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.
Demographics
Yes, the population size is important as it means a bigger pond to fish from, but you should also consider the average age of the population, family size, median income, and more. These factors will give you insights on the type of insurance individuals may have.
It’s also important to look at the future expectations for the area. Is the area growing? Are there new neighborhoods popping up?
Your Target Patients
You want a location that is close to wear your target patients live, work and play. For example, if you are a pediatrician, you’ll want to be near schools and family-oriented neighborhoods.
Referral Sources
Another consideration is your top referral sources (or potential referral sources) in the area. Are you near primary care physicians or complimentary specialists? Are the hospitals in the area planning on growing?
Competition
What’s the ratio of providers to residents? Are the practices in the area new or are they ingrained in the community?
Visibility and Access
Finally, take a look at your potential location’s visibility and access. Can people see you? Can they get to you? Is parking a nightmare? Check traffic patterns and note how smooth the route to get to your office would be during the busiest hours.
Location matters
All of the items listed above should be analyzed for multiple sites to ensure you are making the best decision.
Ultimately, the location of your medical practice should be a keystone in your business strategy, not a line on your budget sheet. Need help with a location analysis? Give us a call!