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.
Once you’ve got all of the details locked down, you’ll need to start seeking out the perfect location for your medical practice. That can be a huge undertaking in and of itself. So, here are a few things to consider once you’re ready to take that next step.
Define Your Geographic Parameters
Choosing a geographic area is vital to the success of your medical practice. You need to build a business in a location where the population is large enough to support your practice and utilize your services.
You also want to assess what kind of competition you may be facing in the area and determine how visible and accessible your chosen location is for future patients.
Decide Whether to Purchase or Lease
Purchasing and leasing both have pros and cons. If you aren’t entirely settled on your location or you aren’t sure where you see your practice in the next five years, you may want to consider leasing, just for more flexibility. Plus, your landlord is responsible for things like repairs and renovations.
Whereas if you buy, you’re locked into that location for at least five years or more and you are responsible for major repairs or renovations, both to the building itself as well as the parking lot. The same goes for purchasing land and building your own office.
All of those costs will come out of your pocket, which may not be the wisest use of resources right out of the gate. Again, that’s why it’s essential to have a plan in place before you even begin considering locations. Your plans for the future of your medical practice can help determine your actions now.
Purchasing or Building from the Ground Up
Should you decide to purchase a building for your future medical practice or opt to build something new from the ground up, it’s an exciting endeavor.
Real estate never really goes out of style or loses its value if you view property ownership as a long game. Plus, in building the office space yourself, you can design your medical practice exactly how you want, instead of trying to modify or expand on the vision of someone else.
Only you can decide if it’s more worthwhile to build or renovate, or if it’s better to lease for now. It will all depend on your goals for your medical practice, which you decide on during the planning phase.
Consult with a Pro
Whether you lease, buy, or build, it’s always wise to consult with a professional who has a proven track record in the industry, with experience in choosing a location for a medical practice, among other things.
An expert can help you create a custom real estate strategy, search out properties and sites with the most potential, and help you skillfully negotiate terms and price once you find what you’re looking for. This can be a tremendous asset and save you a ton of time and money.
Someone with experience in real estate and the medical practice industry, in particular, can help you ensure a potential lease is fair and competitive, or help you determine whether a property you want to buy is worth the investment.
A professional can also help you determine what work and construction may be needed on a potential building or property and help you navigate the often-murky waters of buying and building.
Ultimately, only you can decide on the vision for your future medical practice. Once you have a vision in mind, determining your next steps becomes infinitely easier and opening the doors of your first medical practice will become a reality instead of merely a dream.
Let GZ help you navigate through the complicated process. Contact us to schedule a meeting with our team.