objectives.

Main Results:

Economic implications must be thoroughly evaluated before initiating healthcare construction or renovation.
A facility master plan provides a framework for forecasting the economic value of different facility investment options.
Facility master plans ensure project coherence with a hospital's strategic vision.

Conclusions:

Proactive economic assessment is vital for mitigating risks in healthcare facility projects.
Implementing a facility master plan enhances financial decision-making and strategic project execution.

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