In any public-facing business, location is key. If you’re looking to open a new medical practice or are considering expanding into additional premises, choosing the right address is critical to your ongoing success. Here’s what to consider before signing that medical lease.
Local Demand and Demographics
A prospective address might look great on paper but take the time to research the area before making that commitment. What are the demographics of the area, and what does that mean for your prospective pool of patients? How many other practitioners serve the area, and will they complement or encroach upon your market share? Is there room in the market for your practice to grow, and if so, in what ways and to what extent? Some smaller or less expensive areas may be easier to break into, but in the long-term, may offer fewer growth options for you and your practice.
The Medical Landscape
When choosing a new practice location, take the time to consider the local, regional, and even state medical landscape and how you fit into it. If a large hospital network dominates your region, this can be a pro or a con, depending on what you’re looking for out of your practice. Additionally, consider the impact of political and cultural issues on your work, your ability to practice, liability and licensing, and your team. Another thing to factor in is a local license or credential regulations regarding your support staff and how these will affect your bottom line, as well as your ability to hire.
Support Staff Availability
Opening a medical practice in a place where there is a clear need seems like a smart idea – and can be. But before you commit, explore what the local support staff landscape looks like. Will you have access to a qualified pool of staff who can help keep your practice running smoothly? Are there nearby schools training and producing individuals who will potentially form part of your staff, or will you need to arrange for relocations? Consider also whether the area has a growing or decreasing population and what this might mean in terms of finding and retaining staff.
Your Personal Goals
The right location for your practice is also dependent on your personal and professional goals in both the short and long term. Yes, there’s more competition – and cost – associated with built-up, urban areas, but if you value arts, entertainment, and access to training opportunities, then the trade-off can be worth it. In contrast, if you’re downsizing or just starting out, a lower-cost-of-living area might give you a boost professionally – and set you up to make smart moves in the future.
Finding Your Ideal Medical Space with GZ
At Gittleson Zuppas Medical Realty, we specialize in connecting healthcare practitioners with their ideal medical space. Whether you’re looking to open a new practice or you’re considering the next step in your medical career, we can help you find the location that suits your personal and professional needs – and negotiate a lease that works in your favor. For help with your next move, get in touch today!