Tag Archives: business

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!

Benefits of Leasing Commercial Property

If you are a new or small business, the decision of whether to buy or lease commercial property is a significant choice to make. Weighing the negatives versus the benefits of leasing commercial property can be easy with help from Boulevard Medical Properties. Find out what the top advantages are of choosing a commercial lease in Los Angeles and learn about how leasing will help your business grow and how it will also save you money.

Upfront Costs

Owning a building comes with other costs that aren’t included in the real estate estimates. Keeping up on building maintenance through cleaning, electricity and providing internet is a large expense that potential buyers often do not consider. When you are a leasing tenant, however, this maintenance cost is not your responsibility. Some buildings may ask for a yearly or monthly fee for cleaning, but it is a significantly smaller total than taking care of it completely on your own dime.

Moving into a leased building is also a much simpler task. If you are using a loan to cover the purchase of a corporate building, most lenders take a large down payment, and charge interest on all money loaned. With a leasing agreement, you would only pay a refundable deposit along with the first rent payment and no accrued interest. Renting allows for small and new businesses to avoid several costs that could eventually become too expensive to sustain. Also, leasing costs are completely deductible, unlike mortgage costs which are only partially deductible. More and more start-up companies are opting for leasing options to decrease their overall spending, especially in the first few years of business. If you’re looking for a commercial lease in Los Angeles for your new or small business, contact the professional team at Boulevard Medical Properties to start finding your next great office space.

Flexibility

One of the most common reasons new or small business opt to rent office space instead of buying buildings, is that they gain a flexibility to move buildings and move neighborhoods depending on their rate of growth. If your business fluctuates quickly, you can end your lease and move to a larger building to accommodate for the new hires or new equipment. If the opposite were to occur, the option is also great for business looking to downsize. Companies that are looking to move from one area in the city to another for growth potential or in response to client onboarding have the freedom to do so without worrying about selling a building while trying to find another or having to find a tenant while still technically occupying the space.

Maintaining office buildings both inside and out is a difficult and expensive job, but leasing allows tenants to simply move if a newer or better office opportunity comes their way. Legally, tenants can also put in personal requests with landlords or building owners to make repairs or upgrades to the occupied building. In some cases, this is a better option for both the renter and the owner, as the renter will get a more upgraded office building without having to leave the space, and the owner will not lose out on rent money or the responsibility of having to find a new tenant. This is another flexible option afforded to you as the tenant as the decision-making process about whether to leave or extend a lease sits primarily in your hands.

If you are a new or small business owner interested in getting a commercial lease in Los Angeles, contact our skilled team at Boulevard Medical Properties. We can help you find the right building at the right price and you can get your business moved into the perfect new property.

Launching Your Medical Practice

There’s a lot to take into consideration when launching your first medical practice. Before you begin, you might want to think about the steps involved in launching your practice successfully.

Budgeting, financing, finding the right medical office space for lease, and legal document signing are just some of the many steps you’ll need to take on the road to having your own practice. Whether you already have a business plan in mind or not, it doesn’t hurt to look at the steps below to use as a guide.

Our experts at Boulevard Medical Properties want to make sure you are fully equipped with the knowledge and tools that you’ll need for success when opening your first medical practice. Though there are many steps involved, by following each one carefully, you can prevent yourself from becoming overwhelmed.

Step 1: Think About Financing

Budgeting is never a fun topic, but it’s a necessary one if you want to open a successful practice. First, you’ll need to develop your pro forma – which is similar to your business plan. A good pro forma gives you better opportunities for investments and financing. Your pro forma allows you to plan how you are going to obtain your initial revenue, and what kind of revenue you expect to project over the first year or so of your practice.

Don’t hesitate to shop around for the best loans and financing structures. Don’t rely on just a single lender or the first bank you see – ask around and get estimates so you know you can get the best deal around. There are waiting periods you can take advantage of too, so that you are able to prepare for the next steps.

Step 2: Think About Equipment and Staff Members

Now that you’ve obtained the proper funding and financing to start up your medical practice, you need to invest in the proper equipment and staff members so that your medical office will function smoothly. You want a talented team by your side, helping you to accomplish the day-to-day tasks as well as handle the immediate needs of patients and other clients.

Once you’ve got a healthy team of staff members underway, you also need to start considering what equipment to buy. Many practices find benefit from investing in an electronic health record system, which is a great way for keeping records and documents safe on digital files. Systems such as medical billing services and transcription software are also necessary in this day and age.

Plus, you’ll have to consider all your ancillary services as well. For example, do your patients enjoy being able to get bloodwork and other specialty tests done on-site? If you’re a specialty practice, you might want to make sure that you have all your specialty equipment and services available in your office. This will make customers happy as they can rely on you to complete every step of their medical needs.

Step 3: Consider the Final Tips Before You Open

You’re almost ready to open your medical practice! Lastly, you’ll want to make sure that your practice is insured – this is an absolute necessity – and that your physicians and staff members have their proper credentials and payment methods set up.

Next, you’ll want to clearly line out the policies, procedures, and practices that are integral to the well-being and functionality of your office. Make sure each staff member and representative are aware of the dos and don’ts of your practice, including how to deal with patients, what treatments can be given, and what billing steps need to be taken. Once you’ve gotten all this underway, it’s time to open your doors!

Medical Office Space for Lease

You’re finally ready to open your first medical practice. With your financing options locked in, your staff members hired, your equipment ready to go, and your insurance and company policies laid out, you have everything you need to get started.

Remember to stay true to your practices and to always seek advice if you have any further questions. If you’re in need of a medical office space for lease, or if you need more tips about how to successfully start on your own, you can contact our Boulevard Medical Properties professionals online or you can give us a call at (818) 882-5700 at any time.