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.
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.
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