The best advice we can offer is live close to where you work (do NOT waste your life stuck in a commute) You will be happier if you get to spend more time with friends, family, treating patients or doing anything else you enjoy. LIVE CLOSE TO WHERE YOU WORK!
1. SELECT A PROVINCE/STATE
- Analyze payment systems/revenue data/ utilization rates & scope of practices
- Research Practitioner / Population ratios (DC, ND, MD, PT, RMT, etc)
- Research state/provincial marketing/advertising guidelines
- Future population/economic growth forecasts & cost of living
- Is there a need to be near family and friends?
- What type of lifestyle do you want? (rural, urban, mountain, ocean, prairie)
2. SELECT A CITY / TOWN
- Research Practitioner/Population ratios
- Future population/economic growth forecasts & industry
- Analyze cost of living
- Is there a need to be near family and friends?
- What type of lifestyle do you want? (rural, urban, suburban)
- Are there cultural/ethnic advantages?
3. GENERAL INFORMATION
- Practice will flourish when the catchment area has the right number and type of people around to fit its ideal patient profile/demographic for the practice
- Average outpatient patient is ~40 years old, Caucasian, 60% female, and 50% college grads
- 25% of patients will provide ~80% of practice revenue
- Primary Market area/Catchment area is the area around the practice where the majority of your patients come from
- Two-thirds of patients reside in catchment area
- Catchment areas: urban (20 km), suburban (40 km), rural (30-90 km)
- Select a specific practice location
4. SELECT 2 or 3 AREAS WITHIN A CITY / TOWN
- Acquire a city/town map with postal codes marked on it
- Mark all healthcare clinic locations on it
- Research Practitioner/Population ratios & area demographics (include age, income, occupation)
- Area future population/economic growth forecasts (should be growing or stable)
- If city, what type of area do you want to practice in? (Urban, suburban)
- Are there cultural/ethnic advantages?
- Do you have good contacts in an area?
- Access to x-ray facilities
- Eliminate areas
5. SELECT 2 SITES FROM 1 AREA WITHIN A CITY / TOWN
- Drive around the area and take note of demographics, residential areas, commercial areas, industrial areas, rivers, bridges, open spaces, traffic routes, malls, other healthcare clinics, other professionals, etc
- A good business in a bad location is still a bad business
- Select two practice locations; office building, mall, free standing etc
- Mark the practice location on the map and draw the appropriate catchment area radius round the location
- Locate the other healthcare clinics in your area, note competition
- Analyze future population/economic growth forecasts (should be growing or stable)
- Research the accessibility of the location; is it easy for your patients to get to, is it visible, major traffic routes, busy streets, access to normal commuter routes (bus, subway), wheelchair access, etc
- Analyze normal shopping patterns of area residents, people like conveniences in one location
- Note parking, patients are in various degrees of pain and want to park close to the clinic Preferable immediately around the clinic – do not want a lot of walking, stairs or to pay for parking
- Analyze signage possibilities, are they highly visible, costs, is there access to the main building sign, can you erect a new sign, are there any local bylaw restrictions on size, type or location
- Understand the size of the space available for rent, only need ~700 sq ft without x-ray, 1000 sq ft with x-ray This gives you a waiting room/reception area, 2-3 treatment rooms, an office, and a bathroom
- Analyze the cost of the space versus the benefit, especially location/exposure and amenities
- Will the landlord give you the possession date you want, to coincide with your advertising timetable, especially yellow pages
- Will the landlord give, reduced/free rent and pay for leasehold costs in lease agreement in exchange for a longer lease
- Analyze the pros and cons of the two sites and select one
- Negotiate the lease
Do you have good contacts in an area?
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