Your First Medical Office Space: Make Smart Decisions Now.
It’s a big question: Should you start your own medical practice and go it alone? For some physicians, the answer is clear – you want to start your own practice and have our own medical office space. You want to make your own decisions that will allow you to grow your practice and make solid decisions for your patients.
Starting a medical practice can be the most rewarding undertaking you ever experience, but it can also be one of the most challenging.
One of the most difficult challenges is finding the right location for your new medical office space. And while location is at the top of the list, there are dozens of other considerations.
The time to make your decision about going it alone is not after you graduate, but rather many months before. The only way you will ensure a consistent, healthy earning potential is to start early. Sure, you could take a position at a hospital or join an existing practice, but what happens when you’re one year into that position and you realize it is not what you want. In this scenario, you may have wasted a good year or two of your career and earning potential by waiting. For every year you wait to go it alone, you are diminishing your value down the road. This is valid earning potential that is gone and you cannot recapture it.
So considering location, where will you start? Will you build your own medical building? Probably not — at least, not at first. The wisest advice is to work with a professional healthcare real estate representative: savvy innovators with years of expertise who knows the industry inside out and backwards and can advise you on location, demographics, cost, lease negotiations, legal topics and such. They often know the best real estate options before they’re even listed.
Going it alone doesn’t mean you can or should do everything yourself. You will still have to collaborate with various individuals and organizations along the way: building owners, landlords, real estate agents, lawyers, architects, construction companies to name a few. And are you prepared to engage in dialog with them? Do you know the right questions to ask?
Money and funding are important, of course. Too little money can be restrictive, but too much money can also get you into trouble, so make sure you know what you want to make the practice run smoothly. What services will you offer, what space will you need, how do you want your medical office space built out? Is there an option to buy at a later date?
And even if you’re just starting out, you still must look ahead to decide what a reasonable retirement age is for you. By carefully planning now and using your years of practice as your springboard, you will avoid wasting time building your earning potential and be able to look forward to comfortable years ahead.