Assembling the Right Team
If you are a doctor or dentist, you are carrying a lot of responsibility when it is time to open a new medical office. This business decision is a great way to propel your profitability and build a strong income for the future, but many strategic choices need to be addressed with this decision. Should you buy or lease a building? What is the right location for your practice? Is it better to start the practice from scratch or buy an existing business?
DIY vs. Team Effort
One of the biggest mistakes that you can make is trying to handle every aspect of practice development without tapping into the experience of industry professionals. Your skill sets are focused on a medical background, giving you the knowledge and care that can be offered to patients. Don’t expect that you will automatically have the right business-building skills just because you have graduated from medical school.
In the same way, patients come to you for the medical expertise that is offered, you should look to providers who can support your business needs. Building the right team of professionals is an effective way to help you avoid common pitfalls along the way. Not only can you minimize the risk of mistakes with your business decisions, but you can also tap into the knowledge from a team that can help to propel your practice to higher levels of success.
Team Members for Building a Medical Practice
Who needs to be added to your all-star team when you are developing and building a new medical practice? These are a few services that every doctor should consider when assembling a team:
- Real Estate Agent: If you are planning to buy a commercial property, then you need the services of an agent who understands the local industry and can help you find the right building for your needs. A good agent will offer guidance in choosing the location. Plus, your agent will help with information regarding market conditions and negotiations to help you get the best terms for the sale or lease. It is always best to choose a real estate agent with experience in the medical industry, who is committed to representing only the buyers and tenants to avoid a conflict of interest.
- Architect: Whether you are constructing the building from the ground up or you need to have plans for a build-out, and architect is an important member of your team. Find someone with experience in the medical field. Work together to identify the future growth plan for your business, so the office is designed to allow you to grow in place.
- Construction: While the architect designs the plans for the building, you also need a construction team who will perform the build-out. Ask your architect or real estate agent for recommendations when looking for a good team in the area.
- Lender: Most medical providers don’t have the upfront money available to pay cash for the building purchase. Find a trusted lender who can offer the financing needed for the building, medical equipment, build-out, décor and furniture, and operating capital as you are getting the business off the ground. Ask your real estate agent for lender recommendations if you haven’t already lined up an option for financing.
- Attorney: Legal questions will come up when you are purchasing or leasing a new office. It is essential that you have legal representation to protect the interests of your new practice. Not only do you need this help when you are setting up the business, but it is also helpful to have ongoing legal support as questions arise in the future.
- Equipment Suppliers: You need to be ready to invest a significant amount of money into the medical equipment and computer systems required for your practice. Partner with an industry professional who can assist with the purchases, delivery, installation, and setup of the technology that will be required.
Joseph Rossi & Associates offers full-service solutions that you need for the development of a new medical practice. We invite you to contact our team for information about the available services.