Smart Spending When Building Your Medical Space

“Price is what you pay. Value is what you get.” – Warren Buffett

Building a high-performing Medical space is an investment to upgrade your practice and an opportunity to improve the quality of patient experience you can offer. As with all investments, it is important to make the right and informed decisions to meet the desired results. This is where CLARITY becomes essential to get your journey on the right track. Getting clarity on your goals ensures that you can make the necessary decisions like getting a handle on your budget. Setting a budget is about being intentional about your finances and spending it where it will have the most impact. As most investments, you will be spending the money anyway, so why not spend it as wisely as possible? Today, we list down the elements where your money can really go a long way when building your Medical space.

  1. Team

    A successful project starts with a successful team. The team involves designers, architects, contractors, technicians, consultants that should work with you in planning and building a high-performing space. You will be hiring them for their experience and expertise which should ensure that they are specialists in Medical spaces, they know how the nuances of space affect patient psychology, and are up-to-date with the medical technology that is available. We’ve talked about this before in getting a specialized designer and hiring a great contractor. Having that specific capability guarantees that you are working with people who actually know what they are doing. This expertise translated to reducing mistakes, do-overs, and unexpected costs. This first choice can save you a lot of time, money, stress, and effort down the road.

  2. Materials and Furniture

    Do not be swayed by cost as the primary consideration for deciding what materials and furnishing you will end up choosing for your project. Let quality and aesthetics get equal weight when specifying them. Be diligent and thorough about each material and make sure that costs cover the delivery chain from supply to installation. Choices in materials can cause you more surprises than expected, so evaluate all the factors, not just the initial cost as a whole. A porcelain tile floor will be 20-30% lower than laminate flooring when comparing basic material cost but take into account the installation (adhesives, materials and labor) and the eventual cost of a tiled floor increases threefold than the laminate.

    Furniture can be bought relatively inexpensively but take into account the cost of its maintenance over the years. Will it survive wear or you will end up buying a new couch two years down? Seek clarity; be thorough. Headaches can be averted by being diligent and honest about getting the complete picture with materials.

  3. Permits

    Securing a permit is a common source of these unwanted construction surprises. The process is not one-size-fits-all and each local government can have vastly different documentary and drawing requirements. There are also services that allow you to expedite the process, cutting the process down significantly to release the permits quicker. They usually charge a premium – sometimes twice the price of a normal transaction but weighing the benefits can decide if it makes business sense to you.

    We suggest allotting a budget that is realistic with an allowance that could take in contingencies should they ever arise. Practice due diligence in checking –in with the city planning office to make sure you are on the right track and that you are in compliance with every government requirement. Consulting with your builder will be helpful in traversing the permit process to get the green light for your project with as little headaches as possible.

  4. Construction Cost

    Going over your budget at great detail will be imperative to make sure you get the numbers right. There are a lot of variables that need to be taken into consideration depending on complexity and scale of the project; and going over the estimate with your designers and the builder will make sure that everybody is aligned with the same page.

    There are a lot of components to the construction costs and each component is an opportunity to be evaluated whether they could be done better, faster, or cheaper. Take labor for example – extended working hours could mean higher costs but they could end up being offset by shortening the project timeline by half. Not everything is so cut and dry when you really look into it with construction. Consult with your builder how best to go about it among other possibilities come construction – make their past experience with other projects work for yours.

    Do try to work in some wiggle room in the construction budget so there’s room to move, it is realistic and it is better for your peace of mind. Nothing adds unnecessary stress for you if the budget is so tight that any miscalculation can end up halting the project midway. Give yourself the time to focus on growing your business while construction is underway.

  5. Technology

    This is all up to you, you can be as technologically advanced as what is currently available and having that state-of-the-art advantage certainly makes good business sense. Being automated, equipped with the latest medical tools and services, with the capacity to be reached online are just some of the ways that Big Tech can impact the way you will run your office. They might cost a lot initially but it is also value you are offering which you can charge a premium for.

Investing is not just about making more money, it is about creating VALUE for you and your patients. Value can be the revenue you generate through your practice or the loyalty you build among your clients, value can also be spent for the things that really matter – where quality and meaning outweigh cost. Let’s talk about possibilities by giving us a call now so we can help you with this intentional journey ahead. We wish you an amazing and healing journey ahead!

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