Moving to a new office space for your medical practice requires thinking and decision-making. Whether you are about to open your own medical practice or move to a new space, there are a few important things to consider. Below are five essential factors to keep in mind for your new office space:
1. Office Rental or Purchase
The first thing to determine is between buying a property or renting a space for your medical practice. In most cases, a property purchase may seem to be a viable option. For one, doing so will make your property a good form of investment. Two, it provides more potential for expansion without the need to relocate. Finally, owning property makes annual costs more predictable and manageable. If you don’t have enough funds, however, renting may be the best option for you. Renting requires fewer upfront costs and commitments to the location. Regardless of your option, work with a real estate professional to smoothen the process.
2. Need for Space
For your medical practice, consider the size of your office space. Experts suggest a medical practice’s space to be 1200 to 1500 square feet for single physician practices and 1000 to1200 square feet for each additional physician. Typically, an average family physician needs about three exam rooms and one procedure room. Outpatient surgery centers or practices with large equipment require more space. On the contrary, practices such as psychiatrists will need less space. The size of your office space will depend on the specialties and the number of physicians in your practice.
Have a location that is readily accessible to patients, especially handicapped individuals. Apart from the location itself, make sure that the location has sufficient parking spaces, elevators, and ramp access. Second, make sure to have bathrooms and exam rooms easily accessible for your patients. Finally, ensure that you have all of the necessary support to help a patient with limited mobility to move around.
4. Timeline and Availability
Consider the timeline when you will move as well as the availability of the office space. First, make proper arrangements and know the appropriate time for you to move in. Second, know how long the lease length is and how much flexibility you have. Make sure you’ll have the property for the time frame that’s right for you. Finally, determine what your options will be once the lease is up.
5. Overall Cost
Finally, consider the overall cost of the space. For property purchase, you have to consider the one-time cost and maintenance costs in the long run. If it’s a rental or mortgage, you have to know the schedule of your regular payments. Other than these, you have to take note of insurance, utility bills, repairs, and maintenance costs. Given all these, it’s better to shop around and look for the best options. Strike a balance between quality and affordability to help you decide on your best option for your medical practice.
Consider all the factors mentioned above to give yourself the best opportunity at finding a place that will fit your needs.
If you are considering moving your medical practice take a look at the medical coworking space in NYC by Clinicube. Get in touch with us to see how we can help!