The booming hospital construction market -- including for specialty facilities -- isn't likely to ebb "for years to come," Turner Construction Co. said as it released a survey of 200 senior healthcare executives. About 70% of hospital executives surveyed said their institutions were very or extremely likely to undertake a major expansion within the next three years, according to the online survey by Bayer Consulting. The survey also found that the construction market for specialty hospitals probably will continue to grow, despite healthcare executives' concerns about competition. About 62% of respondents said physicians should not be allowed to own specialty hospitals, and 65% said they believed it is very or extremely likely that physician investment in such facilities constitutes a conflict of interest.
Underscoring the strength of the hospital construction market, Florida Hospital unveiled plans to expand each of its seven hospital campuses, including building a 300-bed patient tower at the main campus in Orlando and adding 120 beds at its facility in eastern Orlando. The initial phase of the project, which includes the two new patient facilities and a parking garage, is expected to cost $400 million and will begin this year, a spokeswoman said. Meanwhile, in Lake Havasu City, Ariz., physician-owned Surgical Development Group said it would build a $55 million, 60-bed hospital next to its existing surgery center; the project is scheduled to be completed in 2005. -- by Michael Romano with Patrick Reilly and Laura B. Benko