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Trends in Medical Office Design

Going to the doctor may evoke memories of dimly lit rooms with little or no outside light, cold and sterile environments that are the opposite of inviting, and an outdated décor. A movement has begun recently to transform the aesthetic of the medical building from dungeon to modern and appealing. According to Health Care Design Magazine, this shift is in large part the result of private physicians joining group practices that have set out to set them apart from their competition and create a space that can be enjoyed rather than dreaded. It is worth noting that this can be seen more with specialty practices, but some forward thinking primary care offices are following suit as well. Creating an environment that is relaxing for a building that is usually filled with anxious people is a great way to change the healthcare fields stereotype.

Boulevard Medical Properties can help you find a great medical office space in Culver City that will elicit an atmosphere that is representative of your practices level of care.

Creating Spaces Unique to Your Visit

Traditional medical buildings are built with three spaces in mind: the waiting room, the exam room, and the doctor’s offices. The small exam rooms became the catchall room for any patient; however, many patients do not require an exam and are there for a consultation only. This has spurred the trend of creating unique consultation spaces that look less intimidating than an exam room, and more homey and comfortable. PJ Glasco of the Children’s Hospital in Colorado stated it perfectly: “The idea was to shift from the exam table to the coffee table.” Many practices are even going as far as to separate the exam area and the consultation area completely, with separate entrances. If you are going in just to talk with the doctor, it makes sense that sitting on a couch would be more comfortable than sitting on an exam table.

Physician Offices and Larger Exam Rooms

The main concern for doctors is their patients, and the comfort of their patients takes top priority. This is true from a business standpoint, as well as an altruistic concern. With that in mind, many practices are condensing the amount of space allocated to individual physicians. Traditional buildings might see each doctor receiving their own office, but more modern designs have implemented reducing this space to allow more room for exam and consultation rooms. The comfort of the patients is of a higher priority to most doctors than displaying their diplomas and certificates. Even having slightly larger exam rooms and consultation areas may set you apart from other healthcare providers, and patients notice that. To find the best office space in Culver City to locate your practice, contact Boulevard Medical Properties today!

Implementing Technology to Free Up Space

Another way to create extra space for your patients is to utilize modern technology such as cloud based systems and tablets to eliminate chart rooms. Just as the physician offices being reduced to create larger exam rooms, eliminating a whole extra chart room gives you more valuable square footage to devote to patients.

First Impressions

First impressions are extremely important, and creating an open and warm environment for your patients can make or break their experience. Many medical practices are implementing the same architectural design that hotel lobbies use. Having an open floor plan for your waiting room with the check in desk as the first thing you see upon entering will create a sense of hospitality and comfort. Including a lot of windows allows for natural light to flood into your space compared to harsh fluorescent lights. Subtle changes to your décor can go a long way as well. Having a small fountain with water noise is soothing, modern furniture makes your office feel new, carpet and drapes will make it feel like home, and consider using something such as essential oils to create a scent that is relaxing rather than sterile.

The market is saturated with healthcare professionals, so it is important to set yourself apart during a patient’s first impression of you. Find the perfect office space in Culver City that gives your patients a great experience by contacting Boulevard Medical Properties; you can talk to our staff by clicking here.

Places You Can Save Money Within Your Practice

Building your own medical practice is quite the investment. Hopefully, you’ve been able to get your plans off the ground without a hitch. Reaping the profits and benefits of your hard work can be the most satisfying feeling in the world, which is why it’s imperative that you continue to promote smart financial decisions in every aspect of your practice.

At Boulevard Medical Properties, we know better than anyone how difficult it can be to sustain smart spending without having to cut corners. From negotiating rent from your medical office space for lease, to developing a permanent and trustworthy team, there’s a lot of aspects of running a medical practice that can be heavy on your wallet.

But don’t give up hope; try these money-saving tips to see where you can best relocate your budget to prevent you from having to sacrifice anything.

1. Download the Software

One way for you to stay ahead while also saving money on hard labor is to install the latest and greatest software programs that can make running your practice a whole lot easier. Many medical facilities use different types of software to help streamline administrative tasks, hold patient records, access valuable information and even set up plans with insurance companies without you having to do any of the work.

This is a great way to save money on having to hire more outside help just to perform some menial, continuous tasks. Let the computer do it instead!

2. Outsource Your Professional Work

Having a full-time administrative staff for things such as marketing, design, professional outreach, and more can cause the corridors to become quite a bit crowded. Don’t be afraid to outsource your work to remote or freelance professionals who you can depend on.

Many professionals hire website managers or graphic designers from third-party companies to help you get everything set up without getting in the way. This will also help you to save the money from having to pay another full-time, in-house professional.

3. Hire Interns

Make sure your staffing schedules and policies are as efficient as possible. If you need to, set an overtime limit and make sure that everyone is receiving a regular late. Tell your employees that it’s okay for them to go home early. If you need to get some administrative tasks done around the office, consider hiring interns. Many of them can provide work for low rate or even free costs while in association with their schools or staffing agencies.

In the long run, this can shave quite a few dollars off your quarterly expenses. By keeping a tight schedule and helping everyone keep track of their hours, you can reduce your own stress instead of worrying about what future expenses might be thrown your way.

4. Work as a Team

When in doubt, it’s never a bad idea to ask your team members what they think. Getting multiple different insights can help you discover some money-saving ideas that you may not have thought about before. Each employee experiences their job in a different way, and they might be a lot more privy to a financial expenditure than you.

Listen to your team, bounce ideas back and forth, and see what you all come up with – the money saving tactics might surprise you!

Medical Office Space for Lease

At Boulevard Medical Properties, we specialize in helping you find the best medical office space for lease in your area. Whether you are starting out small, or you are expanding on an existing practice, we have the tools, resources, and experience to help you out where it matters most. For more financial tips, feel free to contact us online or give us a call at (818) 882-5700 today.

Relocating Your Practice

There are a multitude of reasons why you may need to move your medical practice to a new location. Boulevard Medical Properties can help you find the best medical office rent in Los Angeles, as well as lend you our expertise in the real estate industry. Whether you are looking for something more financially stable, a location that has higher foot traffic, or a spot closer to your patients, it is always a good idea to be prepared before doing so. Follow these steps to make sure that it is done right.

Find the Best Location

A move could strengthen your practices and bring stability, or it could cause a decrease in visits. When you are looking for a new location to continue your medical or dental practice, be sure that you are picking the most convenient spot for your patients. Does the office have parking close by? Is the parking free, or do you have to worry about getting parking tickets validated? Do your patients need to spend a lot of time searching for your office in a large building, or is your office easily located? The first step, and arguably the most important, is to make sure that your new location is the best fit for your patients, since they are the ones driving your business. Boulevard Medical Properties specializes in these types of business locations and can help you find the best medial office for rent in the Los Angeles area.

Informing Patients of Relocation

It is extremely important to make sure that you do not lose any patients due to inconvenience, confusion, or misinformation. Most likely you are not the only doctor or dentist in the area offering these services, so you want to make sure you keep your patients happy and informed. It is a good idea to post multiple notifications at least a month before the move and be redundant with the information. Post signs in the office containing your move date and new location, send out emails and make calls to your patients to make sure they are aware you are moving, and post the move date and address on any social media or website you have. The more places the notification is posted and the earlier you post it, the less likely a patient will be unaware of the move.

Informing Vendors of Relocation

It may seem like an obvious step, but make sure that you also inform any vendors of your move. Crucial deliveries from the Postal Service or other couriers could put a halt on day-to-day operations, which will cost you money. The goal of relocating effectively is to lose as little time and revenue as possible during the process.

Change the Address on Your Materials

Another crucial step that may be overlooked is the need to change the practices location on everything from invoices, remittance forms, notepads, pens, documents, and anything else that has the address listed. If this step was forgotten, you may lose out on a few weeks of revenue from payers that are sending their checks and payments to the wrong address. A helpful tool that the Postal Service offers is forwarding addresses so that hopefully this won’t become a problem.

Hire a Professional Moving Company

Ask anyone who has moved into a new home, having a professional moving company take care of the heavy lifting is always a huge advantage. This is even more important when it comes to relocating your medical practice because there are a lot of valuable pieces of equipment that could be easily destroyed and hard to replace. Find a company that specializes in moving medical equipment to mitigate any financial risk from moving with your staff alone. You will save time by using a company that is experienced in these types of moves, you will minimize any risk of equipment being damaged, you will have more time to treat patients, and your perceived down time will be nominal.

Relocating your medical practice could be extremely beneficial, but it doesn’t always go according to plan. Be sure to find the perfect location and gain useful tips from the experts at Boulevard Medical Properties, who can help you find the best medical office rent in Los Angeles; contact us today by clicking here.

Mistakes to Avoid When Establishing Your Practice

Starting your very own medical practice can be as intimidating as it is exciting. Knowing where to begin is often a mystery that eludes even the most well-prepared professionals. Before diving straight into your practice, take a step back to establish yourself. Knowing what not to do is just as important as knowing what to do, and that’s what our Boulevard Medical Properties professionals want you to know.

It’s unfortunate to see the same mistakes being made over and over again. We don’t want you to fail in this exciting time, where it’s most crucial for you to start off on the right foot. Take a close look at these common mistakes to avoid when leasing a medical office space in Los Angeles, and you’ll be on your way to establishing a successful medical practice on your own.

1. You Don’t Get the Right Loans

Starting any kind of business or venture requires loans. No matter how much you have in your own pocket to invest right off the bat, you’re going to need some reliable financial assistance.

However, that doesn’t mean you should go with the very first loan or banker that comes your way. It’s essential to shop around and find the right loan that works for you. Starting with the SBA is a good place to start, although you need to put a lot of time and work into finding the right person for the job. Make sure the terms are transparent and completely workable for your specific needs.

2. You Don’t Have the Right Location

Just like in real estate, having the right location can be the difference between heavy traffic and no traffic at all. You want to make sure you establish yourself in an area that is relatively well known, where you know a lot of people could benefit from having a medical practice right there on the block.

Boulevard Medical Properties is highly experienced in helping you as a medical professional find the right medical office space in Los Angeles. Please give us a call if you haven’t yet found the perfect place for your practice to call home. Don’t settle for something super cheap because it’s far away. Get your eyes on a good location and start bidding for it.

3. You Don’t Plan Early On

It’s never too early to start planning. It’s understandable how eager you are to get started, but that doesn’t mean that you should jump right in without having all the necessary details planned out first.

And your planning should go far beyond the brainstorming phase. You need to be sure that you have all elements of your medical practice ready, including:

  • Getting the right lenders
  • Establishing your location and working with a real estate agent
  • Conducting business with all third-parties who are involved in your practice
  • Getting insurance policies down
  • Hiring all needed staff members
  • Getting contractors to help you with your construction or remodeling needs

It’s advisable to allow yourself at least 6 months to start planning for your practice. But just know that you should give yourself all the time you need to get things in order.

Take Your Medical Practice to the Next Level with Professional Property Services

At Boulevard Medical Properties, we want to ensure that your practice is starting off the right way. From the pre-planning phase to the first day you open, we can provide vital tools and resources needed to set you up for success. If you have additional questions about renting the right medical office space in Los Angeles, or you want to inquire about loan and banking options, please contact us right away. You can reach out to us online or give us a call at (818) 882-5700.

Making Your Office Space Work for you

When thinking of an office space, you may not initially consider the impact of the layout you choose. However, it is important to thoroughly consider how to truly maximum your office space for optimal efficiency, client experience, and office feel. At Boulevard Medical Properties, we are the resident experts dedicated to helping you find the perfect medical office space for lease.

Create a Welcoming and Open Space

According to Business Insider, a first impression is made within 7 seconds. And if you think that is short, another study by the Association for Psychological Science suggests that the initial impression is made in less than 1 second. This means that by the time a patient has walked in through the door and to the receptionist’s desk, they already have made an impression of your office. Before they have spoken to your staff, sat in your waiting room, or experienced your level of care, they have already made a judgment of your office. Make your office space work for you by creating a welcoming, open space with plenty of natural light, an organized lobby, complimentary décor pieces, and the like. These elements will increase how positively your office space is perceived and help maximum the ability of your office space to work for you. To see what options are available to create this welcoming and open space, contact Boulevard Medical Properties.

Make your Furnishings Comfortable and Functional

Is there anything worse than sitting on an old, metal chair while waiting to be called into the exam room? When picking out the furnishings for your office, make sure to pick pieces that are both comfortable and functional. This means thinking of the patient’s experience from the waiting room, to the examination room, to the end of their visit. Experts suggest having a comfortable chair for them to sit in instead of spending their visit on the examination table and picking rounded chairs and tables since they are viewed as calming. Using these tactics will ensure that your office space is working for you while you are with other patients.

Create a Calming Experience for Patients

It isn’t a secret that many patients find doctor’s visits anxiety inducing. To help create a positive experience for all of your patients, consider incorporating elements into your office that are calming. For example, windows that view natural settings and artwork featuring realistic images of natural landscapes have been shown to reduce patients’ stress as well as pain. Additionally, patient education loops, magazines, and televisions can help ease anxiety for a more comfortable experience. To really take your personalized care to the next level, ask your patients! They will have great insight into what can be improved, within reason, and give you the viewpoint you need for the optimal patient experience.

To reflect your hard work and communicate your expertise, make your office space work for you with an open space, comfortable furnishings, and a calming experience from start to finish. Fortunately, at Boulevard Medical Practices, we have dedicated ourselves to connecting you with a space that will work for you and reflect all your hard work. For information from the Boulevard Medical Practices team on a medical office space for lease, contact us today.

Best Strategies to Market and Promote your Practice

After you have found the best medical office space for lease and opened your practice, your marketing goals are simple: You want to capture the greatest number of new patients while retaining as many existing patients as you can. It goes without saying that we live in an information-overloaded, short attention-spanned society. So, how do you break through the noise, rise above the crowd, and shine? You create a targeted marketing plan that considers who you are, who you know, and what resources you have at your fingertips.
For more information about office space in Los Angeles and running your medical practice, get in touch with Boulevard Medical Properties today.

Building a Strategic Marketing Plan

French writer Antoine de Saint-Exupery was quoted as saying, “A goal without a plan is just a wish.” These words apply to success in marketing, too! Marketing is a business strategy and must be planned as such.

Branding

Patients have as many options for healthcare services and providers as you did when you were searching for the best medical office space for lease (a lot). If you don’t want to “look” the same as everybody else you must establish a well-differentiated, unique, and memorable brand by creating a value proposition.

A value proposition is a statement of the value you promise to deliver. It should always do three things:

  1. Explain how you will solve your patients’ problems or improve their situation.
  2. Deliver specific benefits.
  3. Tell the ideal patient why they should patronize your medical practice and not the competition’s.

Some classic examples of value proposition themes that work are:

  • “Best Quality”: Do you hold yourself to the highest standards? Can you claim to provide a higher quality service than your peers? Do you have proof of this?
  • “Best Bang for your Buck”: Do you provide excellent service at reasonable prices? Is your practice geared towards being affordable to the average family?
  • “Luxury and Aspiration”: Do you perform cosmetic procedures such as elective surgery or cosmetic dentistry? Even if you don’t, you might fit into this category if you offer VIP service or treatment!
  • “Must-Have”: Do you provide a service your market cannot live without? Are you necessary? This category can work for many medical professionals.

Online and Social Media Marketing

Your website and other internet resources are underutilized methods of getting and retaining patients. Here are some tips on how you can focus your marketing power online.

Your Website

The goals for your website are that it be simple, modern, and easy to understand. Placing a large “Schedule an Appointment” button on several pages of your site makes it easy for patients to reach you.

Social Media

By far the most important social media channel to be on is Facebook. It has quite simply become ingrained in our culture and our daily lives, no matter our ages. Create an official Facebook page to share content that informs and educates your patients. If you don’t know where to start, try posting answers to some patient questions.

Reviews and Testimonials

What people say about you online counts. To manage this, make it a practice to ask your patients to post about their experience at the end of each visit. This will usually be on a website like Yelp, but you may also have a “Testimonials” page on your website where they can post.

Email Marketing

Collect all your patients’ email addresses so you can send them appointment reminders and updates. Use a service like Mail Chimp or Constant Contact to streamline your messaging. You should aim to communicate with your clients at least once per month.

Guerilla Marketing

Guerilla marketing practices are known to be modern, effective, and cheap. They involve promoting your practice in unconventional ways with a small budget.

Plan an Event

Identify your target market – pregnant women, retirees, parents – and plan a public event at your practice with that audience in mind. The event allows potential patients to meet you and your staff, see your office, and ask questions. For example, a dermatologist might offer a free skin cancer screening at an open house and book regular office appointments at the event.

Be Available to the Media

Newspaper and TV reporters are always looking for health experts to speak up on the health story of the day. Consider what areas your practice specializes in and put yourself out there as a knowledgeable source. This can not only put your name in the minds of prospective patients but also lend you credibility.

Referral Marketing

Many medical practices and specialties rely on referrals from other practitioners. Referrals can also come from current patients or even your own staff. Ultimately, referrals from any source are based on strong relationships.

Referrals from other physicians and their staff come from being secure in the knowledge that the patient will be taken care of, and the timeliness of reports back to the referring physician.

Further, you must educate and empower your employees to be ambassadors of your practice. “A happy medical assistant who loves her job and knows the high level of customer service your practice offers will want to sing your praises,” says Marlee Ward, President of Rx MD Marketing Solutions.

Similarly, your patients can be a powerful marketing force. Just as they do with their favorite restaurant or a reliable bank, your patients will share their experiences at your office with their family and friends. Take advantage of that with a patient loyalty program: If your office offers elective procedures, you could give a discount to those who refer you – such as 50% off laser treatments.

Choose Boulevard Medical Properties to find the best medical office space for lease in Los Angeles! Our dedicated team of expert real estate professionals will help you locate the perfect space, navigate lease negotiations, and guide you all the way through design and construction. For more information, call 818-882-5700 or contact us online!

How Natural Light Affects an Office

We can all relate to the sick feeling of waiting at least 25 minutes to be seen by a medical provider in a windowless exam room under fluorescent lights. Living and working without natural light make the body short circuit – and this applies to doctors and staff members as well as their patients.

According to a Psychology Today article, a study titled, “Impact of Workplace Daylight Exposure on Sleep, Physical Activity, and Quality of Life,” concluded that there is a strong relationship between workplace daylight exposure and office workers’ sleep, activity and quality of life.

If you are looking for medical office space for lease in Los Angeles, make sure to put “lots of natural light” at the top of your list of priorities. For more questions about where to locate your practice, contact Boulevard Medical Properties today.

Sleep Disorders and other Dysfunctions

Of the subjects in the above-mentioned study, those who worked in offices without windows slept an average of 46 minutes less per night. They reported lower satisfaction with their quality of life, including a lack of vitality and physical problems such as pain and stiffness. This lead to all sorts of daytime dysfunction which the group who worked in spaces with windows – sources of natural light – were able to avoid.

“Day-shift office workers’ quality of life and sleep may be improved via emphasis on light exposure and lighting levels in current offices as well as in the design of future offices,” said study co-author Ivy Cheung, a Neuroscience doctoral candidate at Northwestern University.

If you have found a medical office space for lease that seems to not have enough windows, find out if you can have more installed.

The Circadian Rhythm

The so-called ‘body-clock’, aka the Circadian Rhythm, controls vital processes of the human biological system. During the day, bright, natural light from the sun sends our brains signals to stay alert and helps us function at our best levels. As the cycle moves towards nighttime, our need for sleep, restoration, and nourishment are reflected in the cooler color and lower intensity of the night light.

“Too much artificial light at the wrong time… can disrupt that rhythm and lead to health problems. This is important for everyone, but for hospital patients who are trying to heal, it’s an especially big deal,” says Deb Zawodny, a healthcare market development manager.

For patients with Alzheimer’s Disease, studies have shown that supporting a patient’s day/night cycle could reduce night wandering by as much as 50%. In a Danish study, supporting the cycle proved to slow the advance of the disease in dementia patients.

Daylight and Mood

An interesting development around our dependence on daylight emerged with the first diagnoses of SAD: Seasonal Affective Disorder. The term was coined to describe the feelings of lethargy, sadness, and hopelessness people experience when they have the so-called “winter blues.” For a long time now, the “winter blues” have been thought to be caused by the short days and lack of cheery, bright sunlight during the grayer seasons. Also, People who are not exposed to sufficient sunlight during the day — then experiencing the fade into night — are not able to produce the hormone melatonin effectively. This aggravates their SAD.

Many people have speculated that as we spend more time indoors under artificial light, staring at computer and television screens, we may be encountering a new form of SAD, year-round.

In addition, according to Time Magazine’s article Why Sunlight is so Good for You, “The strongest support for the role of sunlight in health comes from its effect on serotonin: higher levels of serotonin correlate with better mood and feelings of satisfaction and calmness, and lower levels link to depression and anxiety.” It has been shown that people have higher serotonin levels on bright, sunny days than on cloudy ones, no matter how hot or cold the weather.

Cancer Risk

Less daylight means less melatonin, which may also mean cancer. Scientists have found that the lower levels of melatonin found in the daylight-deprived may also lead to lower levels of important chemicals the body uses to repair DNA. That could potentially lead to more cell mutations which trigger cancer.

Summary

The Center for Health Design study titled “Impact of Light on Outcomes in Healthcare Settings” summarizes the many benefits of prioritizing the availability of natural light when looking for medical office space for lease.

Light impacts human health and performance by enabling performance of visual tasks, controlling the body’s circadian system, affecting mood and perception, and by enabling critical chemical reactions in the body. Studies show that higher light levels are linked with better performance of complex visual tasks and light requirements increase with age. By controlling the body’s circadian system, light impacts outcomes in healthcare settings by reducing depression among patients, decreasing length of stay in hospitals, improving sleep and circadian rhythm, lessening agitation among dementia patients, easing pain… The presence of windows in the workplace and access to daylight have been linked with increased satisfaction with the work environment. Further, exposure to light is critical for vitamin D metabolism as well as melatonin and serotonin production in the human body. Light exposure also is used as a treatment for neonatal hyperbilirubinaemia.

Medical Office Space for Lease

Boulevard Medical Properties is the only stop you need to make when shopping for medical office space for lease in Los Angeles. Get in touch with us to find the perfect medical and dental office space for you! Call at 818-882-5700 or Fill Out our Online Contact Form Today!

Types of Medical Practices

Whether you are fresh out of your residency, looking to branch out on your own, or are looking to expand your current practice, there are a variety of medical practices to choose from. With each type of medical practice comes different responsibilities, elements, and benefits to consider. Although there are a multitude of factors to consider, Boulevard Medical Properties has made part of the process easier by being dedicated to connecting you with the perfect medical office space for lease.

Solo Practice

As its name suggests, a solo practice is a practice without partners or employment affiliations with other practice organizations. This type of medical practice allows the physician to have optimal control (i.e. deciding which patients they see, who they hire, hours they work, etc.). However, with a solo practice also comes some risk that other practices may not have. According to the American College of Physicians, “The locale in which you wish to practice will sometimes determine the success of a solo practice. Suburban or rural areas are often better suited for solo practice because of significant medical need and less competition from other medical resources.” That is why it is important to speak with our experts at Boulevard Medical Properties, because we understand what your practice means to you and can help you find which medical office space for lease is best for you.

Group Practice

A group practice is different than a solo practice because there is a presence of two or more physicians providing patients with one specific type of care. With a group practice comes the benefits of added financial security, not having to start from scratch, and added support from others on the team. This is a great option for physicians who are looking to play a significant role in the practice but want more safeguards and support in place. With a group practice comes the need more or room and a comfortable space for all your team members, staff, and patients.

Employed Physician Practices

This type of medical practice is when a physician is being employed within one of several practice models. Joining this type of medical practice can be advantageous to the physician by removing the administrative roles of the job and allowing them to solely focus on their area of expertise. You may relinquish even more of your control over the practice with this option, but you will not need to ever worry about the logistical problems. Scheduling, patient contact, accounting, and many other menial tasks are taken care of through employed physician practices.

Medical Office Space for Lease

Regardless of the type of practice that you chose, it is important that you choose the right place to set up shop so that you establish a successful practice. With investment in your vision, knowledge of the field, and “go green!” initiative, it is not hard to see why Boulevard Medical Properties are the experts when it comes to finding physicians the perfect medical office space for lease. To connect with their team and see what medical offices are available around you, contact them today.

Common Mistakes to Avoid When Starting Your Medical Practice

If you’re ready to begin your own medical practice, there are a myriad of decisions to make and obstacles to avoid. Starting a business is always risky, but the benefits of owning your own practice are expansive and rewarding. Being a successful business owner is easy when you know what common mistakes to avoid, so let our experts at Boulevard Medical Properties help you start on the right foot.

No Clear Business Plan

In the medical world, practices are often defined by the kind of care offered and the type of insurances accepted. This is an important decision to make as a business owner and if you don’t have a clear direction for your practice, it may be a rough start.

Before you begin hiring employees or researching medical office space for lease, decide what your practice will specialize in and what types of insurance will be accepted. When you have a clear plan and you can confidently outline your future goals, your current situation becomes that much easier to plan.

Once your model is firmly established, you need to begin a layout for the future as well. Establishing a long-term business plan will benefit your practice for years to come as opposed to a strategy composed of smaller goals that you will accomplish in a handful of years. Continued growth is the key to maintaining a great and successful practice.

Lack of Sufficient Capital

Starting a new business is a difficult pursuit and along the way, there may be extra fees or higher prices that are not anticipated in your business model and revenue plan. It’s important to have the right amount of capital for the practice you are attempting to get off the ground and it is always a good idea to over budget and take your location into consideration. For example, minimum wage differs from state to state and even between cities. This discrepancy can affect the salaries for all your employees, as even salaried workers will expect a different yearly amount based on how high the minimum wage is.

Another example comes from leasing or purchasing of an office building for your practice. In some states you may need a significantly smaller amount of money to purchase a building or secure a lease, but if you are in a more urban area of a larger city, the rent and down payment on purchases will increase dramatically. If you’re looking for the perfect medical office space for lease, contact our team at Boulevard Medical Properties today to start your search. Leasing medical offices instead of buying full buildings is an effective way to cut down on your costs and give your growing business the flexibility it needs.

Making Large Purchases Immediately

Once your business has a building, employees, and a strategic long-term plan, it can be tempting to begin buying every new piece of equipment that is available. This is a common mistake made by new medical professionals who want to bring cutting-edge technology to their practice to increase the number of new patients. This is almost always a costly move, however, as the newest technology may have nothing to do with your specialty or it may be an expensive item that is not utilized in your everyday appointments.

The best way to make sure you’re only buying integral medical supplies is to start with the technology and equipment you use on a daily basis. If your specialty requires an expensive piece to perform standard appointments, do your research to make sure you are getting the best equipment at a good price.

If you’re searching for the perfect medical office space for lease, call our team at Boulevard Medical Properties. Find a great new office at an affordable price today!

Getting Started in Commercial Real Estate

The first step when planning to purchase commercial real estate in Los Angeles is to write down the type of property you are looking for. Will it be used as your place of business, as an investment property, or for something else? If investing, are you willing to put in the work to be a landlord? If you are looking for a business property, do you need to buy, or could you lease instead? Do you already have a location in mind? What is your status regarding cash, financing, and your ability to make a down payment?

To get your property search underway get in touch with Boulevard Medical Properties today.

Accept the Learning Curve

It will be easier for you to work with people in commercial real estate in Los Angeles if you learn some of the industry lingo.

  • Loan-To-Value (LTV): A ratio of how much money you’re asking from a lender vs. the total value of what you want to purchase.
  • Debt Service Coverage Ratio (DSC): Operating income over total debt service. Basically, how much of the debt you’ll be able to cover each year with income.
  • Capitalization Rate (Cap Rate): Income of the property divided by the total value of the property.
  • Cash on Cash: Annual income over how much you actually invested. The amount invested could be just the amount your down payment was.
  • Vacancy Rate: Percentage of properties that are vacant in a time period in a given area.
  • Ad Valorem: A tax based on the assessed value of a piece of property.

Consider a Variety of Properties before Making a Choice

When visiting the different properties, make note of what you like and dislike about each of them. Location can strongly influence a property’s value – as well as how fast it sells – and its importance cannot be emphasized enough.

What you’re looking for is a good “fit” on as many fronts as possible. You want a property in the right place, for the right price, that serves that right purpose.

Hire the Experts

Buying commercial real estate in Los Angeles can be complex. Depending on the type of property you purchase, you may need to hire an

  • Accountant
  • Commercial real estate lawyer
  • Commercial realtor
  • Mortgage broker
  • Tax expert
  • Notary
  • Appraiser
  • Engineer
  • Environmental specialist

There’s plenty you can do on your own, but some jobs just require expert knowledge to be done properly.

Figure out Financing

Most people need at least some financing help to purchase a property. You can use

  • Banks
  • credit unions
  • home mortgage companies
  • Also, think about what kind of credit you have and ask what interest rate the companies can give you
    If these traditional financing methods don’t work for you, find out if the seller can help. Read up on things like
  • seller carry-back
  • subject-to
  • second mortgages
  • lease options

Make an Offer!

When you are ready to make an offer, consult with your lawyer and tell him or her about your plans. Your lawyer will have you sign a Letter of Intent (LOI) about the property and all the contracts involved. The LOI is NOT binding.

Never sign anything without your lawyer reviewing it first. Have your lawyer explain what all written agreements mean to you in plain English (or hire an interpreter to explain in the language with which you are most comfortable.)

Due Diligence and Escrow

This is where you get down to the details.

  • You will order an ALTA (American Land Title Association) survey, which can be used as part of the due diligence.
  • You and the seller will hire an escrow officer to be the neutral third party in the sale.
  • The final closing documents must be produced.
  • You have the right to a final inspection of the property. If something negative comes up and you want to cancel the purchase, you have a right to tell the escrow officer to deny the transfer of funds.

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