Physicians and medical practices looking to attract new clients and develop loyal patients need to understand how patients work. Patients typically wait until they’re sick before they select a provider.
So, whoever they see for this season’s flu will likely be who they return to for other services. Where a patient receives important episodic care influences and often decides where they’ll go for a mammogram or a physical. Given they had a good experience, of course.
The novel coronavirus (COVID-19) continues to spread across every populated continent. With widespread outbreaks throughout the US, counties, cities, and states are taking powerful mitigating steps to “flatten the curve.” The aim of the measures, which include “social distancing” and working from home, is to help spread out the impact of the virus to avoid overwhelming our hospital systems.
However, these measures have had a substantial economic impact on businesses across all industries, including medical clinics. Fearful of potential exposure, patients are avoiding seeing their physicians. Others are relying heavily on telemedicine, which has traditionally had stricter reimbursement requirements. The result is fewer patients and less revenue – although the bills continue to arrive as usual.
Here’s what medical practices can do to help keep the lights on until we find ourselves on the other side of the exponential part of the curve.
It’s easy to be swayed by a name when deciding on a firm to represent your medical realty interests. More prominent names are often associated with clout, impact, and professionalism. But bigger isn’t always better, especially in an industry where personal relationships matter.
If your business is personal to you – and let’s face it, if you’re in medical realty, it is – then opting for a boutique firm instead of an industry giant can be a winning decision. Here’s why.
We’re all familiar with mixed-use developments: large spaces that meld different types of buildings, and which function as a sort of community hub drawing people from all walks of life. While these sorts of developments have long been associated with commercial, retail, and residential spaces, we’re increasingly seeing the same principles being applied to medical office buildings (MOBs).
Is your practice considering merging with or acquiring another medical practice? You’re not alone. We’re seeing it happen across the board, from university systems to localized specialized physician groups working together to provide the right care to their patients. Medical practice consolidation is a great way to generate more revenue while combining overheads and reducing costs.
Let’s explore why medical practice consolidation is a hot trend.
The RMR Group Inc. (Nasdaq: RMR) announces the execution of seven new and renewal leases totaling 16,531 square feet of medical office and retail space during 2019 at 1145 19th Street NW in Washington, D.C.
The property, which is undergoing a substantial redevelopment, is a multi-tenant, eight-story office building with 133,000 square feet of leasable space, home to several primary and specialty medical practices. Renovations, which launched in 2018 and are expected to be completed in 2020, include a sleek all-glass facade and major HVAC upgrades, making this building highly energy-efficient while reducing operational costs. New amenities will include a technologically advanced conference and training center, a serene lobby lounge and a state-of-the-art fitness facility overlooking 19th Street. The building offers onsite radiology, surgery center, laboratory testing, and pharmacy, allowing for full-coverage patient care.
If you’re considering expanding your medical office, signing a new lease, or moving to a new office, it’s essential to examine the patient service mix of your area. This necessary market research will provide invaluable insight into patient volumes and potential demand for service, allowing you to make smart business decisions based on usable data. Having an understanding of the patient service mix will help you gauge resource needs in terms of space, staff, equipment, and accessibility.
Gittleson Zuppas is proud to announce that they have been selected for the 2019 Best of Bethesda Award in the Real Estate Agents category by the Bethesda Award Program.
Each year, the Bethesda Award Program identifies companies they believe have achieved exceptional success in their local community and industry. They select the best local businesses that help make the Bethesda area a great place to live, work, and play.
Every medical practice’s primary focus should be on providing the best patient care possible. Unfortunately, staying profitable can be another central challenge for medical practices. And while it’s a little counter-intuitive, to remain profitable, sometimes patient care can fall to the wayside.
Especially in today’s ultra-competitive landscape, as you may be dealing with administrative burden and rising operating costs, you need to optimize all of your strategies.
A well-planned optometrist’s office delivers improved business efficiency and better patient experience. Whether you’re opening a new optometry practice or relocating or expanding an existing one, there are specific considerations to keep in mind when planning for your space.
While searching for or creating the perfect location for your optometry practice, you’ll need to keep in mind the amount of space you’ll need, the equipment you’ll need to power, the layout you wish to achieve, and more.
The type of care that patients are seeking and receiving has changed significantly in recent years, with hospitals shifting their focus from providing urgent or emergency treatment towards general and preventive care. This change has been driven by several factors, with a general shift towards wellness, advances in medical technology, and the way that the Affordable Care Act handles billing and reimbursements among them. It’s a trend that’s going to continue.
In recent years, we have seen increasing demand and need for medical care and office space. One of the main drivers of this demand is the aging population– largely, the aging baby boomers. The other main driver is the increasing popularity of delivering healthcare outside of hospitals, which is known as outpatient services.
Although GZ makes every effort to ensure the accuracy and reliability of the data contained herein, GZ makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the data.