In medicine, where you practice is just as important as how you practice. Whether you’re looking to buy or lease a space for your healthcare business, choosing the right address matters. Here’s what to know about identifying a competitive location for your practice.
Why Location Is Everything
The vast majority of patients consider location when choosing a doctor. Being in a conveniently placed, accessible location that patients can easily find, get to, and navigate is key. Your proximity to other related providers such as testing facilities, pharmacies, or specialists can also be a draw for patients – along with access to transit or other transportation support services. Being strategically positioned can build your patient base, encourage repeat visits, and help you grow your business in an efficient, cost-effective way. If you’re looking to purchase, a well-placed building can also be a powerful income-generating investment vehicle or long-term asset.
Location Factors to Consider
Each practice is unique and has its own specific needs – including location considerations. When identifying a possible location for your practice, consider the following:
- Local population. Is the population large enough to support your specialization? Are they the right age, background, or income bracket to require your services? Is the population growing or shrinking?
- Competition. How much local competition is there, and how loyal are existing patients to those competitors? While a generalist might be able to ward off competition, specialists might struggle, except in highly populated areas. Check that your lease excludes potential competitors from moving in next door.
- Accessibility. Is the building easy to get to with adequate parking, close to transit hubs, and convenient to other related services? Patients may be willing to travel farther to a specialist than to a generalist – but this depends on your patient mix.
- Visibility. Can the building be easily spotted from the road, and is there an option for highly visible signage? Low visibility means less discoverability – and more spent on marketing.
- Size, layout, and growth options. Is the building sufficient for your needs, with a layout that can accommodate you and facilitate smooth patient flow? Is there potential to expand within the building or to adjacent ones? Is it accessible for wheelchair users or people with mobility aids or strollers?
- Design and amenities. Is the building already in use as a medical office? What kind of design updates or changes will need to be made? Does the building have the clean, light look expected of medical facilities?
- Plans for the area. What are the immediate and long-term plans for the area? For example, new schools, new businesses, new housing developments, or new roads. Consider how these will affect demand and accessibility.
- Cost. Highly desirable locations often come at a cost premium. Weigh the benefits in terms of patient mix, demand, design, and visibility against the added cost of your lease to see whether a sought-after location makes sense for your bottom line.
GZ Can Help you Find the Right Fit
At Gittleson Zuppas Medical Realty, we specialize in connecting healthcare organizations with ideally located spaces. No matter your specialty, growth plans, patient mix, or budget, we can help you find the perfect location for your practice – whether you plan to lease or buy. To view our properties or to talk further about how we can help, get in touch!