If you’re a medical practitioner wishing to avoid the challenge of building your own medical practice from the ground up, you may consider purchasing an established medical practice. Buying an existing practice lets you step into an already validated business and focus on running your business rather than getting it started.
Here’s how to go about purchasing an established medical practice.
Now aged between 23 and 38, millennials are the largest generational group in the workforce. However, an incredible 93% of them do not schedule preventative care visits with their physicians. This has significant potential to impact health care practices.
However, by understanding the millennial mindset and actively taking steps to target this demographic, medical providers can increase the likelihood that Millennial patients will seek out their services.
Here’s what you need to know about millennials and healthcare.
If you’re looking for a new space for your dental or medical practice, lease length is one of the many factors you’ll want to consider. It’s common for lease lengths for dental and medical spaces to be longer than those for regular office spaces: think 7-10 years instead of 3-5.
However, lease lengths can vary depending on current market conditions, current vacancies and planned development for a given space. Negotiation can also play a key role in netting the right space at the right terms.
Let’s take a look at the pros and cons of opting for a longer- or shorter-term lease, and which is best for your situation.
If your medical practice has outgrown its current facility, it’s time to consider expanding. Depending on your current setup, this may involve expanding into additional space in your current building, opening a satellite office to support your existing practice or moving to a different facility altogether.
The decision to expand your current practice or embark on a move isn’t just a matter of space. A significant uptick in walk-ins or referrals is a good marker that suggests expansion might be in the cards, but you’ll want to do a detailed strategical analysis before doing so.
You’ve probably got a hazy vision going of your new medical office. Maybe you’ve even got a list going. Now, you need to start solidifying what you’re looking for in a space.
Whether you’re relocating, expanding, renewing your lease or just planning ahead – you’ll want to make sure you’re meeting the needs and expectations of patients and physicians.
In fact, every office design, layout and building decision should take into consideration how it influences these two areas of your medical practice: staff efficiency and patient experience. It might be overwhelming but don’t fret.
To be frank, a medical build-out is nothing to blink your eye at. It can be a pretty penny. Healthcare facilities are unique in their needs, and you don’t want to cut any corners.
Upon executing the lease of your space, you have a couple of options as you’re selecting your site. You can move in as is (maybe with some tenant improvements), you can do a partial renovation, or you can do a custom build-out. Constructing from scratch means that you get complete control over the office layout, style, function, etc. But a custom build-out also comes with the longest lead time and highest price ticket.
If you decide to go the custom build-out route, make sure you understand the project timing, process, cost and details before you begin. Here are some tips from some guys that have seen a medical build-out or two…
When it comes to the world of commercial real estate, there are a couple of types of cooks in the kitchen. Office, retail, and MOB (Medical Office Building) all fall under the umbrella of commercial real estate. What is the difference between them, and the pros and cons of each route?
Office spaces can be a great option for your medical practice location. These types of spaces usually offer better lighting, lower costs, and greater assistance and maintenance from landlords. The traditional business setting can also lend a sense of credibility or comfort to your patients.
If you’re opening a new medical practice, moving locations or expanding, you might be considering a turnkey office space. Turnkey spaces are those that have been completely outfitted and are ready for you to move right in upon signing a lease or making a purchase. In theory, all you need to do is “turn the key” and enter. However, it’s not always that simple.
Here’s what to think about when deciding to proceed with a turnkey medical office space.
Deciding to open your own medical practice for the first time is a big step. It’s an investment of time, money, resources, and sweat. That’s why it’s vital to have a plan in place before you even take the first step. You also need to put together a great team to support you on the journey.
Opening a practice is a big undertaking and shouldn’t be approached with a blasé attitude. You will need to figure out your financing, find a location, make personnel decisions, make sure you’re adequately insured, figure out what kind of equipment you’ll need and where you’ll get it, etc. There is a lot to factor in before hanging your shingle and opening your doors.
The Medical Realty Company Will Manage 200,000 Square Feet of Commercial Leasing Space in Downtown Columbia’s Highly Anticipated Lakefront Neighborhood
COLUMBIA, MD (February 20, 2019) – The Howard Hughes Corporation® (NYSE: HHC) announced today that Gittleson Zuppas Medical Realty, Inc. (GZ) has been engaged to lease commercial medical space within the Lakefront District of Downtown Columbia, the newest neighborhood to be introduced following the groundbreaking of Merriweather District. The Howard Hughes Corporation is transforming Downtown Columbia—which has over two million square feet already delivered or under construction—into a true walkable, urban core. The burgeoning Merriweather District has already attracted leading companies in the medical and cybersecurity sphere, including MedStar Health and Tenable® Inc.
Outpatient care has been on the rise, causing a major shift in the healthcare delivery landscape. Customers are increasingly choosing the outpatient setting rather than an overnight stay in the hospital.
Why the shift?
There are many reasons this shift is occurring. With the increased availability and advancement of technology, many surgeries can now be performed in outpatient centers. Outpatient facilities provide easy access, high quality, lower cost care and are preferred by insurance payers.
Healthcare customers don’t want to have to go out of their way to access a service – nor do they want to travel to multiple providers. They want to be seen promptly and in a comfortable setting. The entire experience is increasingly aligning with an all-in-one, hospitality-inspired approach.
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.