Does Arminco help me with financing and lender selection?

Yes. There are many financing institutions out there, but not all are great fit for every project. We coordinate with financing professionals, help you evaluate lender proposals, organize project budgets and supporting documentation, and track financing-related requirements. Your lender remains responsible for underwriting and lending decisions, while Arminco helps ensure the development process is coordinated with your financing needs.

What exactly does Arminco manage?

Arminco provides comprehensive Project Management and Owner's Representation services, coordinating the professionals and activities involved in developing your practice. Depending on the agreed scope, this may include business and development planning, real estate, feasibility studies, financing coordination, insurance, architecture, engineering, construction, equipment, cabinetry, IT, marketing, permitting, licensing coordination, and opening preparations.

Will hiring a Project Manager save me money?

An experienced Project Manager can identify opportunities to control costs through proper budgeting, competitive proposal evaluations, early coordination, value engineering, and avoiding unnecessary changes or mistakes. The goal is to make informed financial decisions throughout development. Although savings cannot be measured, proactive management can help prevent expensive problems and improve cost predictability.

Isn’t hiring a Project Manager just another expense?

A Project Manager is an investment in protecting your much larger investment. The value extends beyond the management fee. Experienced Project Management can help reduce unnecessary costs, identify missing scope, improve coordination, avoid costly changes, and minimize delays. It also allows you to dedicate more of your valuable time to your patients, business, and family. While savings maybe hard to measure, the cost of avoidable mistakes can far exceed the cost of professional oversight.

How much does it cost to hire a Project Manager?

Project Management fees depend on the size, complexity, location, and scope of your project. A small dental start-up will have different requirements than a multi-specialty medical practice or surgery center. At Arminco, we evaluate your specific needs and provide a clearly defined scope of services and fee proposal. We encourage you to schedule a consultation to discuss your project. None-the-less, whatever the costs, the Project Management fees comes out of the savings we provide for you. So, this is not an added cost to the project.

Why do I need a Project Manager?

Because opening a healthcare practice is one of the largest investments you will make, and that investment deserves professional proper management. Ask yourself this: why do you need a contractor? Why do you need a lender? Or a lawyer? Or an architect? The answer is because it is the proper way of doing things. Having professionals in what they do helps the project become efficient. Same applies for the Project Management position. Without anyone od these professionals involved, you are the one that ends up doing the work.

What is the difference between a Project Manager and a Consultant?

A practice consultant generally focuses on the business and operational aspects of your practice, such as staffing, financial performance, workflow, leadership, and growth strategies. A start-up project consultant will generally provide you with advise and refer you to companies to help you manage the project yourself. A Start-Up Project Manager focuses on the development process itself, including real estate, financing coordination, feasibility, design, construction, equipment, technology, and opening preparations. Both can be valuable, but they serve different purposes. A good PM helps you save time by doing your leg-work and help direct you in making good decisions.

I am thinking of starting a Practice, what are the steps I should follow?

Step 1: Interview and hire individual/company for project management Step 2: Develop a business plan with your PM Step 3: Stablish project budget and strategy Step 4: Assemble the needed team Step 5: Execute managing the project Remember, every project is different in its own way and there is no one cookie-cutter way of doing things. Hiring a proper knowledgeable Project Manager will provide you with the most benefits.

When should I hire a Project Manager?

Ideally, your Project Manager should be the first professional you bring on board, before hiring a real estate broker, selecting a lender, or signing a lease. The process should begin with understanding your vision, developing a preliminary business and development plan, establishing budget parameters, and identifying your operational requirements. Your Project Manager can then help assemble the right team and coordinate the process in the proper sequence.

FAQs Archive - Page 2 of 2

Categories: Project Management
Does Arminco help me with financing and lender selection?
read more
Categories: Project Management
What exactly does Arminco manage?
read more
Categories: Project Management
Will hiring a Project Manager save me money?
read more
Categories: Project Management
Isn’t hiring a Project Manager just another expense?
read more
Categories: Project Management
How much does it cost to hire a Project Manager?
read more
Categories: Project Management
Why do I need a Project Manager?
read more
Categories: Project Management
What is the difference between a Project Manager and a Consultant?
read more
Categories: Project Management
I am thinking of starting a Practice, what are the steps I should follow?
read more
Categories: Project Management
When should I hire a Project Manager?
read more

FAQs

Does Arminco help me with financing and lender selection?

What exactly does Arminco manage?

Will hiring a Project Manager save me money?

Isn’t hiring a Project Manager just another expense?

How much does it cost to hire a Project Manager?

Why do I need a Project Manager?

What is the difference between a Project Manager and a Consultant?

I am thinking of starting a Practice, what are the steps I should follow?

When should I hire a Project Manager?

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