Tag Archives: rent

Most Important Things to Consider When Starting Your Practice

After you have spent enough time working in the medical field for someone else, it is natural to start thinking about opening your own practice to create business for yourself. Before you give your notice, however, there are a variety of important things to consider when starting your own practice. With this helpful guide, you can read all about what important questions you need to answer for yourself and what decisions you will have to make before you can make real steps towards opening your own practice. Find prime medical office rent in Los Angeles for your new practice when you partner with our experts at Boulevard Medical Properties today!

What Should You Know Before Starting a New Practice?

It’s common to be passionate about seeing your own patients and running your own schedule while working under another doctor or even team of doctors making these decisions for you. However, if you are planning to practice the same type of medicine that your current office offers in the same general location, you may be competing for the patients that are loyal to your competitor’s practice. If you feel that you have enough patients willing to follow you when you leave, then you can consider opening your own business in the same area. Alternatively, if you are planning to move away from your current practice, or are switching medical specialties, you will not be competing for patients, and you may even be able to work out a referring partnership with your original practice.

Starting any new business is an expensive venture, but businesses in the medical field can be exponentially more expensive because of the extra equipment that is needed to properly stock the office. On top of startup costs, you will have to cover the cost of your medical office rent in Los Angeles, equipment costs, staffing costs for a receptionist and any other doctors, and you will have to be able to run your business for a significant amount of time with no true profit. If you have not yet saved up the amount of money necessary to cover all these expenses, it may not be the right time for you to start off on your own.

When choosing a new office space for your medical practice, you will have to decide whether you prefer buying an actual building, or to rent office space. Both options have pros and cons, but most practices prefer to rent their office spaces to cut down on extreme costs, and for the flexibility of expanding or downsizing whenever they need to. Purchasing a building is preferable for businesses that are planning on staying in the same area permanently, and businesses that will want to lease or sell the building after they are done using it. Owning the building you practice in also gives you the freedom to operate your business however you’d like, whereas a leasing option would require you to answer to a landlord. However, if your business does not have the means to purchase a building, or the need for one, choosing to pay for medical office rent in Los Angeles is a much more beneficial offer. Your startup costs will be substantially lower, and your landlord will be required to maintain the full building for you, so you will never have to finance a cleaning or security crew. Choosing to rent also comes with the power to leave your office space should your landlord not agree to maintain the property to your liking. Find out what all your office space options are for your new practice when you contact Boulevard Medical Properties today. Let us help you find the perfect office solution for your new medical practice now!

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.

How to Start a Medical Practice

After years of studying and training to become a practicing physician, the first thing on new doctors’ minds is putting those years of hard work into action. They enter the workforce and begin the work they were called to do. Somewhere along their career, however, they might begin to wonder if there is a realistic way to start their own medical practice and be their own boss. We at Boulevard Medical Properties are here to tell you that starting your own medical practice is an achievable goal if you follow these steps.

Funding

Starting a medical practice is like running a start-up business. You will need to apply for business loans to cover the vast number of building expenses. Things such as purchasing an office building, construction work and remodeling will run up a large tab. Comparatively, you can find a medical office space for lease in Los Angeles to cut down your construction costs and ensure that your office is maintained by a third party. Both scenarios will require some sort of funding and are your first step towards become a small business owner.

Receiving a loan is a terrific way for you and your business to establish credit and have a cushion for the first few years while your business is growing. Doctors who can afford all the expenses themselves should still consider the advantages of a secured small business loan. If you are more partial to renting office space instead of purchasing a whole building, check out the available medical office spaces for lease in Los Angeles to explore this option further.

Insurance Credentials

To accept your new patients’ insurance, you will need to go through the process of applying for your credentials. This process is somewhat lengthy, taking up to several months to complete. Do research to discover exactly what types of insurance you want to accept and check with your state requirements to understand the qualifications your practice may need.

Once you’ve decided which programs you’d like to partner with, you will either accept their general reimbursement strategies, or negotiate new ones based on what procedures you do and what area of medicine you specialize in. While Medicare and Medicaid offer the same reimbursement benefits to the doctors they contract with, other smaller insurances will be able to negotiate smaller, more personalized contracts if you choose to associate with them. This will also widen the number of patients you are able to care for under insurance benefits.

Legal & Licensing

It’s a good idea to enlist an attorney who can help you draft your articles of incorporation, receive your employer identification number and learn about your state requirements for completing a tax registration. You’ll also need to decide what kind of corporation structure you want to follow based on the benefits each type offers. Your attorney will be able to help you research the business structure options and make a calculated decision unique to your practice.

You’ll also want to research the licensing procedures you’ll have to adhere to depending on your state and chosen specialty. Your licensing will depend on four things: state requirements, a national provider identification number, DEA registration and any additional regulations that will be determined by your specialty. Researching the requirements before you begin will help speed up the process in the future.

Challenges

Every start-up business is full of obstacles and starting a medical practice is no different. Some of these challenges include the state you practice in and the special registrations you might have to go through to create a medical business. Next, consider the healthcare facilities that are available in your state, and their proximity to your practice as this competition can either help or hinder your goals. If you want to be certain that there are limited competitors for your specialty, research available medical office spaces for lease and determine if leasing your office is the right choice based on the kind of medical facilities they lease to already.

Finally, there may be a lapse between seeing your patients, administering care and getting paid by their insurances. This gap could become a financial burden on your practice, but you can avoid it by taking down your patient’s insurance before bringing them in for their appointment.

Medical Office Space for Lease

Starting your own practice can be a daunting goal, but if you are able to efficiently navigate the terrain and formulate your business structure effectively, it can also prove to be an incredible success. To find the ideal medical office space for lease in Los Angeles, get in touch with Boulevard Medical Properties today.

Staying Up to Date with Your Dental Practice

Staying up-to-date in your dental practice could be the difference between exponential growth and shutting the doors. Employing the latest technology, finding the appropriate dental office rent in Los Angeles, and running your office efficiently are all keys to a successful practice.

Using the latest technology both in your treatment options as well as in your business operations is very important to the success of your practice. If your business operations aren’t up to snuff it can cause significant issues both in your bottom line and in your reputation with your patients.

For example, if your scheduling is off and patients routinely must wait, then that might be the last time you see that patient. Everybody’s time is valuable, and nobody likes to wait when it isn’t necessary. But, believe it or not, there are many doctors and dentists out there who routinely run behind and they have done it for so long that it has become normal for them. It might be a normal part of the work day for them, but it is crushing productivity and irritating patients.

It’s unrealistic to think there will never be a time that you might run late. Emergencies do happen. But when you have a reputation of keeping your patients waiting, you risk losing them completely and you wipe out your chance for referrals. You could have a beautiful and well-appointed office in an excellent location with all the latest bells and whistles, but if you are never on time, it will be difficult to keep the doors open.

Get Your Timing Down

If you find yourself running behind on a regular basis, it’s time to let technology help you get back on track. Chances are, your lateness is a result of either scheduling problems in your front office or poor time management in the back office. Which is it for you?

There are a variety of scheduling programs that can help you document practices and procedures for scheduling patients. For example, you can add patient notes, so your scheduler can be specific about what the patient needs (ex: next visit: X-rays, cleaning, filling.)

You can help your scheduler by establishing a policy of set times for various procedures, so everyone knows how long each treatment option takes and there are no surprises in the schedule. There is software available that allows you to establish set times for different procedures and it will automatically allocate the right time.

Oftentimes, the most significant issue is a disconnect between the front office staff and the back-office staff. Many times, the front office staff scheduling the appointments really doesn’t understand how long or how involved each procedure might be, so they schedule too much time or too little. It’s important for everyone to be on the same page and well-trained so easy mistakes can be avoided, and patients are not left waiting needlessly.

If the problem is in the back of the office and either the doctor or other dental staff are taking longer than they should, then a re-training or an adjustment in scheduling times needs to happen so patients aren’t left wondering what in the world is taking so long.

There is a lot to consider as you look to keep your practice up-to-date. Scheduling, technology and a nice office and convenient location are just a few of the things that need to be considered. A smart piece of due diligence would be to contact Boulevard Medical Properties now and schedule a consultation. The Boulevard team has the knowledge and expertise to point you in the right direction and get you a dental office lease in Los Angeles that works for your organization.