At some point, every medical practice faces the question: Is it time to expand or relocate my practice? Once you get past the common concern about the cost and determine that you can’t grow your business in your current space, the answer becomes clear. Syncore works with growing medical practices to negotiate expansion or locate new properties.
Should you increase your square footage?
You may have heard the phrase: You have to spend money to make money. Although coined by an ancient Roman playwright, Plautus, this concept has been adopted by today’s business owners. It may not be true in all situations. But when your space hinders growth by limiting the number of patients you can move efficiently through the office and the services you can provide, it’s time to analyze your business goals and income projections. For many doctors, the cost of expansion or relocation is often the best financial decision.
Maximizing patient retention after relocation
If relocation is the best decision for the long-term growth and success of your practice, you’re likely concerned about how to keep as many of your patients as possible. In order to do this:
- Find new space as close to your existing location as possible. We advise our clients to stay within three miles of their current location.
- Analyze your patients’ addresses to determine where the majority of them live. If you can move in a direction that has the least impact on your patient base, you’ll reduce the loss.
- Remember that wherever you relocate, you’ll pick up new patients.
Is expansion an option?
Expanding, in most cases, means you’ve outgrown your practice and need to have more room to grow your business. For a successful expansion, consider the following:
- Does your current space have available adjacent space?
- How much additional space do you need now?
- How much should you allow for future growth?
- Does this location offer the best opportunity for future growth?
Once we determine expansion is the best option, then we can negotiate your lease to get the best terms.
Whether you expand or relocate, remember: there’s no cost to you for our services.
Protect your investment and your success by choosing a real estate adviser who works exclusively with medical professionals: Sean Regan and the Syncore Medical Realty team. Call us when you’re ready to explore your options.