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Prefabricated construction becomes an increasingly important construction mode especially for buildings that require a short construction time. The construction of Huoshenshan Hospital shows how efficient prefabricated construction could be. In order to provide a clearer blueprint for how to improve time performance in prefabricated construction, this paper identifies 13 important critical success factors associated with time performance and groups them into five categories—project planning and design, supply chain, techniques, teamwork, and external influences. The findings of this paper provide a better understanding of time management in prefabricated construction, which can help to develop appropriate strategies to improve productivity.