Over 80% of healthcare practices lease their office space. The cost of rent is typically a practice’s second-highest expense after payroll and as such real estate becomes an important consideration that can affect a practice’s success. Whether you plan to buy or lease a space, it should always go back to your vision and how you can align your real estate, your interior design, and your branding into a continuous journey towards a high-performing Medical space. Join us as we list down how to go about planning for success in securing the right space for your practice. Let’s dive in!
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Clarify your vision to start planning for success.
Before anything, we always advise our clients to seek clarification on their vision. It will be a futile exercise to go out and spend time looking at real estate or to think about renovation when you have even the slightest uncertainties that have not been ironed out. Being clear is the key to intentionality and as we go along this list, you will see that the entire process is a series of critical milestones that need to be understood before proceeding. Success is never left to chance. It is built on informed decisions and steadfast intentionality to work.
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Understand your finances.
Working within a budget is an exercise and a discipline that practice owners need to master. Having the money to spend is different from the willingness to spend it, and it is an even bigger discussion how best can the money be spent to get the most returns out of it. Spending wisely in real estate, be it a purchase or through leasing means you need to be upfront about your financial capacity because it can also spell out what options are available for your situation. It also places you in a better position to prepare for the entire project from all the way to your grand opening.
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Understand your audience, get to know your numbers.
Knowing your audience means knowing exactly WHO they are, WHAT they expect, and HOW best to serve them. When looking for a space, Medial Space brokers do have the expertise to spot locations and neighborhoods that can work for your practice. Getting the demographic data from the type of audience you plan to serve must link with the locations that you are zeroing in. You will be putting your practice in a bad situation when your target audience needs to go out of their way to go to you. Location, location, location, as the saying goes underscores how important it truly is to situation your business.
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Data-driven decisions.
Aside from data about your audience, it makes perfect sense to make decisions based on reliable information that your brokers have gathered. Studies like feasibility, competition mapping, and market studies must factor heavily in crafting your business plan. Going against hard facts is just simply working towards failure. As successful journeys go, any business owner must base their businesses on solid information.
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Get the right representation for you
A real estate broker – especially one that is focused on healthcare is incredibly helpful for any successful Medical practice. Aside from getting information relevant to the practice, it will also be best to have someone who can advocate for your best interests when dealing with properties whether in buying or renting. Having their expertise can also mean that you negotiate with the most leverage possible to angle for more Tenant Improvement allowance, free rent either in the renovation period or more, and overall a better deal to sign off than if you were doing it yourself.
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Medical Interior Designers can help you in visualizing your dream space
When touring doctors in a blank space, they may encounter difficulties in envisioning their practice with the square footage that the budget allows for. When touring a space with an existing layout it can create illusions that space will not work. Verbal communication can only go so far, as the design professional, you need to have the visualization tools to boost the doctor’s confidence to approve on a given location. 3D Visualizations or computer-generated images are incredibly helpful to give a sense of what they can expect for the space. Aside from getting a taste of the design direction, square footage can be better appreciated when it is shown through these 3D simulations.
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Revenue-generating Square Footage Formula
Designers are incredibly helpful in sizing the space needed for profitability and comfort. Medical Interior Designers know best in allotting the right square footage for specific rooms to support your workflow. It’s called Space Programming and with Simour’s formula of 60-70% being reserved for revenue-generating spaces, your Medical practice is poised to be a financially successful endeavor.
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Translate your numbers into a successful Medical Interior Design
When we say that we must design to get the best patient experience, it also hinges heavily on the location of your practice. Knowing your audience means you have made a profile of your patient. Is it in a metropolitan city or the middle of nowhere? Location is a huge determinant of what the Medical Interiors can end up looking like. Comfort and beauty can mean different things for different patients, from different locations. Tailoring your Interior Design so that they appeal to your target market is huge in making your patient feel like they matter.
Recognizing the importance of a professionally negotiated lease and the financial impact it has on your practice, CARR in partnership with Simour Design, would like to provide for you, a lease evaluation free of charge. Our goal is to help ensure your practice maximizes its profitability through real estate. Click here to learn more and to request a lease evaluation. We look forward to hearing from you!
