Top 8 Considerations For Selecting Your Ideal Medical Office Space
As a medical professional, you should know the location of your practice can greatly affect the success of your business. Conducting your business in the right location is vital as it dictates a major percentage of your success. In order to Find Medical Office Space in Washington DC that is perfect for you, things like parking and adequate interior space are given, but these are not the only factors you should consider. Health care practices usually have a variety of requirements and each one of them should be given attention.
Whether your office space will provide diagnostic, laboratory, clinical or pharmaceutical services, medical office needs differ greatly from the needs of ordinary real estate space. Though finding the right healthcare space can be challenging, hiring qualified healthcare office real estate brokers can help you through the process and save you time and money. Whether you are a medical professional looking for a medical real estate space or you are starting a new practice, the following are the top 8 factors you should consider when it comes to finding the most appropriate location for your business.
When searching for a medical office space, population size matters. Of course, the more populous a particular location, the more potential clients there are. But population size isn’t the only factor to consider about demographics.
Given your profession, ask yourself whether you want to target young or old, men or women, blue or white collar. Demographic traits like age, for instance, can have a large financial impact on your business. You don’t want to look for a community where seniors take a large percentage if you prefer working with private payers instead of Medicare.
Another factor to consider is income level. A location with many low-income residents will likely have more patients covered by Medicaid. This could lead to low reimbursements as medically only reimburses 56% of what private insurers pay out.
Explore a minimum of at least three areas. You can research the demographics of your chosen regions on the internet or use useful sites like census.gov. You can also contact the local city and state governments, Chambers of Commerce or newspapers as they often have detailed demographics on their websites.
A community filled with other practices can make it difficult to make a profit from your practice although this is not always the case. Few well-established medical practices can actually be a bigger obstacle to the success of your business than a large number of newer practices. This is because older practices usually have inherent ties with their patients that are difficult to break.
Sometimes younger competitors might still be dangerous if their marketing efforts surpass yours. So if you are not willing to put significant effort into marketing your practice, you won’t succeed in that community.
However, having nearby practices can be helpful if they focus on different specialties. This is because they open the opportunity to create referral networks, which can be a good way to get new patients.
3. After-Hours Access
You might get patients who need you after hours. So the medical office space should be available to you and your patients. Finding about after-hours access before signing the lease is important. Numerous conventional office spaces leases usually limit access from 8 am to 5 pm (the standard business hours). But this is not convenient for medical practices as they frequently see patients during after-hours or 24/7. So be sure to confirm the lease specifies access terms suitable for your practice.
Given your profession, you’ll be handling sensitive personal data of your patients. Does the Office Space have enough security to protect data theft? You need a space that offers enough security. So you should ask the landlord how much security is provided to know what you can add if needed.
5. Visibility and Signage
Remember that your practice is a business and needs customers (patients in your case). So if your practice isn’t visible to your potential patients, how will you make a profit? Signage and visibility are very important for consumer direct and walk-in clinics. If your practice isn’t located on a thoroughfare or main road, you’ll spend a lot of money on marketing efforts which otherwise could be used to expand your business.
Be sure to check the signage restrictions outside the particular space, and there are any signage restrictions enforced by the landlord. Is the street already cluttered by too many signs such that yours won’t stand out?
Though the most obvious aspect of real estate office space’s affordability is the sticker price, this is not the only cost you should consider. Check other factors that can increase real-estate expenditures. For example, if you are leasing an ordinary office space so that you can convert into a medical space, you need to consider the conversion costs, which may be quite high. So considering these costs, you might want to avoid leasing an ordinary office space as it will not pay off in the long run; and lease a medical office space instead. Also, opportunities for renewal of ordinary office spaces are limited because the leases are mostly for short periods.
7. Landlord Access
Conventional office leases usually allow the landlord to enter any part of the space any time to ensure if it’s being used properly. But medical office spaces must ensure the privacy of patients so you should ensure the lease language defines a protocol by which the landlord might access the space without violating your patients’ confidentiality and privacy. The landlord should access the space during certain hours or by appointment, but the lease language should address both the needs of the property owner and the tenant.
8. Find a Qualified Broker
The best way to find medical real estate office space suitable to your needs is to use the services of a lease broker who has proven experience in negotiating for medical office spaces. The healthcare space brokers are better suited to negotiate complex lease terms that take care of after-hours access, security, landlord access and so on.
The above factors are crucial when leasing medical office space. They will help you find medical real estate office space that meets your needs. It’s imperative that medical professionals engage the right team to help them find the right location and to negotiate all the terms and conditions.