Equipment / Technology Providers & Contractors
Assembling the Right Team to Open a New Medical Office
Opening a new medical office is an important and exciting endeavor. A successful project requires expert partners who can function both independently and as a team to help turn your dream into a reality. The team members we focused on in parts 1 and 2 of this series are a healthcare real estate agent, attorney, architect and lender.
In the final part of this series, we will explore the partnership roles that equipment and technology specialists and general contractors play in the successful launch of your new office.
Equipment and technology providers: The majority of new offices will involve engaging expert equipment and technology partners whose products and instruments will allow you to serve your patients at the highest and most efficient levels. You will want your providers to meet with your real estate agent and architect early in the process to ensure that the new space and design can accommodate the new equipment and technology properly.
Your equipment and technology specialists will coordinate delivery, installation and proper set up within the timeframes set by the architect. They will sign off on the design and construction plans that are created by the architect to ensure what was designed will meet the requirements of the actual equipment and technology. They will also meet with the architect and contractor on site during the construction process to ensure their portion of the new space is being built properly.
The economic terms your healthcare real estate agent negotiates during the lease or purchase, combined with the loan package you receive from your healthcare specific lender will usually determine the amount you can invest in your new office’s equipment and technology. Knowing this, it is very helpful for these key providers to work with your lender and real estate agent early in the process.
General contractors and sub-contractors: Your architect will be able to recommend several qualified general contractors who have a proven track record for delivering quality built-out spaces and buildings to healthcare providers. The contractor has the task of building what was designed—within the budget and on time. Your architect will recommend whether it makes the most sense to hire a general contractor on a negotiated basis or to competitively bid the project to multiple contractors. Cost, communication and service are key determinants in choosing the right contractor in either scenario.
As with any key vendor, the cheapest price is not always the best option. When it comes to partners who have mastered their craft, there is usually an equitable balance between quality, service, timing and price. Looking for the cheapest or fastest partner will many times result in a compromise of the final product.
The best way to verify the strength and integrity of each player on your team is through the community of people you are already working with. When you assemble your team, you want to ensure that everyone is an expert in his or her specialty and collaboratively works together with the goal of making the process as smooth as possible. Having the right team causes the project to be on time and on budget and of the highest quality. Having the right team also protects your time and frees you to focus on your practice and enjoy your new office. Many providers only do one or two new offices in their entire career. Hire the top partners you can, and it can be one of the most rewarding steps in your career.
CARR Healthcare is the nation’s leading provider of commercial real estate services for healthcare tenants and buyers. Every year, thousands of healthcare practices trust CARR to achieve the most favorable terms on their lease and purchase negotiations. CARR’s team of experts assist with start-ups, lease renewals, expansions, relocations, additional offices, purchases, and practice transitions. Healthcare practices choose CARR to save them a substantial amount of time and money; while ensuring their interests are always first. carr.us
To find an agent who can help you start your practice, click ‘Find an Agent’.