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Want to give your practice a new look? How to calculate ROI

11 Aug 2017 7:45 AM

Renovating your practice is a significant investment, however – done right – it can also return strong rewards. But how do you know if the return on your renovation will be worth your investment?

Obviously the scope of each renovation varies widely from the next. So your first step is to define your scope of works, then seek quotes from contractors so you have a firm idea of the costs involved.

Once you know how much the renovation will cost, weigh the investment against the value these five major benefits of a renovation will add to your practice:

1. Better team morale

If you plan your renovation to improve workflows and storage locations, your team will likely enjoy a productivity boost. Also, putting in better staff facilities will improve the mood around your practice, and when staff see you investing in the future of your practice, they’ll likely feel much more optimistic about their long-term job security. Ensuring your practice is at the cutting edge of your industry will also help you to attract the best talent, and retain the staff you value most.

 

2. Improved client retention

Your clients want to know that their health is in the best hands. Ensuring your practice is equipped with the latest equipment and technology will expand the range of services you can offer, and stop your clients seeking treatment elsewhere. And focusing on client comfort with a renovation of your reception area will also improve how your patients perceive your practice.

 

3. Increased capacity

A targeted renovation can improve workflows for your staff and increase the efficiency of client traffic. For example, renovating your reception desk to provide separate check-in and check-out areas can significantly reduce waiting times for clients. These factors can combine to shorten overall appointment times and increase the number of clients you can see in a day – which of course will add revenue to your bottom line.

 

4. Stronger brand recognition

Your clients have a choice of healthcare providers. That means, like all other businesses, you must effectively articulate what separates you from your competitors in order to win new business and retain existing clients. Branding is a key way to do this, and it’s important to ensure that the design of your practice reflects your brand values. For example, if you promote your practice as being on the cutting-edge of your industry, but when your clients visit they step into an outdated and down-at-heels reception area, they will naturally start to question whether you walk your talk.

 

5. Better energy efficiency

A renovation can actually save you money. The installation of energy efficient LED lighting, for example, can help to reduce your electricity spend. Designing your floor plan to make the most of natural light can also help save lighting costs, and if your practice operates sophisticated machinery, converting from high voltage single-phase power to low voltage three-phase power as part of your renovation can also reduce your operating costs over the long term.

 

Cassin & Sons specialises in custom medical fit outs, veterinary fit outs, radiology fit outs and dental fit outs with more than 28 years of experience in the healthcare fit out industry. Call our friendly team on 1300 122 774 to find out what we can do for you.