Moving is famously one of the most stressful life events you can experience. And moving a medical practice has its own unique challenges. Here’s how to relocate your medical practice while keeping your blood pressure at recommended levels.
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Leveraging the Patient Service Mix in Medical Real Estate
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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Finding the Perfect Office Space for Your Dentistry Practice
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.
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What a Modern Medical Office Needs
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.
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The Real Cost of a Medical Build Out
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…
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How Your Practice’s Location Affects Your Success
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.
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Medical Real Estate Becoming More of a Priority
Healthcare systems used to think about real estate in terms of finding four sturdy walls and a roof that fit their bottom line. But, in 2018, healthcare executives are becoming increasingly strategic in their real estate decisions, labeling it as a high priority.
The factors that have spurred this shift are lower reimbursements, the entrance of nontraditional healthcare delivery and the aging population. Healthcare executives are now making it a top priority to control costs, improve efficiency and increase returns on their real estate investments.
Healthcare real estate is no longer strictly a liquid asset that is managed to increase cash flow and free up capital for other projects. Now, healthcare real estate is seen as a way to improve the sustainability of operating margins.
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Timing is Key: When to Begin Your Real Estate Transaction
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.
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Top 5 Questions To Ask Before Leasing Medical Office Space
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.
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Buy vs. Lease – The Medical Practice’s Guide
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.
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4 Great Prescriptions For The Right Medical Relocation
Building a successful medical or dental practice is hard work. Moving your practice could prove equally as challenging. If you’re an established practice currently considering relocation, you should start a must-do checklist right now. Here are four critical tips to get you started:
1. Rent or Own
Moving any office is challenging enough, relocating a medical practice is even more so. Your first logical step is deciding whether you plan to own or lease. Either scenario involves having the right information to make more informed decisions. So, next on your checklist is to partner with an agent or broker specializing in medical real estate office space. These experts can guide you at every step starting with helping you explore options that could lower the purchase price or rental rate.
2. Ideal Location
Finding the right office space also means finding a location that fits your needs. Are there convenient parking facilities for your patients, staff and suppliers? Is the address close to public transit? Is the building accessible by design with features like elevators, handicap-accessible ramps and restrooms? Another consideration to keep in mind is many older buildings don’t have the required infrastructure to support your high-tech needs.
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