What is one of the keys to a successful medical practice? It’s all about location, location, location! When you are trying to find the perfect practice location for your office, there are many factors that you must consider to ensure long-term profitability and success. Whether you’ve been in the same location for a decade or are finding space for the first time, here’s what you need to know about choosing the right location.
Why Does Location Matter?
Three recent studies found a single common factor in what matters to patients—location. 6 out of 10 patients choose a practice primarily based on location. In fact, convenient location is twice as important to patients as your practice’s success rates or outcomes.
Competition Isn’t Always a Bad Thing
In neighborhoods and cities where medical practices are on every street, it might seem like you have no chance to succeed against already-established doctors with a reputation in the community. Don’t be intimidated by competition, as there are many clever ways to differentiate your practice from the crowd. Check the population-to-professional ratio for the area around you. In areas with low numbers of professionals, there won’t be much competition. However, in busy areas marketing, reputation and customer service can make a huge difference.
Demographics Make the Difference
Another key to a great practice location is staying on top of ever-changing demographics. Is the population declining or growing? In many cases, it’s easiest to gain traction in newer communities than tight, well-established locales. Pay attention to numerous demographics including household income averages, age distribution, the types of jobs and population growth.
Look Around You
The most successful practice locations are often those surrounded by other popular things. What else is located within 5 miles of your potential practice location? Are there banks or grocery stores? What traffic patterns are there? In general, a location that is passed by 40,000 or more cars in a 24-hour period is considered to be a retail location. If you set up shop in a smaller town, you might have higher visibility thanks to less roadside clutter, but you also won’t have access to as many potential patients.
Partner with Vetters Enterprises for a Great Practice Location
Vetters Enterprises specializes in practice management, private practice business support and revenue cycle optimization. We can perform in-depth assessments of your practice or facility and identify potential issues. Let us keep your business as healthy as you keep your patients! Give us a call at (443) 352-0088.
on October 1, 2016! It’s amazing to believe that only 3.5 years ago I was scared as hell to be leaving Corporate America and embarking on this new journey. I had no confidence, no marketing ability, and really no idea if I could actually make it in my chosen field. So I took steps to ensure success. I joined a networking group and got over my fear of meeting other business professionals. I found a business coach who showed me that it is OK if someone doesn’t want what I have to offer, move on to the next potential client. He also showed me that there is a “negative voice” inside that needs to be pushed out and never listened to. I also surrounded myself with others who complemented my skills with theirs and together we bounced ideas off each other, supported each other and made each other’s business grow as a result. Most importantly my confidence in what I could do, make and achieve for myself exploded. Now I’m celebrating my success as a result of relentless perseverance and shear will.