When you’re considering starting a new healthcare practice, your vision and goals are typically the first things you’ll think about.
You will probably envision what your new practice will look like, what success you’re wanting to achieve, and the benefits the new business will deliver. But have you given as much thought to your fitout budget?
In this blog, we take you through the key cost planning steps that will help to turn your practice vision into reality, all without going over your fitout budget.
1. Plan, Plan, Plan
Before you even start working out a budget, you’ll need to be thinking about what your plans are for your practice setup, and when you need your new clinic up and running. Planning and setting deadlines gives you an idea of what will need to be done and when it will need to be completed – which all helps when setting your budget.
You will also need to consider who your potential patients will be, and their expectations of your practice and its environment. This will impact your fitout budget, as patient expectations can vary significantly depending on their demographic, with some patients being happy with a basic, functional environment, while others may be expecting more up-market surrounds.
2. Set A Realistic Budget
In the early planning stages, consider how much money you are willing to spend on your fitout and stick to this figure.
Every fitout budget will need to cover:
- Potential town planning costs*
- Design costs – layout and interior design**
- Construction costs**
- Equipment costs
- Furniture, furnishings, artwork etc.
*You should consult your fitout expert on whether there are town planning issues, as they can be costly and very time-consuming.
**If your fitout specialist has an architect/design team on staff they will be able to work with you on design and interior layouts as well as design and construction costs.
Also, don’t forget to consider:
- Office equipment, consumables and supplies.
- Any specialists you may need to engage to get your practice up and running.
3. Partner Wisely
Setting a budget for your project is not an easy task. It is strongly recommended that you work through your costings with a fit out specialist to understand everything you need to budget for.
While a specialist healthcare fitout company may seem slightly more expensive upfront, they will save you money in the long run thanks to their expertise and industry knowledge. They can offer advice on areas you may not have considered, help to maximise the function and flow of your practice, and ensure that your clinic will meet regulatory requirements.
4. Prioritise
No-one’s budget is unlimited, so you will no doubt need to compromise. Think about how you want your practice to work and focus on what parts of your practice are important to you. For example, is making a great first impression in your reception/waiting area more important, or would you prefer to optimise your clinical areas?
By prioritising you can then allocate more of your budget to what’s important to you.
Review your listed costs against your budget, and work with your fit out specialist and equipment suppliers to trim costs for non-essential items or select more economical alternatives. You can always build what you need first before scaling up and adding the items on your wish list later in the project.
5. Have a Good Contingency Fund
In every construction project, unexpected things will happen, so it’s important to add a buffer to your budget. A contingency fund of -10% is recommended.
Once your project is underway, additional costs will generally come from:
- Unseen conditions. This could be site conditions invisible to the naked eye (e.g. thickening beams in the existing ground slab).
- Unexpected issues. There could be an unexpected requirement for an upgrade (e.g., a power upgrade or new air-conditioning).
- Client requested alterations. Communication is key when discussing any potential changes. Make sure you are clear on what the costs for any alterations may be and understand what you will be getting before any changes are made.
Get Started
Do you have questions about setting a budget for your practice? Or do you need additional support to start planning your practice? Either way, Elite Fitout Solutions can help.
Give us a call today on 1300 765 344.
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