So You Want to Open Your Own Dental or Medical Office Space?
It’s a popular dream among many healthcare professionals: the goal of owning your own dental or medical office space. While there are certainly advantages in doing so, there are an equal number of reality checks before making the leap.
First and foremost, give yourself plenty of time. This journey is a long, tedious process, riddled with unforeseen obstacles that can impede your progress. Just as any major project must be managed and well-thought-out, taking steps toward owning your own dental or medical office space must be constructed and managed along a timeline. From start to finish, this conservative timeline will give you a realistic understanding of what you might expect.
- Initial meeting, demographic research, site selection: 1-2 months
The initial kick-off meeting should determine what you want, the city/state/area you want to reside in your new offices, detailing specific demographics with regard to your specialty, your target patient base, competition in the area and such. From there you can hone in on site selection and make necessary visits to the areas selected.
- Negotiate Deal Terms: 1-2 months
This part of the timeline can vary greatly. Best case scenario is coming to terms in one month or less, but it is wise to allow up to two months, as the negotiations go forward.
- Lease/Buy Execution: 1-3 months
While three months may seem far too long for this segment of the timeline, it is realistic. Depending on whether you are leasing or buying is a determining factor and depending on all parties involved, getting to final nitty gritty of signing your name to a commitment of this size requires exacting detail.
- Design and Permits: 2 months
Variables regarding design and permits are linked to the construction managers, architects, designers and, of course, the city/state/region of the country and the local departments that inspect, approve and issue permits.
- Construction and Fixturing: 2 months
Near the end of your timeline, the actual construction work, specific fixturing agreed to in your contract, which can include technology and specialized medical/dental equipment needed. This is the finish out to bring to life the details of what you want in your new space.
The time to start thinking, planning, and moving forward is about one year out from the day you hope to move into your new office. If you try to make it happen any sooner you will be wasting both time and money. Take the action now to reach your goal of your own dental or medical office space.