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.
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…
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.
We’ve all heard it before: location, location, location. This is especially true for medical practices. It’s arguably one of the most important decisions you’ll make for your practice.
While a location that isn’t exactly ideal may save you money on rent, you’re more likely losing money by sacrificing the advantages that a prime location can offer.
Factors to consider
Whether you’re just starting a new practice, moving locations or expanding, make sure you consider these aspects of your practice’s location.
As the adage goes, “Timing is everything.” This applies to real estate as well, especially when you are searching for that perfect place for your medical practice to call home.
How do you know when to start? You don’t want to be the little piggy that went to the market too early or too late. Too early, and landlords or sellers may not negotiate with you yet, or they’ll expect you to be ready to move forward immediately. Too late, and things get real expensive real fast.
The reality is that most people underestimate how long it takes. Set yourself up for success by understanding how long different transactions take. Here’s a breakdown of timelines for the most common situations and how to navigate them.
After years of hard work, it’s time to expand. You’re a successful medical or dental practice and you’ve decided it’s time to lease new office space. Because it’s one of the largest expenses, choosing the right office space is a major decision that can impact your practice in multiple ways. The following five questions are a great place to start.
1. How much space do I need?
Having the wrong-sized space – either too big or too small – is the biggest pitfall. So, first, ask yourself if you’re downsizing or planning for continued growth. To assist in determining your current and future needs, you may want to enlist the services of an architect to help with your decision making. They will be able to evaluate your current office, gauge your likes and dislikes, and determine the inefficiencies that may occur from your current design. Just as important is choosing an architect that knows medical design and current practice trends and one that will understand your unique office flow.
Finding the right medical office space is a different process for every practice. Some choose to lease, some choose to buy. There is no right or wrong answer in either direction, it really boils down to your specific needs and comparing the pros and cons accordingly. With that said, it may be helpful to ask yourself a few questions and make a list of your comparisons. Let’s talk leasing first.