Bronx, NY (May 2020) – Deciding where to open any business can be a challenge, but opening a medical practice adds a few more factors that make deciding on the final decision become even more puzzling. With both patient needs and healthcare worker access to take into consideration, it’s important for any healthcare developer to know where to start the search for the perfect spot. Healthcare real estate development firm, Simone Health, is sharing four key tips for determining the right location for your medical practice.
- Research the population: The first step in making any location decision is to do your research. One major component of where you’re going to be placing any medical practice is the population. Identify what population demographics you’re trying to target and find out where concentrations of those targets reside within a certain radius. Take into consideration potential community growth or an aging population to further specify your population details and lock-in on a few good potential locations.
- Research your competitors: The other major component of location research is scoping out your competition. While knowing who you’re going to be servicing is definitely essential, knowing who is going to be vying against you for those patients is even more so. Research all of your potential areas, since odds are, if your population demographics match the needs of a medical practice, there are probably more than a few in the areas you’re looking at. Check out what they specialize in, how many patients they service, and what services they provide to the community.
- Choose somewhere people will see: It’s essential for any medical practice to be visible in order to bring in patients. While a remote corner of a small city many seem appealing financially, consider how much more challenging it would be for your practice to reach patients through alternative marketing channels. Making your medical practice highly visible in terms of location and signage benefits the practice as a whole, as it can be easily spotted by patients and pique the curiosity of others.
- Consider convenience for you and your patient: First and foremost, your priority in selecting your final location should be convenience. Consider where would be the most accessible to your target patients, while also being close to a medical staff funnel. Think of the kinds of commutes patients and workers alike will endure to get to your medical practice, keeping in mind that public bus stops, parking lots, and train stations should be within a reasonable distance to accommodate a series of income classes and abilities.
Hopefully the tips above can help your development firm make the final decision on placing your next medical practice. Though it seems like a lot to consider, the perfect location will find its way to your eyes if you’re researching the right subjects and being considerate of the right people.
About Simone Health Development Companies:
Simone Health Development Companies is a full-service real estate investment company specializing in the acquisition and development of office, retail, industrial and healthcare properties in the New York tristate area. Headquartered in the Bronx, the privately held company owns and manages more than 5 million square feet of property in the Bronx, Westchester County, Queens, Long Island, Connecticut and New Jersey. The company’s portfolio includes more than 100 properties and ranges from multi-building office parks to retail and industrial space. The largest and most successful development from Simone Health is the 42-acre Hutchinson Metro Center office complex located directly off the Hutchinson River Parkway in the Pelham Bay section of the Bronx. The first two phases of the complex, which comprise nearly 750,000 square feet of Class A office and medical space, are fully leased. Two additional phases totaling 650,000 square feet (370,000-square-foot Metro Center Atrium and 280,000-square-foot Tower Two), are completed and fully leased. Visit www.simdev.com
Joe Simone, President, Simone Health Development Companies