According to the Department of Labor, the healthcare industry is set to grow 14% through 2028 – faster than any other sector. The reason for this is twofold: an aging population, along with a greater demand for medical care.
While this is potentially excellent for the bottom line of your medical practice, it brings with it some challenges: namely the recruitment and retention of staff in an increasingly competitive sector. Rapid industry growth means not only will medical offices face a possible staff shortage but retaining existing staff may become more difficult. With human capital being one of the highest costs of running a medical practice, it pays to be mindful of both how you recruit and retain staff.
In today’s competitive medical landscape, your hospital needs to be able to differentiate itself from other providers. Effective market positioning can have a powerful impact on how your business is performing, attracting new patients, evolving your patient mix, and drawing high-performing doctors and employees.
You may already have a brand position in mind, but before embarking upon a brand overhaul or marketing campaign, it’s vital to undertake a market analysis. Review what your competitors are doing, and gauge how the public perceives you. This will help you identify potential gaps in the market, as well as determining what needs to be done to separate you from competing hospitals or clinics.
Physician offices are increasingly investing in point-of-care diagnostic testing– and with good reason. On-site diagnostic capabilities not only have the potential to deliver improved patient outcomes but also to reduce practice costs.
What’s the Point?
There are numerous reasons why physicians are moving away from sending outpatient samples and towards doing their own analysis in house. These include:
When was the last time you renegotiated your lease for your practice? Have you ever? How’d it go?
Negotiating your lease to fit the needs of your healthcare practice is a key component of running a successful practice. Lease terms, whether during the entrance of a lease or a renewal, should always be seen as a starting point.
Confidently renegotiating terms can lead to lower lease costs, open doors for an expansion of your practice, money to update your space and more. Knowing how to avoid these lease negotiation pitfalls will allow you to negotiate without fear.
When searching for a dental office space, you may be at a loss of where to start. Wondering, how to decide whether to build from the ground up, finish out a lease space, buy a condominium or perhaps remodel.
The good news is there’re a lot of options and directions for you to go. The hard part is being smart about it.
First things first, you need to develop what your vision for your dental practice is. This will be your guiding light as you search for the perfect office space.
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.
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.
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