Tag Archives: starting a practice

Pitfalls to Avoid When Starting Your Practice

Have you been dreaming about starting your own practice in your field or specialty of medicine? There are some important decisions to make and pitfalls to avoid when deciding to start your new practice. Read more about all of the different mistakes that other physicians have made when beginning their businesses and learn how to avoid these mistakes for yourself with this informative article from Boulevard Medical Properties. See all your options for incredible medical suites for lease when you call the experts at Boulevard Medical Properties today!

Location is Key

If you are just starting out as an independent physician with your own new medical practice, you may be able to take some patients from your old job, but a lot of your clients may not choose to follow you. There are not a lot of ways to avoid losing some patients when you choose to start working for yourself, but a good way to be proactive about client retention is to choose a location that benefits your practice. For example, if you choose to specialize in pediatrics, you’ll want to begin your own practice in a town that is family friendly, and in an office building that isn’t anywhere near your previous job. Even if your previous place of employment did not specialize in the same specific medical field as you, they will still be competing for patients in the same demographic as your new business. Avoiding any major competition is an important factor to keep in mind when attempting to plan a successful new practice! Get expert advice on the best new medical suites for lease when you call the Boulevard Medical Properties team today!

Spending Too Much Money Too Quickly

As with any new business venture, a medical practice will have major financial needs in order to officially get up and running. Even the process of submitting your business as an official entity costs money, not to mention the supplies you’ll need to outfit your facility. While you should be efficient in purchasing any medical equipment and adding on any members of staff that are vital to your daily work, it’s important to remember that spending too much money on supplies and employees could very quickly become a financial problem. If you are not great at bookkeeping, or if you find it overwhelming and time consuming to do on your own, try to hire an accountant to help you through the beginning of your purchase history. Having someone constantly paying attention to the money you’re spending can be a huge help down the line when you are trying to cut back on spending and make a profit.

Buying a Building Instead of Leasing

If you are an established physician who is looking to start a new practice with a staff that you already know and a patient roster that you will be transitioning over, buying a medical office building instead of leasing may be an option for you. However, beginning physicians and even established doctors should consider the more affordable and intelligent option which is browsing all available medical suites for lease. This option could be the better choice especially for less established doctors because it provides the physicians with the flexibility to choose from better amenities at a cheaper cost, and it affords them the option to move office buildings in case of an expansion! If you choose to purchase a full medical office building, you could be strapped with extra fees like heating and air, trash removal, water costs and you would also be in charge of fully furnishing the building’s interior and maintaining its upkeep. Find out more about how to find the best medical suites for lease when you receive expert help from Boulevard Medical Properties.

Let Boulevard Medical Properties find your next incredible office building today!