How to Break Into The World of
Healthcare Real Estate
No matter if you currently lease or own the building your practice is in the early stages of scouting out a property for your own private practice, or are ready to jump into the world of healthcare real estate to increase your personal wealth - this episode is for YOU!
The world of healthcare real estate is lesser known, but can be lucrative and a hidden gold mine.
Join us as we share key steps to consider no matter what stage you are in your healthcare real estate journey.
Trisha Talbot, the owner of Doc Properties and healthcare real estate expert, joins us this week on the Provider’s Edge Podcast.
Listen anywhere you get your podcastin' on.
Even with Covid and the rise of telemedicine, in-person doctor appointments and procedures are never going away. Populations are rising and physicians are constantly trying to give as much care as they with their growing number of patients. But no matter how many patients physicians treat, whether that be 10 or 50 in a day, they usually do so in a physical building. That’s where healthcare real estate comes in, which can be a gold mine.
Whether you currently lease or own the building your practice is in, or thinking about building or buying your own practice(s) to lease out, one thing is for sure: The location where you practice will determine how accessible you are to your patients and what you can offer them in their time of need. It’s important to be in a building that can accommodate you, your team and your patients.
Below are some expert tips for breaking into healthcare real estate:
5 Tips for Breaking into Healthcare Real Estate
- Choose the Location of Your Practice with the Intention
Proximity to where you live as well as price are two primary factors to consider when choosing where to put your own practice. But even more important than that, you need to first ask yourself two key questions, “Where are the patients that I need to see and serve?” and “Where can I go to make it easier for them to come to me?” The closer you are to where your patients live, the more often they will come to see you when they need treatment.
2. Consider the Type of Building to Fit Your Vision
This depends on what type of physician you are and what services you provide. The more services you provide, the more staff you have, and the more patients you serve, the bigger the space you will need. It also depends on whether you are building or moving into a space that already exists. If you are someone who is looking to purchase a building to lease to other physicians, one great idea is purchasing a plaza or block of different suites that can house different types of physicians. Think dentist, optometrist, ENT, etc., so that the patient can be seen at the same places on the same day. This can be especially beneficial for all parties since it is convenient for the patient, the physicians can refer to each other, and it's likely already in a high-traffic area.
3. There Are Great Funding Options Out There
This is often people’s biggest worry when it comes to getting into healthcare real estate. Luckily, healthcare real estate has proven to be lucrative and lasts through tough economic times. There are a lot of capital partners that focus on this specific category of real estate that could share the risk with you by co-owning. The Small Business Association is also a great resource for loans and grants, and the Employee Retention Credit can save you some money too.
4. Decide How You Will Manage the Property
Like a lot of tasks when you own your own business, outsourcing frees up space and energy to focus on more important things. Delegating the management of your building(s) is no exception, and is especially helpful if you don’t come from a real estate background. You can choose your level of involvement in the management of your property, and the level of management service you would like according to your budget.
5.Seek Out A Healthcare Real Estate Expert
Healthcare real estate experts are very niche, and they are out there. They work specifically with healthcare real estate, so they can provide guidance on all of the above matters. They are also always on the lookout for the perfect place that could just be your next practice. Doc Properties is one of these specialized companies that help people just like you find their dream building and you can learn more about them on the Provider’s Edge Podcast!
Healthcare real estate affords you plenty of opportunities to grow your practice. You can find a location that will allow you to offer more services and care to your patients. In addition, you can find a building that is easy for your patients to access and can accommodate other healthcare specialists for more referrals. Lastly, you get to create your physical space according to your vision which is something you can’t do in a hospital setting. All in all, healthcare real estate is rich in opportunities, growth and prosperity in a multitude of ways.
This article is a summary of my conversation with Trisha Talbot, owner of Doc Properties, on the Provider's Edge Podcast.
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