10 Steps to Healthcare Real Estate Development
Being a healthcare real estate developer, we get asked a lot –
Are you a general contractor?
The short answer is, no. The long answer is, Optimal Outcomes manages and assumes the responsibility of all phases within a healthcare facility development so our client can focus on the business of medicine.
What does that mean?
It means we will take your wants and needs for a new space, hire the best team suited for the project, then carry out all the steps to make it happen. To make the “how we do, what we do” easier to follow, we broke down our process into 3 phases or 10 steps.
Phase One | Planning
We’ll define clinic needs, goals, location, and timing to provide a program that fits. Our focus is your facility’s future functionality.
We identify suitable options for the clinic and develop preliminary concepts to give you a benchmark. Less guess.
Finding the ideal location can be hard. We’ll run the market, massage the deals, and do the due (diligence) so you don’t have to.
Phase Two | Design
We work with a lot of great architects, engineers, and general contractors. Depending on your needs, we know who will work best.
The look and feel of the new facility are coming together. Your clinic is no longer a dream, but making its first impression into reality as we continue to hone in on the details of the design.
Plans are in, bids are out, and a detailed cost estimate is locked and loaded.
Various structures are available to fund a new project such as Lease or “build-to-suit”, Partial ownership or joint venture, or Full ownership. While each structure has its own benefits and challenges, each can be tailored to your specific needs. Just ask!
Phase Three | Construction
We have the plans and the A-team. Now, we work with the City to ensure the facility gets its “can’t stop, won’t stop” approval (generally called a permit).
Builders are building. The lifespan of this phase is typically 8-12 months.
The keys are now in your hands and it’s time for us to let go (unless you decide to bring us on board for property management). In the end – we do it all, and it’s all we do.
There is a lot that goes into a healthcare facility and it’s not just within the bones. The strategy to find the perfect location, get the right deal, and ensure the workflow of your new clinic space is seamless, takes work and experience. If you’re thinking of a new location, why not talk about it with us? You can also click below to view the infographic for easy reference.