Real estate decisions are critical components to the success of both your organization’s healthcare delivery mission and its financial well-being.
Bricks & mortar are your biggest investment and liability. Whether a handful of large facilities, or hundreds of small and medium-size clinics, the numbers add up. Decisions about smaller satellite facilities require the same rigor and analysis as for much larger investments. Ten small sites can easily have the same financial ramifications as a single large facility.
- Real estate decisions are hard to reverse. Once established in a location it’s not easy to leave. Owned and leased sites each have their own set of legal and financial constraints to closing shop.
- Needs change. It is expensive, inconvenient, and sometimes impossible to change how a space is configured and used. Practice models are evolving, and space and facility requirements are changing along with them.
- Patients care about convenience. Healthcare is a service business in a competitive industry. Patients increasingly want easy access to care that fits their schedules. If patients can’t easily get to you when and how they want, they’ll go elsewhere.
- Facilities are key in the recruitment and retention of staff and providers. If a facility is difficult to reach, lacks parking, or is otherwise an unpleasant or difficult work environment, employee satisfaction will suffer. An easily reached, modern healthcare delivery site is an important recruitment tool.
- Managing occupancy costs is increasingly important in an era of value-based care. Excellent patient care is not dependent on expensive space, but rather the right space. Benchmarking and a real estate strategy that includes the drivers of occupancy costs are key to making the best real estate decisions.
RE-Advisors provides experienced healthcare real estate consulting tailored to address your organization’s specific needs.