
Independent physicians face a unique challenge. You need to find a space for your practice that allows you to grow this practice, serve your community effectively, and align with successful hospital systems — all while maintaining your autonomy. To that end, selecting the ideal location for your medical practice is a critical decision that can significantly impact your professional future.
The right medical space does more than house your practice. It becomes the foundation of your success. It can enhance patient flow, boost revenue, and provide opportunities for collaboration with other healthcare providers. Conversely, the wrong choice may hinder your ability to attract patients, limit your growth potential, and compromise the quality of care you can provide. While the prospect of securing the perfect location may seem daunting, there are solutions offering the benefits of both leasing and ownership. These options can provide you with a state-of-the-art facility, strategic positioning, and financial flexibility — without the burdens of traditional real estate management. Let’s explore how you can make this crucial business decision work for you.
Overcoming the Challenges of Solo Expansion
As a physician or physician group, you may have considered expanding your practice by purchasing and developing your own property. While this approach offers complete control, it also comes with significant complexities and time demands that can detract from your core mission of patient care.
The process of solo real estate development is fraught with potential pitfalls:
- Navigating zoning regulations and obtaining necessary permits
- Coordinating with architects, contractors, and subcontractors
- Managing construction timelines and budgets
- Ensuring compliance with healthcare-specific building codes
- Sourcing and identifying financing
- Guaranteeing the debt on the construction loans
Each of these tasks requires expertise and time you likely don’t have. What starts as an exciting venture can quickly become overwhelming, much like those DIY home renovation projects that spiral out of control. By partnering with experienced healthcare real estate developers, you can sidestep these challenges and the developer accepts risk for schedule and budget once plans are set. It’s a strategic move that combines the benefits of a customized facility with the freedom to concentrate on growing your medical business.
The Best of Both Worlds: Leasing with Ownership Benefits
Traditional property ownership, though initially appealing, can ultimately hinder your practice’s growth. Long-term mortgages and lack of exit strategies can tie you down, limiting your flexibility in an ever-changing healthcare landscape.
NexCore’s unique leasing model offers real estate investment opportunities alongside the flexibility of a lease structure. This innovative approach allows you to:
- Diversify your investment portfolio
- Invest in real estate without the burden of property management
- Align with anchor hospital institutions
- Benefit from ownership advantages while maintaining lease flexibility
By choosing this path, you’re not only securing a space for your practice; you’re making a strategic investment in your professional future. You gain the stability and potential appreciation of real estate ownership while retaining the adaptability that’s crucial in today’s dynamic healthcare environment.
Premium Locations and Class A Properties
Medical practice location is paramount. A strategically positioned facility can dramatically boost patient flow and practice visibility. Class A properties in high-traffic areas offer more than just curb appeal — they provide a competitive edge in the healthcare market.
These premium locations are carefully researched to ensure alignment between the local population’s healthcare needs and the services offered within the facility. This strategic placement maximizes your potential patient base and enhances community access to care.
Joining a medical community in these prime locations offers several advantages:
- An instant referral network among co-located providers
- Increased patient visibility and accessibility
- Operational efficiency gains, especially if located on or near a hospital campus
Imagine capitalizing on patient foot-traffic and neighboring suite referral synergies, as well as seeing clinic patients in the same day. This would be a significant boon to your medical practice’s patient reach and business strategy.
Moreover, these state-of-the-art facilities are designed with both functionality and aesthetics in mind. Beautiful, modern spaces equipped with the latest medical technology create an environment where patients feel comfortable and confident in the care they receive. This positive atmosphere can contribute to better health outcomes and increased patient satisfaction, further solidifying your practice’s reputation and success.
The Advantages of Leasing in a NexCore Group Facility
Among the most enticing aspects of leasing with NexCore is access to brand new, fully customized medical spaces. From the moment you sign on, you’re involved in every decision related to your new suite. This level of customization allows you to create an environment that aligns with your workflow and patient needs. Always wanted a more spacious waiting area or an extra consultation room? Now’s your chance to make it a reality. And the space will be built from the ground up to be revenue-generating.
What further sets this opportunity apart is the ability to be hands-on with the design process without the headache of ongoing project management. You can focus on what you do best — providing excellent patient care and growing your practice — while experienced professionals handle the details of development. From hiring subcontractors to navigating permit processes, the heavy lifting is taken care of for you.
This collaborative approach extends throughout the entire development process, from concept to completion. You have the freedom to be as involved as you wish in suite design and finish selection, ensuring your new space truly reflects your vision and meets your specific needs.
Empowering Your Practice Through Strategic Real Estate Decisions
Choosing the right medical space is a pivotal decision that can propel your independent practice to new heights. By opting for a purpose-built facility, you’re not just selecting a location — you’re investing in a growth strategy that aligns with your professional goals and patient care objectives.
This strategic approach offers a unique blend of benefits: customized spaces that enhance workflow efficiency, premium locations that drive patient traffic, and innovative leasing models that combine the advantages of ownership with the flexibility of leasing. You maintain your independence while gaining access to best-in-class facilities and potential collaborations with leading healthcare institutions. Get your bespoke space started today with NexCore Group.
Written by: Kristen Neumann, SVP, Leasing