Healthcare Industry Market Survey Analysis consultants in India and implementation services for both Greenfield and Brownfield hospital projects
Make a decision through Market survey
With an existing healthcare facility venturing into other services
The necessity of market survey for your project
Healthcare business has become a costly affair in the recent past. Government categorises under the busienss section and impose lot of norms to bring in standards. Hospital industry has the low EBITA margin compared to any other business and hence one should be serious in this business. The promoters need to take calculated risk in this service industry.
Primary & Secondary research
Talk to people and do data search to understand the necessity of your hospital project.
Know your competitors
Their working model, and their influence on your proposed facility.
Ask yourself, whether the location identified for hospital is good enough for patient access?
Analyse your SWOT
Introspect yourself to analyse your strengths, weakness, opportunities and threats. Work towards betterment.
What to know about Market Survey!
<strong>01</strong> Why Market Survey?
The first and prime most important activity to be done before you venture into any business. If you are coming up with a hospital, it is very much important to investigate into its requirement in the location you have identified. Many other factors to be considered are
- identifying similar facilities in the vicinity
- tariffs of the services intended to offer
- access to the location
- socio-economic study of the local population.
Most of the time, the promoters need assistance in streamlining these thoughts and conduct the survey in a systematic way.
<strong>02</strong> How do we do Market Survey?
Our hospital consultants use our in-build structured questionnaire to elicit information from key stakeholders. We speak to professionals like
- hospital administrators in the neighboring hospitals
- key opinion leaders
- including the promoters of the project
The information is critical for the financial feasibility study to make sure the proposed hospital is viable. The ultimate aim of this study is to know the demand and expectation of the community from the proposed hospital.
<strong>03</strong> When is it not required?
In some cases Market Survey may not be needed to decide on their new facility.
When a doctor
- is already seeing good number of patients in the existing locality
- is establishing small size hospital or nursing home to cater their existing patients
- has ability to pul doctors to help them in covering other specialities
One can take risk in smaller venture and but if it is big, we advise systematic Market Analysis to check on potential challenges and for its mitigations
<strong>04</strong> Is it mandatory?
Definitely it is not mandatory. But doing this assignment will help you understand the potential challenges that you could face. Sometimes it will even warn you not to venture after understanding the ground reality. Evidence based practice always says that it is worth doing before venturing into the hospital project.
<strong>05</strong> Is it worth doing?
Ideally, a detailed market survey that includes analysis of the data using research tools is advisable. Since it is time-consuming, most of the promoters wish to do a dip-stick survey to understand a glimpse of what market needs.
Consultants and promoters sit across and define the methodology and accordingly carry on with the assignment. It is definitely worth doing because to avoid last minute surprises
<strong>06</strong> What all you do in MS?
We define the methodology and usually it includes systematic interviews with key doctors, general practitioners, medical shop owners, the community and key social influencers. We try to understand the real requirement of such healthcare facility and also assess other healthcare providers offering services in that region.
We also investigates into the population health and the socio-economic status of the community. This will help in defining what kind of facilities to be brought in the new hospital and also to derive price for each of its services
Check what the experts say about the necessity of Market Survey