Completing a detailed market feasibility study for your proposed Nursing Home or Assisted Living project is one of the first steps in the process of launching any significant new service line, facility expansion, or new facility development. It is the investigation that either uncovers the potential for success or the likelihood of failure for the anticipated project. To that end, having the right expertise to properly assess the project is critical to the decision making process of whether to move forward, and if so how to do so in the most successful way.
Your Nursing Home or Assisted Living project may need to identify and analyze critical factors such as …
- Local acute hospital discharge data
- Competitive analysis
- Special programming options
- Demand for Skilled Nursing (SNF) or Assisted Living (ALF) beds
- Construction site analysis or identification
- Estimated square footage requirement
- Area demographics
- Facility construction cost per square foot
- Staffing requirements based on programming (private pay, Medicare, high acuity sub-acute)
- Support services requirements
- Administrative overhead costs
- Detailed financial pro forma and cash flow projections
Experienced in Nursing Home / Assisted Living consulting and operations
Not only has The Fox Group completed numerous market feasibility studies in our 25+ years as a healthcare consulting company, but we’re uniquely qualified in the areas of Skilled Nursing and Assisted Living Facilities. Our staff of experts include individuals who have spent decades as operations executives in the long-term care industry, overseeing multiple acquisitions, facility building projects, and new program developments. They’ve also been responsible for the ongoing operations of these developments. So rest assured, we understand that a good feasibility study isn’t just an academic exercise. Rather, it’s the foundation upon which organizations develop successful programs and expansion. Our work, to a great extent, is "roll-up-your-sleeves" and on-site in the market being studied. We typically meet with discharge planners, physician referral sources, and visit with the competition. Furthermore our financial projections are developed using proprietary tools that we have developed over the years, leading to projections as, or more detailed than any profit and loss statement you may be accustomed to … with often over 700 detailed assumptions in our SNF pro formas.