Owning and managing a healthcare practice could be a burdensome task for a single physician to handle on their own. Not only would they need to manage their daily medical tasks and business practices, but they would also have to maintain their physical real estate space and all of the legal requirements that come with it. That is a significant workload for one person.
The lack of time to thoroughly handle every side of the business causes many healthcare groups to seek business partnerships. These business partners can spend the necessary amount of time on their specific task(s), and their experience in their fields allows them to be precise with every detail. Much like hiring a CPA or a legal consultant, hiring business partners can be valuable for professionals who work outside of a defined skill set. When it comes to business relationships, healthcare personnel should make sure they have these four necessary partnerships in place.
Landlords and Tenants
Many physicians choose to lease real estate from a landlord. These real estate professionals could be health systems, investors, or other physicians. Landlords have the best interest of the facility in mind and will want to maintain consistent, beneficial tenants within their facilities.
Medical professionals should consider the landlord-tenant relationship before they choose to lease a facility. This relationship could make or break the long-term viability of a single location. Whether acting as tenant or landlord, medical professionals should try to negotiate and discuss as many of their foreseeable real estate concerns at the beginning of their lease so that they can have a smooth ongoing relationship.
Developers
Some medical professionals or large health systems will want to build their facilities from the ground up. Medical facilities are unique in their structural requirements, often needing more plumbing and cabinetry than other types of commercial real estate. Some also have specific widths and heights for procedure rooms and certain shielding and electrical requirements for spaces that hold specialized equipment. Medical professionals will need to partner with reputable developers who can help them achieve those needs. And since physicians are often well-versed in their own building needs, they will also want to find business partners who can extensively articulate every detail of their vision.
Experienced healthcare real estate advisors are experts in their field and are very familiar with the finite details of building a medical facility. They not only have business partners, like developers, that they can recommend, but they also work hand-in-hand with their clients and developers to ensure all facility requirements are thoroughly brought to completion.
Healthcare Real Estate Advisors
Medical personnel often partner with healthcare real estate brokers. These advisors remove the unnecessary burden of real estate details from their medical clients. Medical real estate advisors are particularly skilled in healthcare-specific real estate negotiations and transactions. Rather than focusing on multiple types of real estate, they solely focus on the needs of healthcare professionals, building their experience and expertise along the way. They are also familiar with legislation that only applies to medical real estate. Additionally, experienced healthcare real estate advisors have a network of industry contacts. So as physicians or health systems need to fill vacancies, they have a database of personnel to market the facility to.
HBRE focuses on healthcare real estate. The team has years of experience representing both tenant and landlord medical clients. They save their clients precious time that is better spent with their patients. HBRE is an important business contact for medical groups who are looking for expert guidance for their real estate.
Healthcare Property Managers
Healthcare professionals who are also property owners or landlords often choose to hire property managers to oversee their properties. There are several benefits to hiring a property manager, with the major advantage being that they save their landlords and building owners time. Because property managers handle the daily tasks associated with a property, including communication with the tenant(s), they relieve the landlords or building owners of extra tasks. Property managers also typically have an in-depth list of contacts for specialized maintenance needs or property upgrades. Medical professionals who own medical real estate should strongly consider hiring a property management individual or company to run the physical space.
Because of HBRE’s experience in the industry, the team has industry contacts that help their clients build these important business relationships. Medical professionals who are interested in medical real estate or property management services can trust HBRE to fill that need directly. For other essential business networking needs, reach out to HBRE to learn how this medical real estate practice can help: [email protected].
If you are interested in learning more about investing in commercial real estate, or if you have questions about buying, selling, or leasing a commercial property, please contact an HBRE advisor. Our team of experienced CRE professionals have the skills and insight to assist with all property transactions. To reach out to us directly, email [email protected], call 615-564-4133, or follow us on Linkedin.
