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.
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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.
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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.
Here’s how to go about it.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
There are numerous reasons why physicians are moving away from sending outpatient samples and towards doing their own analysis in house. These include:
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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.
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