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.READ MORE
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.READ MORE
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.READ MORE
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:READ MORE
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.READ MORE
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.READ MORE
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.READ MORE
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.READ MORE
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.READ MORE
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.READ MORE
Healthcare customers are increasingly demanding a full-service, integrated approach. The same trends that are emerging in retail are at the forefront of healthcare provision. In 2018, customer-centric design is all about creating spaces that are seamless, functional and frictionless.
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.READ MORE
The problem: shrinking margins and rising costs in the healthcare industry.
While there are many strategies that the sector is employing to combat these issues, one that has gained recent attention is preventative care. This strategy is being executed on a global level, as healthcare organizations are shifting from volume to value.
With illness and chronic conditions being one of the largest drains on our economy, stakeholders (business and personal) have been advocating for an increased focus on prevention.READ MORE