ACROSS AUSTRALIA
1. COMPETITION AND LOCATION
EXPLANATION
The strategic location of a medical practice is crucial for its success. This involves evaluating both the competition and the demographics of the area.
KEY CONSIDERATIONS
DOCTOR-TOPOPULATION RATIO
Understanding the density of medical practitioners relative to the local population helps in assessing market saturation and potential patient base. A high ratio might indicate a saturated market, while a lower ratio may suggest growth opportunities.
2.
REFERRAL PARTNERS
Proximity to hospitals, specialist clinics, or other GP practices can be beneficial. Referral partnerships enhance patient flow and professional networking, leading to better patient care and increased business opportunities.
SIZE OF PREMISES
HEALTHCARE
PRECINCTS VS. STANDALONE
Being part of a healthcare precinct, where multiple medical services are co-located, can drive foot traffic and enhance patient convenience. Conversely, a standalone location might offer more flexibility but could lack the built-in patient base of a precinct.
The size of the property is a fundamental consideration as it impacts operational efficiency, patient capacity, and future growth.
KEY CONSIDERATIONS EXPLANATION
SPACE REQUIREMENTS
The premises must be sufficiently sized to accommodate the necessary medical equipment, patient rooms, and administrative areas.
FUTURE EXPANSION
Consider whether the space allows for potential expansion as your practice grows, avoiding the need for frequent relocations.
3. CAR PARKING AND ACCESS TO PUBLIC TRANSPORT
EXPLANATION
Adequate parking and easy access to public transport are essential for ensuring patient convenience and compliance with accessibility regulations.
KEY CONSIDERATIONS
PARKING AVAILABILITY
Ample on-site parking for patients and staff is crucial. Verify the number of parking spaces and whether they meet local regulations and expected patient volume.
ADDITIONAL DETAIL:
PUBLIC TRANSPORT
Proximity to public transport options makes the practice more accessible to patients who do not drive, potentially increasing patient numbers.
Landlord Knowledge: A knowledgeable landlord or agent who can provide accurate information on parking ratios and transport access can significantly boost tenant confidence and streamline the decision-making process.
4. NATURAL LIGHT AND ENVIRONMENTAL CONSIDERATIONS
EXPLANATION
The quality of the physical environment, including natural light, can influence patient comfort and staff productivity.
KEY CONSIDERATIONS
NATURAL LIGHT
Properties with abundant natural light create a more pleasant and calming environment, which can enhance patient experience and staff morale.
5. EASE OF PROPERTY CONVERSION
EXPLANATION
ENVIRONMENTAL SUSTAINABILITY
Evaluate the property’s environmental credentials, such as energy efficiency and sustainability practices, which align with ESG principles.
The ease with which a property can be adapted for medical use is crucial, particularly if the property was previously used for another purpose.
KEY CONSIDERATIONS
APPROVAL PATHWAY
Understand the local council’s approval process for converting the property to a medical use. This includes obtaining necessary permits and meeting health regulations.
PRACTITIONER CAPACITY
Assess how many practitioners can operate from the site and whether the layout supports the intended medical services.
6. LEASE TERM AND INCENTIVES
EXPLANATION
Lease terms and incentives can significantly impact the financial viability and long-term stability of the practice.
KEY CONSIDERATIONS
LEASE DURATION
Negotiate a lease term that provides stability while allowing for flexibility as your practice evolves.
INCENTIVES
Look for incentives such as rent-free periods, fit-out contributions, or reduced rent to offset initial costs and support business growth.
7. EXISTING BUILDING SERVICES
EXPLANATION
The condition and capacity of existing building services, such as electrical and mechanical systems, are vital for ensuring that the property can support medical operations.
KEY CONSIDERATIONS
POWER AVAILABILITY
Ensure that the property has adequate electrical capacity to support medical equipment and technology.
CONDITION OF SERVICES
Assess the condition of existing services and obtain accurate records or a current services report from the landlord. This is particularly important for mechanical systems that need regular maintenance and updates.
8. SPEED OF OPERATION
EXPLANATION
The ability to quickly set up and commence operations is crucial for minimizing downtime and financial losses.
KEY CONSIDERATIONS
LANDLORD SUPPORT
Evaluate how motivated and supportive the landlord is in facilitating a quick setup. This includes assisting with permits, renovations, and any necessary adjustments to the property.
9. HOURS OF OPERATION PERMITTED
EXPLANATION
Operating hours can affect patient accessibility and the overall success of the practice.
KEY CONSIDERATIONS
FLEXIBILITY
For general practices, flexibility in operating hours is important to accommodate patients who may need extended hours. Ensure that the lease allows for the desired hours of operation.
10. POTENTIAL ACQUISITIONS NEARBY
EXPLANATION
For practices in growth mode, the potential for acquiring smaller operators in the vicinity can be a strategic advantage.
KEY CONSIDERATIONS
LOCAL MARKET
Assess the presence of smaller practices or potential acquisition targets in the area. This can provide opportunities for growth through mergers and increase your patient base by leveraging existing databases.
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