Before you sign the lease agreement for your medical practice, make sure you fully understand what you’re committing to, both financially and legally. A lease audit not only provides peace of mind but also ensures that both you and your landlord are fulfilling your respective responsibilities. Here are some reasons a lease audit can help your medical practice do better business:
Identify Potential Billing Issues
Medical lease agreements are complex documents that span multiple years and cover various costs. A lease audit will save you from potentially overpaying on your rent or other fees, such as maintenance or taxes. If the lease has already been signed, an audit can give you the ammunition you need to have the overpayments refunded or credited to your account.
Optimize Your Leasing Footprint
Leases are made to be negotiated. Before signing, make sure that your lease has provisions that allow you to get more from your space, whether that’s making capital improvements, finessing space allocation, or avoiding paying for the parts of the space that aren’t being used. A lease audit can help you get more from your space while also giving you room to grow.
Ensure Compliance with Regulations
As a medical practice owner, you know the importance of staying on top of codes and regulations. A lease audit can help you avoid potential regulatory issues such as those relating to health and safety, privacy and HIPAA, or accessibility.
Adjust to Current Market Conditions
Market conditions are constantly in flux, and it’s easy for a long-term commercial lease to fall out of alignment with current conditions. For example, you might be charged based on last year’s vacancy rates, even though this year’s rates differ substantially. A lease audit puts you in a position of power by giving you the information you need to negotiate a lease that reflects today’s market. When an audit is performed by an expert who is knowledgeable in your market, you can potentially enjoy significant savings on your lease.
Foster Transparency Between Parties
In business, miscommunication can spell disaster. A lease audit provides transparency by outlining the specifics of a lease and each party’s obligations, helping to build trust through clear, open communication. This helps create a productive relationship between landlord and tenant, avoiding disputes down the road.
Budget from a Position of Power
When you know exactly what you’ll be spending on lease obligations, it’s that much easier to budget for the future. A lease audit offers powerful visibility into your financial responsibilities, allowing you to take control of your finances and build a sound, stable medical practice.
Talk to GZ Realty About a Lease Audit
Even a small accounting error in your lease agreement can cost thousands throughout your medical lease. Avoid the headache and give your practice peace of mind with a lease audit. If you’re unsure where to begin, talk to the medical real estate experts at GZ Realty about the audit terms spelled out in your lease agreement or about getting connected with a professional auditor. We can also help you negotiate a prospective lease that is clear, audit-friendly, mutually favorable, and aligned with current business conditions.