Category Archives: Running a Medical Practice

Below is the archive of all blog articles related to the category “Running a Medical Practice”.

How To Expand Your Medical Practice

The goal of most companies is to expand and grow. The same is true for medical practices. Finding a way to help more people is altruistic, and can also be profitable if done correctly. With expansion comes risks that you may not foresee until it is too late. As you begin to grow your medical practice, here are ways to do it efficiently.

For more assistance with a medical office lease in Los Angeles or medical office design, get in touch with Boulevard Medical Properties.

Create an Environment for Expansion

Like goldfish, we will sometimes only grow as large as our environment allows. It’s easy to find satisfaction in a small practice, and stop trying to grow at a certain point. When you begin your practice, you grow out of necessity.

Once you start becoming profitable, you then need to find extra motivation to grow. By stalling growth, you are allowing potential patients to go to your competition. The important balancing act is to make sure you are in a position to grow your medical practice without weakening your financial situation to the point of failure. This may be difficult to decipher, but there is one solid place to start. Your location holds more power than you know.

Make sure your office is located in a desirable and accessible area. Allow proper space in your practice building to grow and accommodate more patients. You may not want to bite off more than you can chew, but don’t leave yourself needing more by not biting off enough.

Let Boulevard Medical Properties help you find the perfect location for your practice that will allow you to thrive and expand.

Your Staff is an Extension of You

No matter how good of a doctor you are, your staff is the first interaction all patients will get. Whether as they sign in or call to make an appointment, the front office staff is integral to your success.

Having great staff could set you apart from your competition. Most doctor visits are not under the best circumstances, so the staff you hire needs to be able to compensate for that negative energy from anxiety or stress. It may seem like a small thing in a retail store, but it makes all the difference in a medical practice setting. Your staff is also responsible for the proper function of the office. Keeping operations and appointments running smoothly is the best way to show that you are a competent medical practice. Losing information or rescheduling appointments could be a one-strike-and-you’re-out scenario for most patients.

If you want to properly grow your medical practice, make sure you hire staff members that understand their job responsibilities. Then, be sure to frequently remind them of their value to the function of the practice. Keeping staff happy is a great way to ensure the staff keeps the patients happy.

Provide New Services

Specialized services are great to have, but we live in a time of convenience. Patients value a centralized location that is a one-stop-shop. Utilize demographic surveys of your surrounding population and your current patients. Find out what the needs are and fill those needs. Offer services that are most desired by the population in your area, and the patients will come to you. This same basic principle is used in investing: diversify to thrive. Your medical practice is the biggest investment you have, so be sure to diversify your services.

Stay Relevant and Streamline Your Office

Using the most up to date software, machines, and practices don’t just increase productivity and efficiency. By staying relevant in the medical industry, you are showing your patients that you are equipped to give them the best service available.

This also includes changing out any décor and furniture that looks outdated. You don’t just need to act the part, but look the part too. By putting modern practices and software into use, you can increase productivity. There are many systems and software that help with menial organizational tasks. Use every resource you can to make sure that expansion is possible.

Grow Your Medical Practice in Los Angeles

One resource that you can utilize is the experts at Boulevard Medical Properties. They will be able to help you streamline your business in the best location possible.

How To Build an Efficient Dental Team

It’s easy to forget that a medical practice is also a business. As the saying goes, time is money, and the best way to procure more time is with effective dental team training. Having a dental team that works well together will increase your office’s ability to schedule and retain more patients. Since the livelihood of a dental office relies on repeat appointments and referrals, being efficient will make you stand out from the rest. A good dental office cleans their patient’s teeth. A great dental office does it efficiently. Boulevard Medical Properties can help you search for the perfect dental office space to improve efficiency and funnel more potential patients through your door.

The Members of the Team

The first and most important aspect of a dental team is the individuals that comprise it. A team is only as strong as its weakest member because one member can bring down the efficiency of the whole team.

Even when you have a team that consists of all great workers individually, it may not mean they work well together. Every department of the dental office needs to work together smoothly to create an efficient environment. Find team members that collaborate well together, trust each other, and can communicate clearly with one another.

Clarity in Job Responsibilities

Make sure that each team member has his or her job role clearly defined. Some roles in dental team training are obvious by position, such as reception team members. But there are some parts of the job that might fall into more than one department. Being as thorough and clear with each person’s job description will mitigate any possibility for confusion, which will increase efficiency.

It is good practice to routinely have meetings with each department to remind them of their specific roles. It is also a good idea to foster an environment where team members are not intimidated to ask questions if there is confusion.

Create an Environment for Productivity

The way that your office is designed can make a huge impact on productivity and efficiency. If the administrative team members are sitting in the same area as the front desk team members, the distraction of patients coming in and out could decrease productivity for the administrative team.

There are many ways that placing certain members in certain areas of the office can create a better workflow. Sometimes there may need to be trial and error to get the perfect work environment situated. However, the sooner you can find a balance, the sooner productivity will increase.

Boulevard Medical Properties understands the importance of medical office design. We have experience finding the perfect location and interior design for every medical practice. Work with us to help find the right spot for you, and take the guesswork out of the whole process.

Create Goals and Incentives

Another aspect to add to dental team training is a shared vision. Creating realistic goals will help the team challenge themselves, while not feeling overwhelmed. If you set the goal too high, there may be some apathy from team members who think they can’t reach the goal. Using smaller goals to work towards a larger goal is a great way to keep everyone motivated and optimistic.

Add bonus incentives to the team for achieving these goals. This could be as small as donuts brought to the office, or as big as a monetary bonus for each member.

Whatever you pick, it creates a fun, competitive environment that many people thrive on. Be cautious not to single any one person out with extra positive or negative recognition. This can have a counterproductive effect. Always reward the team as a whole, so they continue to feel trustworthy and reliant on one another.

Medical Office Waiting Room Solutions

Any patient who comes to visit your office has to sit in the waiting room at one point or another. For some lucky individuals, the wait is brief; for others, they may find themselves needing a place to hang out for a bit until their appointment time arrives. Regardless of how much or how little someone stays in the waiting room, you want to be sure it’s an attractive and comfortable place. Get in touch with Boulevard Medical Properties for custom waiting room solutions.

An active waiting room is one that invites patients to get the full scope of your practice in a glance. They should be able to see a welcoming space, with plenty of information and resources visible and a front desk to assist them with any of their needs. If they’re going to be waiting a while, they, of course, need to find a comfortable place to sit down as well. Let’s dive into some waiting groom solutions that will set your practice apart.

Improve Your Layout

It’s all about the layout. You don’t need much to transform a waiting room from cold and stale to bright and comfortable. You can always rearrange the way things are laid out to make a smoother space for patients to relax.

Think about your favorite coffee shop. People can comfortably sit inside for hours, working on projects or reading a good book. Take note of the layout. Some chairs are moveable, which makes a huge difference. Many face windows or natural light sources. There are clusters of big comfortable chairs and quiet corners for those who may need a more professional space. And when it comes to medical offices, you need to make sure there’s a space for kids. It is possible to make all guests happy without forcing them to have to sit next to one another in a tight place.

Be Communicative

Making your patients feel happier in the waiting room isn’t just a matter of changing chairs or rearranging the furniture. It also has a lot to do with the way you treat them. This is one of the easiest waiting room solutions you can implement at your office. Having a waiting room liaison, or a staff member who is very communicative to the waiting patients, can really ease tensions and increase comfortability. You should always inform patients of their wait times and make sure someone can answer their questions at any time.

Patientpop notes a research survey in which 55% of patients expressed that they wish they can access their wait times more easily. Being able to provide that to them can give such a sense of comfort and relief that will automatically dissolve tensions in the room.

Offer Some Beverages

It won’t be too much of an extra expense to you, but the value of patient happiness will increase dramatically. Offering a fresh cup of coffee, or even a cold water bottle goes a long way. It’s a luxury to be able to offer waters or coffee to anyone and everyone that comes in for an appointment.

And it doesn’t have to stop there. Fresh cookies, or even a bowl of wrapped candy, can add that little special touch of comfort. Those little gestures go a long way in letting your patients know that you care about them and that they are always welcome at your practice.

Medical Office Location

Medical Office location is everything, as they say! Laying out a comfortable and active waiting room is a good step towards achieving better patient satisfaction. Where your practice is located is a contributing factor to that happiness.

Waiting Room Solutions

If you’re looking to rent a great space for your own practice, or you are in need of waiting room solutions and design, Boulevard Medical Properties is here to help every step of the way. Satisfaction is our specialty, and we can’t wait to show you what properties we have available. For more information, contact us online or give us a call at (818) 882-5700.

How Much Does it Really Cost to Start a Medical Practice?

Whether you have recently contemplated starting your own medical practice or it has been a dream of yours for years, there is no time like the present. When considering the logistics of starting a medical practice, it is important to consider a variety of factors. One of the main elements that will make or break the decision is the cost of your medical office for lease.

According to the experts, the cost on the launch alone can be anywhere between $70,000 and $100,000. In order to experience success and longevity, you must educate yourself on the specifics. For more information on finding the right place for your new practice, contact the experts at Boulevard Medical Properties today. From finding the right medical office for lease to medical office design, we’ve got you covered.

Your New Office Space

Perhaps one of the most obvious expenses involves securing your new space. Some initial aspects you will want to consider are:

  • Location of the office
  • Size of the space
  • Cost of the lease

However, there are additional factors you must consider as well. For example, does the office include convenient parking for your staff and patients? Or is the leasing agreement flexible to your changing business needs? The process of selecting the right space alone can be overwhelming. Consider using a trusted ally to find a medical office for lease, like Boulevard Medical Properties.

Office Equipment and Supplies

Aside from the space itself, there are some additional expenses that can come with starting a medical practice. One of the first things you will need to account for is the cost of furnishing the space. Although you do not need to buy the most expensive items on the market, there are enough items needed to make it a hefty purchase in and of itself. These purchases can include comfortable sofas for your waiting rooms, decorative paintings for your walls, medical equipment for your services, and computers for your staff. Additionally, there are also smaller purchases you need for a well-run office. This includes office supplies and toiletries.

Insurance

As you may know, there is insurance to cover just about anything that can and could go wrong with your new practice. Some types of insurance that you may want to consider include renter’s insurance, fire insurance, and malpractice insurance. Additionally, if you are opening a practice in an area that is prone to natural disasters, like earthquakes, then you may want to consider adding earthquake insurance as well. If this is your first time creating a new practice from the ground up, then Boulevard Medical Properties is a great team to have to guide you through the process. In addition to helping you find the right office for you, we will also be able to advise you on additional costs to consider.

Staff

When starting your own practice, you will likely be too busy to handle all day-to-day tasks. Having a helpful, experienced team allows you to focus on your expertise, while they manage the rest. These staff members can include receptionists, medical assistants, sales experts, marketing enthusiasts, and any other specialists you need to make your practice run smoothly.

Starting with the Right Medical Office for Lease

Starting your own medical practice can come with its share of obstacles. With a variety of factors to consider and scarce resources available to you, it can seem daunting at times. That is why having the experts at Boulevard Medical Properties is crucial to your experience. Not only are we extremely knowledgeable, but we also have years of experience and will be able to get you started with incredible guidance and confidence. For more information, contact us today.

How to Handle the Stress of Running Your Own Medical Practice

Running your own medical practice can be one of the most rewarding experiences of your life. It can also be one of the most stressful. While you are helping to improve the lives of countless patients, it’s important to make sure your own mental state doesn’t take a toll. Here are some ways to handle the stress of running your own medical practice. To find the right medical office for rent, get in touch with Boulevard Medical Properties today.

Find the Right Medical Office for Rent

Finding the space that’s right for you can be daunting. When it comes to price range, location, size, and overall layout, you want to make sure you find the right fit. With so many factors to consider, it’s wise to seek help from experts who are able to assist in the search process.

At Boulevard Medical Properties we work with a range of medical professionals and to help them find the medical office space they need.

Settling In

It’s unlikely you will stumble upon the perfect medical office rent parameters. You will want to find something that falls within your budget, and also matches the length of time you want to be secured in your location. This will likely require negotiation.

Boulevard Medical Properties can assist in this process. Once the lease is negotiated, we can also help with all your construction needs. From initial design to decorating your medical office space, we will bring you to a space you desire.

These initial steps can be overwhelming, which is why it’s so important to seek professional help. Do not take on more than you can handle. Remember that it’s okay to need help along the way.

Seek Supportive Staff

It’s so important to make sure you have enough staff to support your business. Hire reliable and focused staff members to assist with tasks from ensuring on-time payments, making sure appointments are kept, and following up about on-time payments.

Hiring experienced companies to help with medical billing services may prevent worries about payment collections, giving you more time to focus on what matters: Helping your patients.

Maintain Healthy Habits

Prioritize a work-life balance. While many people enjoy the hustle, allow time for your mental and physical health. You have chosen a rewarding career, but remember to find joy outside of work as well. This could be going for a daily walk at sunset, cooking yourself a nice meal, and taking time to meditate and clear your mind. Maintain healthy habits, including eating a balanced diet and taking care of your body. If you prioritize your own mental health, you will likely increase your ability to focus at work.

Meditation is a great option to clear your mind, and breathing techniques can help you relax if you’ve had a stressful day at work. Research phone apps that guide you through meditation, or you can do it on your own simply by sitting in an upright position with your eyes closed and silently focusing on your breath for five to ten minutes.

Use Automated Technology

Use automated services to assist when possible. Technology can be for sending out newsletters to clients and appointment-reminder texts or emails, or for scheduling purposes. There are actually real-time online scheduling services where clients can set their own appointments. However, ensure prior to using that all parties involved are able to properly use the technology you are offering. Some of your older patients may be more comfortable setting appointments in a traditional setting at the front desk.

Keep a Positive Attitude

In the medical industry, having a positive attitude and professional relationship with patients is so important. Although some diagnoses are unfortunate, your attitude can help guide the patient to accept their new reality. Focus on what matters, helping your patients to the best of your ability. Seek help when you need it.

7 Tips on How to Boost Your Medical Practice’s Revenue

Revenue is an integral part of the overall success of your medical practice.

6 Tips to Boost  Revenue

  1. Boost your online presence– While 64% of small businesses have a website, there are other important ways your business needs to be present online. One of the first things to do is to update your website and make sure that it is mobile-friendly. From there, make sure to create a content plan for your blog, email subscribers, and social media following. This content will engage your current customers while also boosting your reach to new audiences as well. Once you have created an effective content plan, incorporate paid advertisements on Google, Facebook, Instagram, and Linked-In. This ensures your brand is consistently in front of your target audience.
  2. Encourage online reviews– There are a few things you and your team can do to encourage reviews. First, you can create a list of patients that you would like to ask for a review. Second, make sure you have links to the sites that you would like them to leave a review on. Third, make sure to say thank you to the patients that do leave a review. According to Inc., 91% of people read online reviews. Additionally, 84% trust online reviews as much as a personal recommendation. These statistics alone communicate the importance of real, recent reviews about your medical practice.
  3. Make educational videos– Video quickly engages potential patients, while also delivering relevant content. It is an excellent resource to increase your revenue. Create FAQ videos, what to expect at their first consultation, or a behind the scenes look with your team. These videos create trust with new clients and boost your visibility. You can also use these videos for new content on your website, Youtube channel, or IGTV.
  4. Create a referral incentive with current patients– Your current patients are a great avenue to new, similar patients. To get access to their circle of influence, create incentives around referring new patients. This can include a percentage off their bill for each new patient they bring to your practice or a referral program that gives them a free service once they have referred a certain number of clients.
  5. Increase your appointments– Perhaps one of the most obvious ways to boost your revenue is to add more appointments to your schedule. Start by taking one new patient per day, and eventually increase your hours to evenings and weekends if those are in-demand times. If you are unable to change your hours or add new days, there are other options to consider to increase your appointments. One way is to incentivize low appointment times. This will fill your slow days while opening up popular hours to other clients.
  6. Implement late and cancellation fees– To increase the likelihood of people keeping their appointments while decreasing times of your practice being vacant, consider implementing late and cancellation fees. This will boost your revenue while also incentivizing your patients to keep their appointments. So it is a revenue win on both accounts!
  7. Consider the office experience– The look and feel of your medical office location play a large role in the patient experience. Consider curb appeal, the smell when they walk in, waiting room chairs, entertainment, and everything in between. Keep your existing clients coming back and new clients impressed by creating an enjoyable experience for each of them.

To find the medical office lease in Los Angeles that works best for you, reach out to Boulevard Medical Properties today.

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.

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.

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.

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.