More than 80% of health care providers lease their office space, which means more lease renewals occur annually than any other commercial real estate transaction. Unfortunately, it also means that health care providers tend to lose more money in lease renewal negotiations than any other commercial real estate transaction. This Medical Economics article, by our CEO, Colin Carr, explains one simple negotiation tactic that puts you in the driver’s seat.
More than 80 percent of healthcare providers lease their office space, which means more lease renewals occur annually than any other commercial real estate transaction. Unfortunately, it also means that healthcare providers tend to lose more money in lease renewal negotiations than any other commercial real estate transaction.
The second-largest expense in your practice can be negotiated, and winning on your next commercial real estate transaction has the ability to transform your practice.
Commercial real estate often occupies the second highest expense on most healthcare providers’ profit and loss statements. Which means the difference between a properly or poorly negotiated transaction can either cost or benefit a practice tens to hundreds of thousands of dollars over the course of a single deal. With this much at stake, understanding the key strategies to capitalize on, as well as the costly pitfalls to avoid, is imperative. This Medical Economics article, by our CEO, Colin Carr, details three of the most common mistakes providers should steer clear of to ensure maximum profitability.
When it comes to managing expenses in your business, there’s no shortage of categories to evaluate—equipment, technology, insurance, benefits, wages and more. And while the highest expense for most healthcare practices is payroll, where there is little room to negotiate, that expense is typically followed by real estate, which is highly negotiable.
We were recently featured in Chief Healthcare Executive, to discuss the bargaining power healthcare providers have and how to leverage it to maximize your profitability through real estate.
How has COVID impacted healthcare real estate and what does that mean for physicians occupying or looking for space? In short, one of the most positive impacts we’ve seen is the desire for landlords to work with healthcare providers on leases and even purchases. Providers can get a better deal today than prior to the pandemic, but timing and representation are key. Read this article to find out what you need to know to protect your practice and be prepared for today’s market.
Recently, our CEO Colin Carr, was featured in HealthLeaders publication to discuss the impact of COVID-19 on the healthcare real estate market. Colin stated that, ‘providers could get a better deal today than would have been available prior to the pandemic.’
Did you know a lease just a few dollars per square foot above market could cost your practice tens to hundreds of thousands of dollars?
Having expert representation in these types of transaction is imperative to ensuring you are in the best position (and it costs you NOTHING). Check out this Medical Economics article to ensure you understand exactly what is at stake in your next renewal.
Medical facilities across all specialties and ownership types have adopted new procedures and protocols to mitigate potential coronavirus exposure, meet social distancing requirements and boost capacity. With all these changes, physical space needs may have changed enough for medical practices to reevaluate their facility needs. And this is a good time to make a facilities reassessment, according to Colin Carr, chief executive officer, of CARR.
Whether we like it or not, we can’t be all things to all people. So many of us try to please everyone, believing that if we do so, we’ll be accepted, validated, liked or loved. That drives us to try and please others, often while sacrificing our own boundaries or desires.
As human beings running companies, we have a tendency to do this in business. Too many entrepreneurs want to chase every opportunity and appeal to as broad a market as possible. Businesses, and their leaders, feel pressure to launch a product or service that appeals to audiences sitting outside their strategic goals and core competencies. Mapping out a clear understanding of who your customers are and what you offer them is key to thriving.