What is a capital renewal plan?

A capital renewal plan is a long-term plan for maintaining and renewing the physical assets of a health care organization. It is typically developed over 5-10 years and identifies the specific projects and investments needed to keep the organization’s facilities in good condition and meet its future needs. Capital renewal plans are essential for several reasons. First, they help ensure that health care organizations have the facilities to provide high-quality patient care. Second, they can help to reduce the risk of unexpected and costly repairs and replacements. Third, they can help to improve the energy efficiency and sustainability of health care facilities.