Practice Perspectives, Volume 1

Welcome to Practice Perspectives: Your Gateway to Dental Brilliance!

January 2024

Dear Practice Perspectives Newsletter Readers,

As we step into the new year, we're thrilled to introduce the first edition of Align Companies' Practice Perspectives newsletter—a curated source of insights and tips to elevate your dental practice. Here's to a year of growth, success, and valuable perspectives shared in each monthly newsletter.

We know the dental industry is an ever-evolving landscape and keeping up with everything you need to know requires much of your valuable time. That's why we are here to help keep you informed and engaged with our dynamic perspectives and monthly topic spotlights.

In this week's spotlight, we delve into the pivotal process of finding and acquiring the optimal real estate for your practice!

But first, let's talk about the current state of affairs in this crazy world of healthcare real estate and practice start-ups.

Market Musings

General industry trends going into the new year:

Technology is poised to make a difference in dental marketing. The use of Artificial Intelligence and Chatbots to answer common patient questions, schedule appointments, and provide 24/7 feedback gives employees the freedom to focus on more strategy and complex practice tasks.

With an increased emphasis on patient-centric care and accessibility, practices are seeking strategic locations that align with their target demographics. Market conditions suggest a competitive environment, making it essential for dentists to conduct thorough research and partner with experienced real estate professionals.

The demand for modern, tech-equipped spaces that facilitate efficient workflows and patient comfort remains high. As the market adapts to changing preferences and healthcare dynamics, staying informed about local and regional trends is key for practitioners navigating the intricacies of the dental practice real estate market.

This month we will be examining the importance of strategic planning for dental facility investment.

Navigating Dental Success: The Art of Choosing the Right Practice Real Estate

Location Matters Most:

Selecting the right location is the bedrock of any real estate decision. Keep the "highest and best use" concept in mind as you evaluate potential locations, ensuring they offer optimal conditions for the practice to operate.

Before deciding whether to buy or lease space for your practice, understand that the success of the dental practice should be your #1 priority for selecting real estate. A location that does not bring about the highest success of the practice for the sake of owning the real estate is nonsensical. A successful practice will provide many more opportunities to own real estate.

Strategic Planning for Success:

Financial pre-qualifications and a robust startup business plan are like your practice's roadmap. Whether you're leaning towards buying or leasing, strategic planning is your secret weapon for financial success and strategic growth. Especially for start-ups, a sound business plan and funding commitments will offer ongoing opportunities for saving time and money throughout the project and the life of the practice.

In-Depth Research Pays Off:

Conduct thorough market research- we cannot stress this enough. Map out restrictive covenants and dive into demographic data, considering factors like competition, population density, age distributions, and accessibility metrics. This ensures your ability to pinpoint areas of opportunity that resonate with your desired patient demographic.

Crafting the Perfect Selection:

Selecting the ideal site involves a dance of multiple criteria—convenience, accessibility, parking, and more. Our checklist? Consider factors like visibility, traffic types, space configurations, zoning regulations, neighboring businesses, and the overall perception of the site to potential patients.

Decisions on Purchasing Real Estate:

To buy or lease? It's the most commonly asked question. Purchasing offers long-term benefits like equity upside, depreciation expenses, and asset appreciation, while leasing provides much greater cost control, liquidity, and flexibility. The key? Align your long-term goals with the real estate market opportunities to make the right choice.

For Buyers:

Seek locations that allow practices efficiency and the room for long-term growth. Thorough due diligence is your best friend.

For Leases:

Dental leases have their quirks, especially concerning buildout costs. Our friendly advice? Initiate the landlord dialogue in a way that addresses all the most important details unique to a dental practice upfront.

Formalization Process:

The final stretch involves two phases: the letter of intent and the formal agreement. We strongly recommend seeking professional guidance from a lease negotiator or a real estate broker that is surrounded by a team with expertise developing dental offices. Their insights are invaluable as this process is all about the details.

Every dental journey is unique. The right real estate sets the stage for success, and we're here to guide you. Align Companies ensures that you're perfectly aligned with your practice goals. Schedule a free consultation with us to navigate the intricate landscape of dental practice real estate and make informed decisions for a thriving future.

Practice Listings

Our practice listings showcase a variety of practices available for sale, providing a glimpse into exciting possibilities for your professional journey. To stay informed about the latest opportunities tailored just for you, we invite you to subscribe to receive practice listing emails from Align Healthcare Practices.

If you'd like to receive marketing emails, information, and announcements from Align please subscribe to receive email communications from us.

Wishing you continued success in your practice endeavors,

Align & Masserano Team