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Benefits of Incorporating Your Medical Practice

Starting your own medical practice can be a huge undertaking. You are responsible for countless decisions that could catapult or sink your business. This is why many medical practices work with an attorney to help with the legal side of things. When it comes to choosing the most efficient legal entity for your medical practice, you’ll want to discuss your goals with your lawyer. This involves medical, legal, financial, and tax matters. A lawyer can also advise you on whether or not you should incorporate your medical practice.

There are many benefits to incorporating your medical practice. Read below to find out more.

Basic Benefits

Incorporating your medical practice ensures that, overall, you are following legal formalities. Corporate laws are first laid out by the owners and lawyers of the medical practice based on practical goals. Beyond that, corporate duties may include holding regular meetings, filing tax returns every year, and discussing employee payment and benefits. You may also want to go over liability issues and have this properly documented.

Financial Benefits

Incorporating your medical practice gives you several financial benefits. This includes being able to pay employees regularly and properly through a corporate system with stock options and bonuses. Corporations also attract more investors by way of stock, meaning more money for your business first hand. Another financial benefit is that because shareholders also own the corporation by the number of their shares, anti-kickback enforcement protects the doctor from compensation based on value or patient intake. In addition, corporations will handle franchise taxes and the cost for maintenance and accounting. On your own, you will be paying a large sum of legal fees.

Overseeing

Overseeing the medical practice with a set guideline of written laws and regulations enforced by the corporation is one of the greatest benefits. These guidelines are set out at the beginning of incorporating a medical practice and may include: requirements for employee hiring, daily medical practices, purchasing equipment for the medical practice, cleaning the equipment for the medical practice, and who determines certain daily decisions. While a director of operations oversees the totality of these regulations, a manager or several managers will oversee these details. These rules can help to keep a medical practice organized and ensure that your business is being run exactly the way you’d like.

Other Benefits

Limited liability is another important benefit of establishing a corporation for your medical practice. Find the pros and cons of limited liability in this study. In cases where you are the primary physician for a medical practice, all of the liability will fall on you. This includes debts, vendor contracts, management of employees, and property lease tasks. In addition to working on patients and improving your business, this is a lot to undertake. Incorporating your medical practice allows some of these duties to be shared so there is not as much holding you personally at stake. Insurance is also great to have on hand if anything goes wrong, but a corporation sharing some of the more non-medical conditions is important to have under your security belt as well.

Another benefit of incorporating your medical practice is that you can more affordably offer health care and retirement benefits to yourself and your employees. Corporations involve more people handling these things for you, but you have the right to sit down with them and choose which options are best.

Medical Office Lease in Los Angeles

Incorporating your business is like gathering a support group for your art project. Having other people liable and contributing in areas where you lack knowledge is important for building a strong business. This includes finding the right medical office lease in Los Angeles. If you’re looking to work with others to create a strong foundation for your business, incorporating is the way to go. Start by working with a leasing team at Boulevard Medical Properties and get a free quote on available spaces today.

How Does Commercial Escrow Work?

In the process of purchasing or leasing a commercial property? You may have come across the term “escrow”. Escrow is a contractual agreement where a third party handles or holds the money for a property until all terms on both sides are met. Once all the details are settled, the third party can then distribute the money as set out and complete the transaction. Purchasing a commercial property through escrow is viable and safe. It protects both parties from any double-dealing or devious actions because the money isn’t transferred over until all conditions are met. Here’s a little more about how the process of escrow works.

The Beginning

Whether you are selling or buying, the first thing you should do is find out the value of the property or business. You can do this by consulting with a real estate agent or by searching medical properties for lease. After you’ve gathered an estimate on your property or the property you’d like to purchase, decide on a minimum/maximum you’re willing to buy or sell the property for.

Next, look into an advertisement for the space if you’re looking to sell. If you’re working with a broker they will likely do a lot of this advertising for you. But it doesn’t hurt to pitch in as well. For example, make a clean-cut print out of the property with photos, amenities, and price. Then post it around local establishments.

The Details

After you’ve set up your advertisement or, if buying, found a few properties you are interested in, you will want to lay out all your conditions on purchasing/selling. If you are a seller, you’ll want to make your books, including tax returns, inventory, profit and loss statements, etc, all out in the open for buyers to see. This shows a commitment to honesty and trust. Once you have a buyer or a seller, you can negotiate a price. When you’ve come to an agreement, the escrow account will hold the money exchanged usually for 30 days or more. This is done to give both the buyer and seller an opportunity to make sure all the terms on the contract were met.

The Close

When closing a sale, the following must be fulfilled:

  • All final documents signed
  • Payment for the escrow account met
  • All written conditions carried out by both parties

Once all of this is done, the funds in the escrow account may be released.

Types of Escrow

As mentioned above, escrow is typically used in commercial real estate situations. However, an escrow may be adapted for a homeowner as well. When a buyer moves into the home, they may choose to pay an escrow account to pay the mortgage lender. The lender then uses that money to pay property taxes and insurance. In this case, the mortgage lender has direct access to the escrow account. The benefit of using an escrow account in this situation is that it prevents the mortgage lender from falling behind in property tax or insurance payments. This usually means that a homeowner will have to pay about two months worth of expenses at first. This will, however, save you money in the long run. If you don’t have enough money in your escrow account, you run the risk of losing your insurance or home.

Business transactions that are done online are highly recommended to be secured by an escrow account.  It is highly recommended that an escrow agent secure online business transactions. There are too many cases of fraud on the internet. Having an escrow account will help secure the safety of your business. It’s also a great way, as a buyer, to ensure that you’re getting exactly what you want and need out of a business purchase by setting out your conditions and making sure they are met before a payment can occur.

Medical Properties for Lease

If you’re searching for medical properties for lease, look no further than Boulevard Medical Properties. Visit our website today to view what we have to offer or a free quote from one of our experts.

Medical Practice Management: Going Above And Beyond

Managing a medical practice is unlike the majority of other commercial property management. A medical office building requires a very specific set of rules and regulations both in functionality and leasing. The level of insight that is needed to manage a practice can be daunting for some. In 1983, 76.1% of physicians were owners of a practice, and by 2016, that statistic dropped to 47.1%. Make sure that you are aware of all the nuances that will help you manage the building effectively. Before you can manage the practice, you need to find a location for the practice. Step number one is to establish the best location for a medical office building. Boulevard Medical Properties can help you with your search for specialty medical offices in Downtown Los Angeles. With their help, you can focus on the areas that are most important for managing a medical practice.

You Can’t Spell Management Without Manager

To effectively manage a medical practice, there needs to be someone in charge of the management. Many times, physicians will try to take on this role to disastrous results. Next to the human body, managing an office may seem like child’s play, but a medical practice is quite a complicated system. By having someone knowledgeable and focused take on the management responsibilities, the practice will thrive. It is important to find an educated manager. One who knows about all positions and their functions in the office. This will help give them insight into how to delegate properly. A communicative manager is necessary as well because a medical office only runs effectively if everyone is on the same page. Finding the right person to fill this crucial role will make all the difference in a medical practice.

Cleanliness Will Set You Apart

There are places that people assume to be clean: restaurants, hotels, and the doctor’s office. If something shatters our perception of these places being cleanly, most typically do not return. A cockroach in the bathroom of a restaurant or a dirty towel in a hotel room can spell disaster for these establishments. The same goes for medical practice buildings and their workspaces. Many people have a fear of going to the doctor, so visiting a medical office can be a stressful affair.

By creating a clean and inviting environment, you can help foster a positive experience for patients. Cleanliness is important to set yourself apart from other practices, but it is also necessary for the safety of your patients. Most patients who visit a doctor do so because they are sick. Having a heavily trafficked area with sick people spreading germs is more than enough reason to properly invest in janitorial services and supplies. In some cases, cleanliness can be the difference between life and death in a medical practice.

You Can’t Over Deliver When You Understaff

This is a thin line to walk because being frugal and financially sound is important too; however, being understaffed and ill-prepared could be more harmful to your bottom line. Even with appointments set, you never know who may be coming into your medical practice for an emergency that could set the delicate balance of your schedule into utter chaos. The thing that is most synonymous with going to the doctor is sitting in the waiting room even when you have an appointment. Imagine how superior your medical practice will be if you were one of the few that actually kept to the appointments that patients set. Going above and beyond means that something needs to be different to keep your patients happy and returning.

Finding Medical Offices in Downtown Los Angeles

Managing a medical practice can be time-consuming, and Boulevard Medical Properties is available to help in any way they can. We will take the stress of finding medical offices in Downtown Los Angeles. Give us a call today to see how you can benefit from our insight.

What are the Different Types of Commercial Properties?

Beginning any new business comes with a set of foundational questions to ask yourself. One of those foundational questions is what type of building or space you’d like to build your business in. Choosing the right property for your business is essential in its ability to properly flourish. Before you sign that medical office lease, continue reading on to find out more about different types of commercial properties and choosing the one that is right for you.

Office

Office buildings are a very generalized commercial property that can vary on a wide spectrum. They are usually divided by urban or suburban environments. Urban offices are found in, you guessed it, urban neighborhoods or cities that are usually housed in high-rises or the like. They also tend to be a lot larger than suburban offices. Suburban offices, on the other hand, can be found even in residential looking buildings or in a group with other offices. Office buildings can also vary depending on their rank (Class A, B, or C). Class A buildings are regarded as the more premier office buildings compared to B or C. They usually have a great marketing presence and incorporate innovative building techniques or style. Class B buildings are considered the average among office spaces. They generally have a reasonable rent and are adequate as an overall building. Class C buildings usually offer low rent but are not considered the best in building adequacy.

Medical office buildings are another commercial property to consider among the office group. These properties often house private practice or group practices. In a group practice, several doctors come together to work together in providing their medical specialty. On the other hand, a private practice involves one doctor who runs the operation, though they may have some employees to help them with this. Medical office buildings are a very popular option for medical companies or private doctors. They offer many amenities at a good rate. For example, Boulevard Medical Properties in Los Angeles offers to take care of lease paperwork and wishes to work with you to provide your office with what you specifically need for your business to succeed.

Industrial

Another type of commercial property is an industrial building. Industrial buildings are usually frequented by several different tenants. These can house anywhere from basic industrial operations for manufacturing to bulk warehouses or an industrial & office space mix.

Retail

Retail properties are made up of retail stores, restaurants, etc. This can range from housing multiple tenants to single buildings. This can also include big chain stores such as Walmart, Target, etc.

Hotel

A hotel is another type of commercial property that people don’t often think about. Hotels can be a part of a chain, such as the Marriott, or an independent business. Depending on their status, they may offer anywhere from limited service, to full service with a restaurant and concierge. Casinos are also regarded as hotel commercial properties. Another type of hotel is an urban or resort located establishment like a bed and breakfast. This is regarded as a “boutique” and isn’t part of any larger chain.

Multifamily

Any type of residential real estate outside of a single-family home is considered a multifamily commercial property. This includes high-rises, mid-rises, a two-three story home (which is considered a “garden-style” property and walk-ups. Housing communities or low-income housing is also considered a multifamily property.

Overall, commercial properties are defined as anything larger than one house or lot. So whether you’re looking to lease a new medical office (contact Boulevard Medical Properties today!) or rent an apartment in a condo building, it’s all considered commercial!

Most Important Questions to Ask When Renting Commercial Real Estate

Whether you are just starting the hunt for the perfect space for your business or are narrowing in on the final steps of the process, it is crucial to know the right questions to ask when renting commercial real estate. Fortunately, Boulevard Medical Properties can help guide you from the first steps to the last signings. For more information about our commercial property services, get in touch with us today!

Question #1: What is the cost?

Perhaps one of the most obvious places to start is the price. After all, the price will dictate if you can seriously consider signing the lease for the property. In addition, it is important to note how they expect to be paid, when the amount is due, and if you can lock in that rate and terms for your entire time in the location. Since each property can vary greatly from one to the next, it can be extremely helpful to have the team of Boulevard Medical Properties on your side.

Question #2: How long will the lease run?

When selecting a commercial real estate property to rent, one of the first questions that should be asked is about the length of the lease. It is crucial to establish the length of the lease and not assume that it is the same as the other properties you have viewed, especially since it is beneficial to the landlord to have you sign for as much time as possible. (Longer leases tend to benefit the landlord since it reduces the likelihood of vacancies where they are not getting paid for the space). It is also important to discuss what the beginning date of the lease is, and what will happen in the event that it is not ready in time. Discussing this information will ensure you do not wind up paying for the space while they undergo emergency renovations or have difficulty removing the previous landlord.

Question #3: Can I sublease?

While your intention going into the agreement may be for you to stay in the property for the entire time, it is important to know your options in case of a drastic change in your business. Whether the change is good (ex: exponential growth that has caused you to outgrow the space) or bad (ex: you can no longer afford the rent), having the option to sublease for the remainder of your agreement can be a great option for your business.

Question #4: Is there a “recognition” or non-disturbance clause?

Another way to protect yourself, your company, and your employees is through a non-disturbance clause. This will ensure that you do not get the short end of the stick if your landlord goes broke and a new landlord tries to double your rent.

Question #5: Am I limited to a certain Internet provider?

In today’s modern workplace, efficiency can be severely hindered with a subpar Internet provider. Before signing and agreeing to the lease, make sure you find out if you have any flexibility with your Internet provider. In the case of the landlord only working with one option, make sure that it is effective and it is not just the cheapest option to save them money. (During this discussion it can also be beneficial to discuss if a cleaning crew is provided, who pays for which repairs, which utilities you are responsible for, etc.)

Finding the Appropriate Medical Office Lease for Your Practice

Regardless of what your practice specializes in, the right location cannot be stressed enough. Boulevard Medical Properties take on the headaches that come along with searching for commercial property, so you can focus on running your practice. To learn more about our services or to get straight to your property search, contact us today.

Bringing Your Practice into the 21st Century

We live in a world that is constantly trying to find the next best thing, and the best way to keep your customers’ interest is by keeping up on the newest trends. This idea extends itself to the medical world, and it is important to bring every aspect of your practice into the 21st century. This will create a patient experience that will keep them coming back to you time after time. Boulevard Medical Properties can help you search for the ideal medical office lease that will give you an edge over the competition.

Location

Finding a location for your practice that is inviting and trendy is important to set yourself apart from the rest. Many medical practices have been in the same place for decades, but fashions go in and out of style, even in location. There are many things that are peripheral to your location that is very important to patients, such as ease of finding the building, how far you need to walk to the suite, and whether or not there is ample parking close by. You want your location to not only feel modern but to mitigate any stress your patients may feel while trying to get to their appointment.

Décor

Medical practices are typically synonymous with outdated furniture because you would assume most patients would want you to focus on the staff and medical practices being up to date rather than the décor; however, this is a common misconception. Patients assume that you are up to date on the medical side of the practice, and they want the décor to reflect that. We are always told not to judge a book by its cover, but it is something that we innately do on a daily basis. The décor of your office is the first thing that a potential patient sees, and if they are turned off by that, they may never get to see how much expertise your practice has. Be sure to create a modern space that is inviting, not only to keep your patients around to find out how good the practice is but help calm any stress or nerves they may have regarding their appointments. Creating a comfortable space will help foster comfortable experiences.

Marketing

One thing that has become the forefront of the 21st century when it comes to marketing is your presence on the Internet. It’s not enough to just have a website anymore, but people expect there to be an intuition to these sites. Creating an online presence that is interactive and gives your patients the ability to create appointments, check their records, and review their billing is what is expected. We live in the time of convenience where everything can be seen, purchased, or accessed at the touch of a button, and patients no longer believe in “operating hours” because much of what we digest is on demand 24/7 on the Internet. By giving patients more control, you are fostering a good relationship with them, taking work from your staff, and aligning yourself with some of the most influential online spaces. It’s not enough to just create the website that is relevant today but continuing to upgrade with the newest trends so that your website never goes out of style. Finally, most people use their phones for tasks related to medicine, so don’t forget to make sure every aspect of your website is mobile friendly.

Stand out from the rest of the medical practices by implementing some of these ideas to ensure your practice is with the times. Boulevard Medical Properties can help you find the best location to suit your patients and medical office lease to help your practice grow.

Easter at the Office

It’s that time of year again — April showers are gracing our skies, flowers are starting to poke out from under the warm soil, and chocolate Easter bunnies are appearing around every corner. With the call of Easter comes the ringing of spring, a time of renewal and shedding off our winter skin. You may be thinking of how you’d like to proceed with the rest of the work season as time moves into warmer climates. What ways can you improve your sales? What methods aren’t working anymore and need to be let go of? How can you implement change for your business in a way that will push you just a little further in the direction of your dreams? A perfect way to shake things up and mark this fresh start is getting your co-workers together for an Easter party. An Easter party doesn’t necessarily have to celebrate the holiday itself, but it’s a great way to encourage team-building and get your co-workers inspired for what’s to come. Here are a few tips on how to get started.

For more office party ideas and strategies to finding the right medical lease in Los Angeles for your practice, get in touch with Boulevard Medical Properties today.

Paint Away

One great way to celebrate Easter at the office is every kid’s favorite activity: painting Easter eggs. First, make a bowl of hard-boiled eggs and wait for them to cool. Pick up some food dye of your favorite colors and prepare them out on a tablecloth you don’t mind getting messy. Dip each egg into the dyes with slotted spoons, allowing enough time for the dye to soak through the egg and color the shell. You may continue this with other dyes, adding many different colors to the same egg, or you may even wish to decorate the eggs with fun, decorative candies, and jewels.

Egg Hunting

Another fun way to get everyone involved is setting up an Easter egg hunt within the office. This puts people right back into their childhood, allowing them to loosen up and see the office as a place of fun. You might want to hide some eggs with candy inside or place some riddles within that will guide them to an ultimate prize, like a week off from work or a large Easter basket.

Easter Baskets

Raffling off Easter baskets are also a fun activity to introduce to your team. Candy and chocolate are always great items to include in an Easter basket, but perhaps you’d like to add some things that would help around the office — such as, stationery items or a gift card to your local coffee shop. Better yet, why not play a little game of white elephant? With white elephant or Yankee swap it’s not so much about the gift itself, but the enjoyment around the game, encouraging more team-bonding.

Pin the Tail on the Bunny

Loosen things up with a game of pin-the-tail-on-the-bunny. This game also gets adults shedding their armor and getting in touch with their child-like side. This is a great way to get to know your co-workers and build camaraderie.

Take it Outside

You may also want to take your Easter party outside if weather permits. A nice courtyard outside the walls of your office is a perfect opportunity to lay out some picnic blankets, crank up the grill, and bring everyone together.

Whether you’re trying to establish more team-bonding among your co-workers or wanting to announce some important goals for the next season, having an Easter party is a great platform to do so. At Boulevard Medical Properties, we ensure that your office has all it needs for such activities. We care about the success of your business and that’s why we go to all lengths to make sure we are doing our very best to provide a secure foundation for you to build upon. If you’re interested in learning more about what we have to offer, visit our website today.

What are the Different Types of Medical Practices?

When you’ve completed your medical schooling and are on your way to becoming a doctor, there’s another step you must consider: where to practice. There are many types of medical practices to choose from, which can be difficult as they each have their pros and cons. Below is a list of the most common medical practices today.

Group Practice

A group practice is exactly what it sounds like — two or more physicians who all work together in the same medical facility. This team of doctors shares all the work, including administrative roles. In the case of a group practice, it’s common to include professionals who offer different specialties. This gives these professionals the opportunity to consult others in their medical facility and refer patients to them if need be. Some other pros to working in group practice are: it cuts down on the physicians individual risk, your hours are shorter, and you have the ability to gain more capital. On the other hand, it also inherently takes away complete freedom for one individual doctor when it comes to how things are run. For example, if one of you wants to sign a medical office lease in Los Angeles and the other wants to purchase their own building, that is something you’ll have to come to an agreement on.

Private Practice

Private or solo practices involve one physician working alone with a small assisting staff. The biggest benefit of having a private practice is the fact that it gives you complete freedom to build your own company how you’d like. Physicians also tend to have a closer relationship with patients, which usually results in more referrals and more business. Another benefit to owning your own practice is that you’re able to set your own hours and the path with which you’d like your practice to grow. Physicians practicing alone usually opt into owning their own medical facility or signing onto a medical office lease. In Los Angeles, Boulevard Medical Properties not only handles all the lease paperwork, but they also work with each individual physician to create their perfect office environment. The downside to having a solo practice is that it often means more work and higher risk. It’s also common for private practices to be a bit heavy on the wallet, but there are ways around that, such as signing a medical office lease in Los Angeles.

Hospital-Based Work

Perhaps the most commonly known medical practice is hospital work. When working for a hospital, doctors can choose to work for a practice that is owned by the hospital or work in a separate department. Some benefits of working for a hospital are that each physician is provided a salary, has a regular work schedule, and a steady patient base. They are also less liable for complications, meaning their legal risk is low. Working in a hospital does have its drawbacks though, namely a lack of freedom as physicians are required to meet hospital standards. Also, because they are seeing many patients at a time, there is a lack of connection between them, proving to be less fruitful.

HMOs

HMOs, or health maintenance organizations, are the other commonly known medical practice. When working for an HMO, your patients are those that are members of that specific HMO. Much like a hospital, a physician is an employee or independent contractor of the HMO and will have to follow certain rules or guidelines set out by the organization. Some benefits include steady pay and a regular schedule, but the lack of freedom is perhaps even greater than working for a hospital.

Locum Tenens

Locum Tenens refers to physicians re-locating and working in areas that are in dire need of medical help. This type of position is very flexible, as doctors may choose where and when they’d like to offer their assistance. Other pros include high pay, lower living costs, and the ability to travel and explore the area they’re working in. Obstacles for this type of practice are that the work is temporary, meaning a lack of steady work and that benefits are not always offered.

Deciding what environment you’d like to work in requires that you study each type of practice carefully. Do you want to work for others in a hospital, travel the world, or work alone in your own medical practice? Would you like to own your own building or sign a medical lease in Los Angeles? These are all important questions to ask yourself. If you’re looking to start a medical practice and want more information on medical properties, please visit the Boulevard Medical Properties website today to see what we have to offer.

Can You Be Saving Money Running Your Medical Practice?

Running your own medical practice can be both extremely rewarding or run the risk of severe detriment to your wallet. Making the right decisions on products, leasing a building, and how operations are run is essential to the success of your business. Having your own medical practice can be all you wish it to be as long as you are intentional and conscious of the choices you are making within it. Here are a few ways you could be saving money while running the medical practice of your dreams.

Your Office

Let’s start with the foundation: your office. The way you go about opening your medical practice all starts with the type of office you choose and how you go about paying for it. Acquiring a mortgage can lead to unnecessary stress — you’re suddenly required to worry about taking care of the building on top of running your medical practice, which is a whole other job in itself. Whether you’re a dentist, pediatrician, or surgeon, your job is to focus on the patient and their problem, not the pipe leak in the basement. In this case, you may want to consider obtaining a medical office lease in Los Angeles through Boulevard Medical Properties.

Not only do we take care of the lease paperwork, but we also ensure that your office space is perfect in catering to your needs. We will go through each step of the construction process, making sure to hit all your design and decorating desires. We also offer amazing packages to our clients to improve or offer assets you may require on your lease agreement.

Securing a medical office lease in Los Angeles with Boulevard Medical Properties also helps you save money with our eco-friendly approach. We encourage all of our tenants to operate on the side of “green” and do our own part by offering eco-friendly materials, such as energy efficient lights.

In paying for these services, you can focus more on the patient, building a great reputation for the success of your company. Boulevard Medical Properties also takes your budget into account when designing your office space, keeping in mind where they can save you money and energy.

Single Use & Quality Equipment

A huge cause of hospitalization in the medical field is due to cross-contamination. To reassure the health of your patients, taking proper care of your equipment is very important. One way you can avoid cross-contamination is by using single-use products. Single-use products allow you to dispose of them after they’ve been used, therefore eliminating any possibility of it being used again by accident. It also saves you money on any repairs you may need for equipment or even cleaning equipment.

Another way to save money is by purchasing and using high-quality equipment. High-quality equipment is at a lower risk of breaking down, therefore decreasing your chances of having to pay for repairs.

Cleaning Your Equipment

In order to save on repairs or cross-contamination, providing proper cleaning treatment to your equipment each day is key. Preventative maintenance services should be regularly practiced on all equipment and cleaning tasks should be a part of daily upkeep. This also helps protect the health and safety of your patients, which should be your top priority.

Redistribution of Tasks

Paying for a company to focus on the more menial responsibilities of owning a medical practice can also save you a lot of money. Certain services, such as payroll, taxes, and marketing for your company, can be performed at a much cheaper rate than hiring a full-time employee to do the same amount of work. Starting with a medical office lease in Los Angeles could be your first step!

Whether you’re starting a medical practice of your own or have had one for some time, saving money where you can is crucial to the success of your business. At Boulevard Medical Properties, we care about helping you to do so. Give us a call at (818) 882-5700 or visit our website to start taking the proper financial steps today.

Signs it’s Time to Expand Your Practice

Lots of physicians dream about starting their own medical business and turning it into a popular and incredibly successful practice. For many doctors, this dream comes true, and new dedicated practices are established as a result. But how are you supposed to know when it’s time to expand your practice? With the help of Boulevard Medical Properties, you can recognize the major signs that are telling you it’s time to take the next step with your medical practice! Learn more about commercial real estate in Los Angeles when you talk with a talented team member from Boulevard Medical Properties today!

Think Over Your Schedule

If you are considering an expansion for your practice, take some time to reflect on your appointment schedule from the past year or two. If your business hours are packed all day consistently for a full calendar year, you may not have enough open business hours or physicians available to best serve your patients. Incredibly busy office days and appointment bookings months ahead of time are signs of success and can be followed by a strategic expansion. When looking through your years to identify how much business you have on a daily basis, compare months that are more likely to have fewer appointments. Months like April, May, June, and July are more likely to have some fewer patients statistically, as patients are prone to taking vacation time off during this part of the year. If these lighter months are still profitable for the practice, an expansion might be a necessary and beneficial next step for your business!

Consider Your Location

While the quality of a physician is the most important factor when receiving healthcare, another important component is the location of the practice. If your business is not located in a prime area or prominent town, it could be more difficult to build lasting relationships with patients. Consider moving to better commercial real estate in Los Angeles if your location does not serve the demographic that best suits your business, even if the cost will be a little higher. Paying more in prime office space is cheaper than choosing a location that might make maintaining patients more difficult. Find out more about your options for commercial real estate Los Angeles when you contact a representative from Boulevard Medical Properties today!

Can Your Staff Handle It?

Whether you are a solo doctor, or you work in a co-op, there is a staff of people who are committed to the success of your practice. When considering an expansion to larger offices, longer hours or newer technology, you might also want to consider how your staff will handle the upgrades. The expansion you need may be to add more support staff or even another main physician to help increase the number of patients you can take along with a potential office building upgrade. A good way to tell if you need to add more support staff is to take stock of everyone on the payroll so far and pinpoint the last time a new hire was added. If you haven’t hired new personnel in a while and have maintained most of the support staff for years, it might be time to add another employee. Think about how your front desk is managing the workload, how capable your nurses, physicians’ assistants, resident doctors or lead physicians are handling the cases and determine if a new employee is the best expansion decision for your practice. When you’re ready to get started on the expansion of your dreams, call Boulevard Medical Properties and let one of their talented team members show you the best commercial real estate in Los Angeles. If it’s time to take your business to the next level, get the best to help when you contact Boulevard Medical Properties!