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Service Line Development Task 1

In: Business and Management

Submitted By allnaturalcrops
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For a hospital such as Trinity Community Hospital (TCH) to have the space necessary to accommodate the constant influx of patients they must expand. To expand, plans must be in order for utilization of the expansion, funding must be allocated appropriately to ensure a smooth expansion, and most importantly, a decision between building, buying, or leasing must be made. A. Advantages and Disadvantages of Hospital Expansion Project 1. Advantages a. Building space for the new orthopedic service line * Having the new orthopedic service line built will allow the hospital to customize their space; location of imaging machines, therapy, diagnostics, inpatient, and outpatient. * Cost is lower than purchasing an expansion property adjacent to campus: $600k versus $700k. * The hospital will own this property and benefit from any appreciation in value of the property. b. Buying space for the new orthopedic service line * The hospital will not have to wait for construction to be completed. * The hospital will own the property and will gain appreciation (equity) value for the building in the long-run. * Interest can be written off on taxes. * With historic low interest rates, purchasing will allow the hospital to own the property while paying a low interest rate on their loan. c. Leasing space for the new orthopedic service line * Low starting cost. “Leasing generally requires less cash down, and the monthly payments are often smaller” (Newman, 2006.). * “There's usually a tax benefit associated with leasing where you get to deduct the full lease payment immediately” (Newman, 2006). * The hospital can test out the new expansion for a short time to make sure that the expansion is what they need. 2.…...

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