Practice growth is vital to your long-term sustainability. Adding new patients and new services are both key to ensuring growth, but eventually will require you to add new practitioners to your team. Here’s what you should think about when hiring a new doctor.
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2024 Wrapped: A Year in Medical Real Estate
2024 has ended, which means that the opportunities of 2025 beckon! At GZ, we’ve been keeping a close eye on the medical real estate market, noting growth in overall patient demand, trending changes in specific lease terms, and the hot market to watch – including Washington, D.C., an area we know well!
Here are some of the medical real estate trends we’ve noticed this past year.
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Tips for Multi-Site Healthcare Organizations
As healthcare continues to consolidate, multi-site healthcare is emerging as a significant area of growth. Ensuring quality of care across multiple sites can be a challenge to providers used to running their operations from a single space. If you plan to expand, use these tips to keep your practice streamlined – and your bottom line under control.
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Give Your Practice the Gift of Growth
‘Tis the season to focus on developing your practice! It takes about twelve months for a new medical practice to become profitable, and about 2.5 years to reach capacity. To keep your practice expanding in a sustainable, manageable way, try these tips.
Service Offerings: The More, the Merrier
Pie or shortbread? Why not both? Treat your patients like you would a dinner guest by expanding your menu of services. Explore services that differentiate you from other practices. Extra service offerings are great for your bottom line while providing more care for patients as well as advancement opportunities for your team.
Let Your Technology Shine
Is your technology like a set of old string lights: ready to burn out at any moment? Don’t risk a National Lampoon situation. Now’s the time to upgrade to Electronic Health Records, invest in digital scheduling and practice management software, and embrace telehealth solutions. These can be the angel on the top of your practice tree, making life easier for your team and your patients – and giving new patients reasons to see you.
Deck the Halls with Great Design
If you want your practice to grow, you need to make sure it has room. Ensure that your space is thoughtfully laid out in a way that ensures privacy, promotes efficiency, and that fosters a feeling of compassion and expertise. Engage a designer or architect to assist with t the use of space, patient flow, and green building techniques. Good design will make both staff and patients feel at home and help you get the most out of your space.
Have Your Patients Sing Your Praises
All right, so maybe caroling isn’t acceptable in a medical office. However, delivering an exceptional patient experience is a great way to nurture the kind of word of mouth that helps a practice grow. Focus on providing prompt, human care in a comfortable environment and striving for a seamless experience every step of the way. Happy patients will keep coming back, and they’ll recommend your practice, too (especially if you ask them to leave a review!)
Add Marketing to Your Holiday Card List
There’s nothing like receiving a holiday card from a friend or distant family member. It’s a great way to know that you’re on their mind – and to catch up on what they’ve been up to. Think of marketing as a seasonal card list for your business. Use social media, your website, your newsletter, and a strategic ad campaign to let current and prospective patients know what you’re all about – and add some sparkle to their perceptions of you.
Reward Your Helpers
Even Santa can’t do it alone – and you’re no different. Your admin and medical support staff are critical to the success of the day-to-day running of your practice. Happy, supported staff are more likely to stick around and do good work.Stay on your team’s nice list by offering bonuses, hosting a holiday party, sharing “thank you” gifts, and working with each person to figure out their career goals and how you can help get them there. If you’re looking to hire, offer a signing bonus to staff members who refer great talent.
Give the Gift of Growth – Talk to GZ!
Don’t wait for practice growth to come down the chimney – invite it! The medical real estate experts at GZ Realty are here to help you prime your practice for growth. With extensive experience in lease negotiation and property sourcing, we can help you jingle your way to success this holiday season!
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How to Show Appreciation to Your Healthcare Team
Building a culture of care goes beyond how you treat your patients – it also encompasses how you support your healthcare team. Showing your support for your team has benefits that resonate throughout your entire practice, including a 14% increase in productivity, improved team dynamics, reduced burnout, and significantly reduced attrition.
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Enhance your Medical Office with Smart Upgrades and Technology
Running an efficient practice is vital to your bottom line and a significant factor in staff and patient comfort. Here are some simple ways to upgrade your medical office technology to remain competitive while improving the patient experience.
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Shoot for Success: Top Factors Patients Consider When Choosing a New Doctor
Everyone loves a repeat patient, but new patients are key to practice sustainability. If you’re looking to win big when it comes to the new patient pipeline, lace up your acquisition skates and use these top tips to score the clients you need to keep your bottom line in contention!
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5 Tips for Growing Your Medical Practice
The impact of COVID-19 is impossible to understate. Over the past two years, the coronavirus has meant reduced patient traffic and revenue for most medical practices. If patient attrition and low levels of new patients have impacted your bottom line, it’s time to get proactive. Here’s how to grow your healthcare practice in 2022 and beyond.
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What to Know About Workplace Culture at Your Practice
Culture is the heart of your healthcare organization. A positive workplace culture makes it easier to attract, retain and advance staff – and makes for an environment that also benefits patients. Here’s what to know about fostering a workplace culture that will take your practice from strength to strength.
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5 Tips for Marketing Your Medical Practice
Marketing is vital for creating a sustainable medical practice. To grow your business, you need to be able to attract and retain patients – which means leveraging proven outreach strategies across both digital and “real world” environments. Here are five simple tips for marketing a medical practice of any size.
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5 Ways Healthcare Providers Can Improve Word-of-Mouth Referrals
Even in today’s highly online world, word-of-mouth referrals are critical for building your healthcare business. These referrals may come from patients or other doctors and play an important role in both discoverability and patient acquisition. Here’s how your practice can encourage referrals.
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Howard Hughes Unveils Plans for $325M in New Development on Columbia Waterfront
From The Baltimore Business Journal, Feb 8, 2022
The future of Downtown Columbia’s Lakefront District became more clear Tuesday with details of a $325 million investment to bring new office, retail and residential to the area around scenic Lake Kittamaqundi.
The district’s redevelopment has been in the works for years, but now developer the Howard Hughes Corp. has confirmed plans will include a new medical office building, 675 apartment units, a music venue, a restaurant, and a minority-owned business incubator. And that’s just to start.
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